How to reconcile payments in a virtual bank account?

How to reconcile payments in a virtual bank account?

Follow these steps to reconcile payments using virtual bank accounts:
  1. In Xero, go to the physical bank account
  2. Click 'Reconcile'
  3. Select 'Transfer Money'
  4. Choose the corresponding virtual bank account as the source
  5. Match the transfer amount to the payment received in the bank feed
Reconciliation Checklist
  1. Confirm the physical bank account is fully reconciled
  2. Compare virtual bank balance against outstanding allocations or timing differences
  3. Investigate any discrepancies
  4. Ensure all transfers from virtual to physical bank accounts are correctly posted
NB: Never reconcile deposits in the physical bank accounts directly to invoices or income.

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