Xero has announced the rollout of its new reconcile period feature, designed to enhance bank reconciliation by allowing users to verify the accuracy of financial data more efficiently. The feature is currently being introduced to customers in the United States and Canada.
Reconcile period enables users to compare their bank statements with Xero accounting transactions more effectively. The feature allows users to:
- Define a period with a date range and balance to compare against statement lines.
- Quickly identify missing, duplicate, or incorrect transactions.
- Confirm accuracy by saving a period when it balances.
- Protect reconciled transactions from being altered.
- Generate a reconciliation report as a lasting record.
According to Xero, this feature is an optional enhancement that does not change the existing real-time bank reconciliation workflow but offers an additional verification step for users who require it.
Xero developed the reconcile period feature in response to user feedback emphasizing the importance of accurate financial verification, particularly for internal month-end close processes.
Xero tested the reconcile period feature with accounting and bookkeeping professionals before launch, saying it received positive feedback from beta testers.
Xero plans to expand the feature further by allowing users to attach PDF bank statements to their reconciliations.
The reconcile period feature is rolling out gradually and will be accessible under a new tab on the main reconciliation account page once available.
Image: Xero
