Once Parakeet has processed payments (either via EFT or BPAY), below are the steps on how to reconcile these paid transactions via Parakeet.
Reconciliation Steps:
What happens after the bills are paid:
- We automatically moved the bills in XERO to “PAID” and pass reconciliation entries
- This will result in a balance awaiting reconciliation in the AP Final Clearing Account.
Step 1:
In terms of bank reconciliation:
- You will see a bank statement entry with the words "Parakeet DE Payment (or to that effect)."
- Once the statement entries come through into Xero for reconciliation, select ’transfer’ and select Parakeet AP Clearing (Final) account as per below..
- Click OK and it’s done. (Note - You can create a bank rule in Xero to automate this)
Step 2: (recommended)
- Suggest you mark the transfer in Step 1 as ‘reconciled’ within the Final Clearing Account by clicking into the options and ‘Mark as reconciled’.
- Refer to screen shots below