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.  


Funds transfer to Parakeet | Client Trust Account


Step 1 - Money transfer to Parakeet  | Client Trust Account 

(for bills paid after 5pm on 24/05/2024)


In terms of bank reconciliation:


  • You will see a bank statement entry with the words reflecting your deposit to the Parakeet | Client Trust e.g. "ABC Co Batch MMDDYYYY" (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.


  • The same process applies any Float / Pre-Payment or automated deposits you may (optionally) choose to transfer to the Parakeet | Client Trust account.  Refer to article here for more details.





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