Once you have received payments payments (either via EFT / Cards), below are the steps on how to reconcile these paid transactions via Parakeet.
Reconciliation Steps:
What happens after the invoices are paid via Parakeet
- We automatically moved the Invoices in XERO to “PAID” and pass reconciliation entries
- This will result in a balance awaiting reconciliation in the AR Final Clearing Account.
In terms of bank reconciliation, you will see a bank statement entry with the words:
- If via direct debit - Parakeet DE Payment (or to that effect)
- If via credit card - the name of your card provider
Step 1:
Once the statement entries come through into Xero for reconciliation, you need to select ’transfer’ and select Parakeet AR Clearing (Final) account as per below.
Click OK and it’s done.
(You can also create a bank rule in Xero to automate this)
Step 2 (recommended):
Mark the transfer as ‘reconciled’ within the AR Final Clearing Account by clicking into the options and ‘Mark as reconciled’.