Do you really want every invoice you generate in Xero or MYOB or not?
One of the issues of Xero bank reconcilation is that it takes time to process each and every transaction. If you have lots of orders paid by credit card, then they might just get 1 bank transaction per day, but several invoices to link...
These instructions are useful for any accounting system you use.
Another approach is to use Monthly GL Journals, via the Order Summary GL Journal report in the CMS
Step 1 : Quickly reconcile all cash receipts in your Xero bank statement as simple cash transactions to account "Online Sales Other", irrespective of online banking, credit card etc
Step 2: Post a GL Journal entry, with the Total Monthly sales contra to the cash receipts, and contra'd by the other column headings... These journals will take care of GST issues around export transactions, or nill GST items like currency fees, or selling/redeeming vouchers.
Step 3: Consider that any variance in the suspense account month to month will relate to the difference between the date orders are paid versus the date orders are received. This variance will also be the value of your debtors at the end of the tax year.
If you have literally thousands of transactions a month, consider another approach. Create a "clearing bank account" with a "sweep" function. (ask your bank to setup sweeping). You won't link this bank account to Xero, instead you will only use this bank account to monitor the paid status of orders, and when you transfer month to your main bank account, you will only have a single Xero transaction.
Posted: Thursday 17 April 2014