Reconciliation is the process to confirm that all the transactions in your bank accounts are recorded in your business accounting records.
The aim of bank reconciliation in Xero is to match each statement line in the bank account to an existing transaction in Xero.
Volopay provides two options of expense reconciliation in Xero.
Auto reconcile Volopay expenses in Xero
In this case, Volopay expenses in Xero are auto reconciled with the bank statements, once the transactions are synced by the user.Manual reconciliation Volopay expenses
When this option is selected while syncing the expenses to Xero, we send VOLOBANK transactions as well as the bank statements for the expenses, so that it can be manually reconciled in Xero.
Incase of manual reconciliation, user needs to click on the reconcile tab and against the relevant transaction, click OK to accept the match and reconcile.