Financial - Bank Statements - Accounting Concepts - Junior Accountant - Accounting Assessment Answer

Assessment Task:

What is Xero?
Xero is online accounting software designed for small to medium businesses. As a subscription-based service, Xero is 100% cloud-based, and all transactions happen in real-time, ensuring that you have the most up-to-date financial information at your fingertips.

Transfer - If you have moved money from one business bank account to another, you can account for this transaction by using the ‘Transfer’ tab.

Match - This tab allows you to search for invoices and bills that have already been entered. Xero will suggest a match if it finds a transaction that fits the criteria on the
bank transaction. In the Bank Reconciliation screen, on the right (general ledger side) you will see a number of transactions that are highlighted in green. This means an existing invoice or a bill, has been suggested as a match for the banking transaction. In this case, the bank transaction matches an invoice that Xero has suggested. To
complete the reconciliation of this transaction, click the ‘OK’ button 

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