XS Finance

Introduction

Installing XS Finance

Launching XS Finance

Using for the first time

Navigation & Basics

Creating a new account

Logging in & out

Managing your accounts

Managing transactions

Scheduled transactions

Budgets

Managing categories

Import &  Export

Charts &  Reporting

Reconcile Accounts

Synchronization

Configuring XS Finance

Registering XS Finance

www.xcitesoftware.com

Reconciling Your Accounts

Reconciling Accounts

XS Finance allows you to reconcile any account in your personal file with the latest statement from your bank. Before starting, make sure you are using the most up to date statement supplied from your bank.

To reconcile an account:

  1. Select an account from the account droplist at the top of the form.

  2. Enter the Statement Date from the paper statement supplied from your bank. This is the starting date for transactions shown.

  3. Change the Opening Balance if it differs from that on your statement.
    Generally XS Finance fills this in for you. If this is your first reconcile, you may need to enter this amount.

  4. Enter the End Balance from your paper statement.

  5. If your bank has charged you, enter :
    - the amount of the charge
    - select a category for this charge
    - enter the date of the charge

  6. If your bank has paid you interest 
    - enter the amount
    - select a category for interest
    - enter the date the interest was paid

  7. Tap the Reconcile Button

Marking the transactions

The next screen will guide you through the  transactions for the period entered above that are not already marked as reconciled. XS Finance shows the  account opening balance, closing balance, cleared total and outstanding difference. As you mark the transactions in the list as reconciled, these amounts will be updated.

To save space, XS Finance splits the transactions into payments and deposits. Tap the droplist with Payment or Deposit shown to switch views.

If you find a transaction on your paper statement that does not exist in your XS Finance account, tap the New button and enter the transaction. More information on New Transactions. 

If you find a transaction that has an incorrect amount, select the transaction and tap Edit. 

 

Confirmation

 Once you have completed the process of adding, editing and marking transactions on the reconcile screen, you tap the OK button. If your reconciled balance and your paper end balance do not match, XS Finance can make an adjustment. If this is the case, you will be prompted with a message showing you the amount XS Finance will adjust your account by.

The final screen is the confirmation screen.

On this screen you see a summary of the reconcile process.  It shows :
- the opening balance
- total inflows into the account marked as reconciled
- total outflows from the account marked as reconciled
- the difference between the reconciled balance and the end balance you entered
- the closing balance; the balance that your account will be set to

Tapping update on this screen updates the transactions in the database, adds any new transactions for interest earned, service charges and open/closing difference adjustments.

Finally your account is updated with the new closing balance. This balance will be used next time you perform a reconcile on this account.    

Quick Reconcile

 If you want to quickly mark your transactions as not reconciled, cleared or reconciled you can tap the status box next to the transaction in the register list. Tapping the status box next to the transaction in the register list cycles through the states.  The states cycle in the following order: 

  *    Not reconciled – The transaction is not reconciled therefore unconfirmed
  *    Cleared – The transaction has been cleared or processed by a bank
  *    Reconciled – The transaction has been reconciled, confirmed

When a transaction is marked as reconciled, the account reconciled total is updated. If the transaction was reconciled and you tap to set as not reconciled, again the reconciled account balance is updated.