Users should “reconcile” accounts monthly; while the Xero reconcile function applies only to bank accounts, users may create manual processes to facilitate reconciliation for asset accounts.
Balance Sheet (Account) Reconciliation
At a minimum, account balances should be trued-up monthly to prevent excessive drift between Dx5 and Xero due to rounding, undos, and other activities. To reconcile account balances:
- Generate a current Dx5 inventory report
- Navigate to Inventory > Reports
- Click Generate Current Report
- The report will be delivered when generated
- Generate a Xero balance sheet
- In Xero, navigate to Accounting > Reports
- Search for or find Balance Sheet under the Financial Statements section
- Change Date to Today for parity
- Compare reported balances and adjust as needed
For users looking for increased detail during a reconciliation process, transactions provide additional insight.
- Generate a Xero Account Transactions report for each account to be reconciled
- For equivalent Dx5 transactions, navigate to Taxes & Reports > System Reports
- View Inventory Actions for the appropriate period to identify inventory actions that may be reflected in Xero
- View Batch Actions for the appropriate period to identify batch actions that may be reflected in Xero
- Please note that Dx5 inventory and batch actions reports may not be inclusive of all transactions; reach out to the Support team for assistance if needed.