What does a bank reconciliation look like when using Xero and cieTrade?

Question:  What does a bank reconciliation look like in cieTrade? Today we use Xero accounting and we match receipts and payments directly to invoices and bills every day (our bank account is linked so downloads every day). 

Answer: Great question and obviously an important one if you're looking at how cieTrade will work for your accounting team. 

If you are using cieTrade' s A/R module then you can leverage reports in cieTrade such as the Payment History or Deposit Register reports to match payment reports in Xero. The Payment History Report will show the customer name and invoice number and is our first recommendation to look at. 

If you are not using cieTrade' s A/R module, then you will continue to leverage Xero accounting and do things the same as you do today. This is because the invoice goes over to Xero where the A/R is aged and received. 

For the AP side, you can compare the Voucher Inquiry in cieTrade to the payments you've have made to a supplier in Xero. In cieTrade we recommend waiting to post a payable until you are ready to make a payment, therefore the voucher inquiry will show you all posted payables from cieTrade that are considered 'paid' in the system. You can take it a step further and manually mark the voucher as paid on the voucher inquiry when you pay the vendor out of Xero. 

If you have additional questions, please contact the Support Team via email to support@cietrade.net.