Working on Cash coding in XERO

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  • Published date: January 8, 2021
    • Navrangpura, Ahmedabad, Gujarat, India
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Do you want to know Working on Cash coding in XERO, read this blog post and know everything about cash coding?

What is Cash Coding in XERO?

Cash Coding is a feature in Xero that assists accountants to perform reconciliation with ease.
Reconciliation is an important task while maintaining your Book of Accounts. Each entered data should tally with the transactions made.  (Here is Bank Reconciliation and Tips on Xero)

A tedious task, isn’t it?

With Xero’s Cash Coding feature, one can reconcile the statements in seconds.

Here, is how cash Coding works in XERO:

  • Statements are displayed in a spreadsheet so you can easily sort and code similar transactions.
  • You can select and reconcile up to 200 lines at once.
  • When you use cash coding to reconcile a statement line, you create a receive or spend money transaction automatically.
  • You can also switch between the bank accounts.

Some tips for using Cash Coding Feature:

  1. Select the Show lines with suggested matches to highlight the transactions that already exist in the Xero. This will help you recognize the transactions that do not need reconciliation.
  2. Sort the statement lines by column, to group similar transaction.
  3. Choose around or less than 100 lines for reconciliation.
  4. If you’ve already entered a payee in contact, start typing the contact’s name in the Payee field, then select them from your contact list. This will avoid duplicate contacts in the Contact List.
  5. You can also look at the comment added to the transaction line.
  6. Create bank rules for regular transactions while cash coding, so you don’t have to code them again next time.
  7. Shortcut keys help you access various kinds of shortcuts.

Things to take care in mind before Reconciling:

Cash Coding should not be used to match a transaction that already exists in Xero.
Here are some items that should be reconciled first:

  • Sales invoices and bills
  • Credit note refunds
  • Overpayments and prepayments
  • Expense claims
  • Transfers between bank accounts
  • Any spend or receive money transactions already entered

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