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How do I reconcile bills in Xero?
How do I reconcile bills in Xero?

Dealing with negative settlements in Xero.

Updated over a week ago

Sometimes settlements are sent to Xero with fees and costs being higher than the revenue (negative settlements). This usually occurs when the settlements span more than one month, and split settlements are turned on in your settings.

When this occurs taxomate will post negative settlements as Draft Bills.

STEP 1. In Xero go to Bussiness > Purchase Overview > Awaiting Approval. Select the bill and click approve.

STEP 2. Since Amazon's bank deposit is less than the invoice you already approved, you will need to match both the invoice and the bill to the bank deposit. Head over to your bank account feed by selecting Accounting > Bank Accounts on the top toolbar.

STEP 3. Scroll down and select Reconcile. Find the Amazon bank deposit that matches your Sales Invoice and Bill (combined) and select Find & Match on the right side.

STEP 4. Check the Show Spent Items box on the match screen. This will display both invoices and bills.

STEP 5. After selecting the proper invoice and bill for the settlement, Xero will now allow you to select the Reconcile button at the bottom.

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