BEWARE THE BIG GREEN TICK!
If you are doing your own bookkeeping, there’s a great sense of satisfaction when you get the green tick – job done!
But beware. That tick is to say you recorded an account for every imported transaction – the tick does not check that what was recorded is right. It can be tricky, and for lots of reasons.
GST – it’s a tax. Tax in Australia is complicated.
Challenge: Try recording the correct amount of GST in your car registration payment
Sometimes there is a glitch in the system and the software imports duplicated transactions or misses some altogether.
Challenge: Compare the bank or credit card balance in Xero against the statement from the bank
If you transfer money between several accounts, chances are some of the transfers will be duplicated.
Challenge: Check the credit card and bank reconciliations produced.
If alarm bells are going off for you, it might be time to reach out to a professional to provide a bit of oversight.
