Balancing the bank feed

We started the bank feed on July 1, 2001, as we stated earlier. Let’s assume we are going to use the Fresh Start conversion method (which we will dive deeper into in Chapter 4). For now, let’s just reconcile the bank feed to the bank balance as of today:

1. We need to compare the bank balance per the bank website:

Figure 2.12: The bank balance per the bank website

We go to the bank website, and access the data we need.

Figure 2.13: The bank balance per Xero

2. Since we started the feed transactions on July 1, we need the bank balance as of June 30. We have that, as shown here:

Figure 2.14: The prior month-end statement balance

3. So, as stated previously, we will cover the Fresh Start conversion in Chapter 4, but here, we need to add the June 30 balance of $3,467.92 to the conversion balance for the checking account.

Note

The conversion...