AMEX Reconciliation schedule: THURSDAYS EVERY WEEK

Matthew will be sending the latest AMEX statement with the closing balance to Zendesk on Wednesdays. If in case he missed to send it, send him an email and request for it.

When we get the copy of the statement, we need to make sure that the closing balances between Xero and the statement from the bank are 100% equal. 

STEP 1: CHECKING THE CLOSING BALANCES IN XERO AND THE BANK STATEMENT

Log in to XERO --> JJ AUTO PARTS PTY LTD account --> REPORTS tab --> ALL REPORTS --> Under CASH REPORTS, click BANK RECONCILIATION SUMMARY

Go to BANK STATEMENT tab --> Bank Account: AMEX --> From and To: 1st day of previous month until last day according to the bank statement

Go towards the end of Xero's Bank Statement page and compare the closing balance with the AMEX statement from the bank. The amounts must be EQUAL.

STEP 2: RECONCILIATION OF THE AMEX ACCOUNT IN XERO

Once we are 100% sure that the balances are EQUAL, we can move on to reconciling the AMEX account in Xero.

In XERO, go to DASHBOARD --> AMEX 61008 AUTO DEBIT --> RECONCILE XX ITEMS

On a separate tab, open the CARD VERIFICATION MASTERFILE.

NOTE: We follow specific rules on entering purchases into Xero and the Card Verification Masterfile will be your guide. 

The Card Verification Masterfile will tell us if we need a copy of the invoice for the transaction, if it needs approval, amount limit, account codes to use, etc. and it is essential that whatever is written on this spreadsheet be followed.

Create purchase entries for the transaction line in Xero. Go to ACCOUNTS tab --> PURCHASES --> NEW.

Enter all the necessary details as indicated in the Card Verification Masterfile. If it has an invoice, attach the invoice to the entry. 

Approve the purchase invoice entry and make a payment:

Amount Paid: Total amount

Date Paid: Date according to the bank statement

Paid From: AMEX 61008 - AUTO DEBIT

Reference: Name of the company/supplier