Cash coding is a tool for accountants or bookkeepers to reconcile their imported bank statements in bulk, which can reduce time drastically and also increases accuracy. So, if enter transactions from bank statements but is very time consuming, cash coding can help saving time and makes transaction entry faster.
In Xero, the process is quite simple. The following steps need to be followed.
And you are done!
Cash coding can be easily done if it’s done by setting the rules like bank rules while reconciling cash transactions using cash coding, which can be done very easily. Follow the steps given below.
You can easily create, edit or remove any bank rules. It will also reduce the efforts if the rules are created vitally.
There are few keyboards shortcut keys like “+” that can be used for copying accounts, tax rate and for tracking from row above to the current row. The symbol of “/” be used for opening a quick spend or receive money so that splitting of transactions can be done easily. There are also other keys like Shift + Down Arrow and Alt + Down Arrow.
The process of reconciliation gets rapid using Xero Cash Coding and, It can reconcile maximum 100 transactions for reconciling more transaction, use more button at the end.