Account reconciler
Every balance sheet account, reconciled and verified
Xero reconciles your bank accounts. AccountKit’s account reconciler handles the rest of the balance sheet, from clearing accounts and suspense to loans and prepayments, with each verification linked to its source.
Included in the base subscription
AccountKit currently lists this tool as beta.
| Accounts | Method | Frequency | Sep 2026 | Aug 2026 | Jul 2026 | Jun 2026 |
|---|---|---|---|---|---|---|
| 664 - Disbursements | Clearing | Monthly | $ 412.801 comments | $ 286.101 comments | $ 0.00 | $ 0.00 |
| 840 - Suspense | Clearing | Monthly | $ -449.931 comments | $ -360.052 comments | $ 0.00 | $ 0.00 |
| 804 - Wages payable | Clearing | Monthly | $ -18,915.74 | $ 0.00 | $ 0.00 | $ 0.00 |
| 826 - Superannuation payable | Clearing | Monthly | $ -6,212.40 | $ 0.00 | $ 0.00 | $ 0.00 |
| 825 - PAYG withholding payable | Clearing | Monthly | $ -9,486.00 | $ 0.00 | $ 0.00 | $ 0.00 |
Illustrative view. Sample client and sample figures.
What goes wrong today
Clearing accounts get checked outside the ledger
Reviewing a clearing account usually means exporting or printing the transactions and matching balances period to period by hand.
A verified balance moves later
Someone posts into a period you’ve already signed off, and nothing tells you the balance no longer agrees.
The reasons live in someone’s inbox
Why an amount is sitting in suspense was explained last month, but the next reviewer can’t see it and works it out again.
Inside the reconciler
From the account balance to the item behind it
Choose the accounts you want to keep on top of, set how often each one is reconciled, and the reconciler tracks them period by period. This is a sample view, not a live client ledger.
See where every account is up to, month by month
Each account you choose sits in one grid with its balance, verification status, links and comments for every period. A red cross means the balance has moved since someone verified it, and the green line shows where reconciling started.
Match the entries that cancel each other out
Select a debit and a credit that offset each other. When the selection nets to nil the rows go solid green and Reconcile lights up, and once you reconcile them they drop off the list. Last month’s notes stay against the items carried forward, so nobody has to work out again why they’re there. Try matching the Bullish deposit yourself.
Make any adjustments without leaving AccountKit
The engine licence is 7c out on the exchange rate. Post the adjustment journal straight from the verification line, then reconcile what’s left and verify the balance. Ryan’s deposit carries into October with its note. Press Post to try it.
Check a loan balance against its schedule
On the balance method you mark off the period’s transactions to confirm they’re there, then check what’s left against the bank statement or finance schedule linked from your document management. Export the period to PDF or Excel as the work paper.
- See where every account is up to, month by month
- Match the entries that cancel each other out
- Make any adjustments without leaving AccountKit
- Check a loan balance against its schedule
See where every account is up to, month by month
Each account you choose sits in one grid with its balance, verification status, links and comments for every period. A red cross means the balance has moved since someone verified it, and the green line shows where reconciling started.
| Accounts | Method | Frequency | Sep 2026 | Aug 2026 | Jul 2026 | Jun 2026 |
|---|---|---|---|---|---|---|
| 664 - Disbursements | Clearing | Monthly | $ 412.801 comments | $ 286.101 comments | $ 0.00 | $ 0.00 |
| 840 - Suspense | Clearing | Monthly | $ -449.931 comments | $ -360.052 comments | $ 0.00 | $ 0.00 |
| 804 - Wages payable | Clearing | Monthly | $ -18,915.74 | $ 0.00 | $ 0.00 | $ 0.00 |
| 826 - Superannuation payable | Clearing | Monthly | $ -6,212.40 | $ 0.00 | $ 0.00 | $ 0.00 |
| 825 - PAYG withholding payable | Clearing | Monthly | $ -9,486.00 | $ 0.00 | $ 0.00 | $ 0.00 |
| 620 - Prepayments - Insurance | Balance | Quarterly | $ 4,860.00 | $ 6,480.00 | ||
| 910/001 - HP - Landcruiser Troop Carrier [03/2030] | Balance | Monthly | $ -50,233.49 | $ -50,965.12 | $ -51,692.20 | $ -52,414.77 |
Verified Verification required Balance changed after it was verified Linked to a statement or schedule Comments, with a count Reconciling started here
Illustrative AccountKit Account Reconciler. Sample client and sample figures, not a live ledger.
Match the entries that cancel each other out
Select a debit and a credit that offset each other. When the selection nets to nil the rows go solid green and Reconcile lights up, and once you reconcile them they drop off the list. Last month’s notes stay against the items carried forward, so nobody has to work out again why they’re there. Try matching the Bullish deposit yourself.
| Date and source | Description | Debit | Credit |
|---|---|---|---|
| Carried forward, not yet reconciled | |||
| 14/08/2026Receive money | Direct credit – R J BULL Ryan thinks this is the refund from the Melbourne games expo. Waiting on the invoice before we code it. | - | 450.00 |
| 28/08/2026Spend money | Card payment – no merchant detail Ashlee says it’s the annual licence for the level editor. Asked her for the receipt. | 89.95 | - |
| SEPTEMBER 2026 | |||
| Opening balance | - | 360.05 | |
| 05/09/2026Receive money | Direct credit – Bullish Pty Ltd | - | 2,200.00 |
| 08/09/2026Manual journal | Reallocate 05/09 deposit to Loan – Bullish Pty Ltd | 2,200.00 | - |
| 12/09/2026Manual journal | Reallocate 28/08 card payment to Software subscriptions | - | 89.95 |
| 19/09/2026Spend money | International payment – game engine licence (USD) | 1,248.37 | - |
| 19/09/2026Manual journal | Reallocate engine licence to Software subscriptions, per invoice | - | 1,248.30 |
| Total | September 2026 | 3,448.37 | 3,538.25 | |
| Closing balance | - | 449.93 | |
Illustrative AccountKit Account Reconciler. Sample client and sample figures, not a live ledger.
Make any adjustments without leaving AccountKit
The engine licence is 7c out on the exchange rate. Post the adjustment journal straight from the verification line, then reconcile what’s left and verify the balance. Ryan’s deposit carries into October with its note. Press Post to try it.
| Date and source | Description | Debit | Credit |
|---|---|---|---|
| Carried forward, not yet reconciled | |||
| 14/08/2026Receive money | Direct credit – R J BULL Ryan thinks this is the refund from the Melbourne games expo. Waiting on the invoice before we code it. | - | 450.00 |
| 28/08/2026Spend money | Card payment – no merchant detail Ashlee says it’s the annual licence for the level editor. Asked her for the receipt. | 89.95 | - |
| SEPTEMBER 2026 | |||
| Opening balance | - | 360.05 | |
| 05/09/2026Receive money | Direct credit – Bullish Pty Ltd | - | 2,200.00 |
| 08/09/2026Manual journal | Reallocate 05/09 deposit to Loan – Bullish Pty Ltd | 2,200.00 | - |
| 12/09/2026Manual journal | Reallocate 28/08 card payment to Software subscriptions | - | 89.95 |
| 19/09/2026Spend money | International payment – game engine licence (USD) | 1,248.37 | - |
| 19/09/2026Manual journal | Reallocate engine licence to Software subscriptions, per invoice | - | 1,248.30 |
| 30/09/2026Manual journal | Adjustment entry for Suspense | - | 0.07 |
| Total | September 2026 | 3,448.37 | 3,538.25 | |
| Closing balance | - | 449.93 | |
| Account | Tax rate | Debit | Credit |
|---|---|---|---|
| 840 - Suspense | BAS Excluded | 0.07 | |
| 860 - Rounding | BAS Excluded | 0.07 | |
| Total | 0.07 | 0.07 |
Illustrative AccountKit Account Reconciler. Sample client and sample figures, not a live ledger.
Check a loan balance against its schedule
On the balance method you mark off the period’s transactions to confirm they’re there, then check what’s left against the bank statement or finance schedule linked from your document management. Export the period to PDF or Excel as the work paper.
| Date and source | Description | Debit | Credit |
|---|---|---|---|
| SEPTEMBER 2026 | |||
| Opening balance | - | 50,965.12 | |
| 22/09/2026Spend money | Landcruiser loan repayment | 1,050.16 | - |
| 22/09/2026Manual journal | Interest on finance – Landcruiser, 9-2026 | - | 318.53 |
| Closing balance | - | 50,233.49 | |
Repayment schedule
Hire purchase · Landcruiser Troop Carrier · Bull Antics Pty Ltd
| No. | Date | Payment | Interest | Balance |
|---|---|---|---|---|
| 11 | 22/02/2026 | 1,050.16 | 349.76 | 55,260.44 |
| 12 | 22/03/2026 | 1,050.16 | 345.38 | 54,555.66 |
| 13 | 22/04/2026 | 1,050.16 | 340.97 | 53,846.47 |
| 14 | 22/05/2026 | 1,050.16 | 336.54 | 53,132.85 |
| 15 | 22/06/2026 | 1,050.16 | 332.08 | 52,414.77 |
| 16 | 22/07/2026 | 1,050.16 | 327.59 | 51,692.20 |
| 17 | 22/08/2026 | 1,050.16 | 323.08 | 50,965.12 |
| 18 | 22/09/2026 | 1,050.16 | 318.53 | 50,233.49 |
| 19 | 22/10/2026 | 1,050.16 | 313.96 | 49,497.29 |
| 20 | 22/11/2026 | 1,050.16 | 309.36 | 48,756.49 |
| 21 | 22/12/2026 | 1,050.16 | 304.73 | 48,011.06 |
Illustrative AccountKit Account Reconciler. Sample client and sample figures, not a live ledger.
AccountKit lists this tool’s Xero connection as: Pushes journals to Xero. Journal availability and review steps depend on the tool.
Who it’s for
Built for practices that review the balance sheet through the year
Practices that want every balance sheet account checked before review, not only the bank. It works for clients whose Xero file is connected to AccountKit, with one set of reconciliations for each entity.
How often it comes round
At the frequency you set for the entity, which you can change account by account.
- At setup
- Choose the accounts, the default frequency and the last reconciled period.
- Each period
- Match items, post any adjustment and verify each balance.
- Before review
- Export the period to PDF or Excel as the work paper.
Questions
What practices ask about the account reconciler
Is the account reconciler still in beta?
Yes. AccountKit lists it as an open beta: the tool is feature complete for now and available to every practice, and feedback goes to [email protected].
Does the account reconciler work without Xero?
No. It only works for clients connected to a cloud accounting package, such as Xero, in AccountKit.
Can each account be reconciled on its own frequency?
Yes. Each entity has a default reconciliation frequency, and you can change it for any account.
How many sets of reconciliations can one client have?
One per entity. That one set holds every account you choose to reconcile for the client.
Make it your practice
Reconcile the whole balance sheet, not just the bank
Start a free 14-day trial and set up one Xero client’s clearing and suspense accounts, or book a demo to see verification with the team.
