Reconciliation settings in GoCardless for Xero
Your reconciliation settings are added as part of the GoCardless for Xero account setup process, however you may need to update these at a later date. This article explains how to do so.
To open your GoCardless for Xero reconciliation settings:
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Open up the Settings section in your left menu bar by clicking the plus sign (+)
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Open Xero Settings
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Click on Xero Reconciliation
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Depending on your GoCardless account set up, you will see a variety of fields to confirm your reconciliation settings for. The table below provides an explanation for each:
| FIELD | DESCRIPTION |
|---|---|
|
Where your money gets paid out to |
This is the bank account in Xero where your funds will be transferred to. During the setup process you selected an account, which you can change here. |
|
The interim reconciliation Direct Debit account |
To enable the reconciliation process to work effectively we set up a Direct Debit Clearing Account in Xero. This is a holding account before GoCardless fees are deducted. We automatically create an account called Direct Debit during sign up for this process. |
|
GoCardless Fees Account |
Choose how you would like GoCardless fees to be posted on your Profit & Loss |
|
Realised Currency Gains / Losses |
Only relevant if you have international payments with FX enabled on your GoCardless account. Choose how you would like the currency exchange losses or gains to be posted on your Profit & Loss. See this article for how this works. |