Bank Reconciliation workpaper (BRC)

The Bank Reconciliation (BRC) workpaper reconciles the bank balance shown in the GL against the bank statement at year end. Each bank account mapped in CoA Mapping gets its own section.

Data extraction

●       Populated from the Bank Statement or the Xero Reconciliation Summary Page uploaded under Data Sources (Source Docs). Only the summary page of the Xero Reconciliation Report is required, not the full report.

●       Bank Name and Bank Account Number are read from the statement.

●       Closing Balance per Bank Statement is the balance as at the balance date. Where the closing balance on the statement is shown as a negative or overdrawn figure (formats such as "$X,XXX Dr", "-$X,XXX", "$X,XXX OD", or "($X,XXX)"), it is picked up as a negative.

●       For a credit card or Visa account, the extracted closing balance is entered with a minus sign. These accounts are identified by keywords such as "Credit Card" or "Visa" alongside the account number.

●       Multiple PDF files can be used as input for a single job, and multiple bank accounts within a single PDF are all extracted and populated.

Note: The credit card sign flip is easy to miss during review, since it applies regardless of how the balance is shown on the statement itself. Check the account type before accepting the sign on any credit card or Visa closing balance.

Determining the closing balance from the statement period

Balance date falls within the statement period

●       If a transaction dated exactly on the balance date has a balance shown, use that as the closing balance.

●       If there is no transaction dated exactly on the balance date, use the nearest available transaction balance within the period. If the balance date falls at the very start of a period with no same-day transaction but an opening balance is shown, use that opening balance.

Balance date falls outside the statement period

Requires manual review to determine the closing balance.

Statement period is missing from the PDF

●       If a transaction dated exactly on the balance date has a balance shown, use it.

●       If the exact date is also missing, this requires manual intervention. Do not pick the nearest transaction balance in this case.

Balance column is missing from the PDF

Requires manual review to determine the closing balance.

Section structure

Each account code mapped to Bank in CoA Mapping has its own section. Use the toggle in the workpaper to switch between viewing all banks or only unreconciled banks.

Balance per GL

Balance of each account code mapped to Bank in CoA Mapping.

How to access

●       Go to Jobs and open the relevant job.

●       Click the Workpapers icon or navigate to Job Results then Workpapers.

●       Select BRC on the Workpapers Dashboard.