Pleo is not a typical expense reporting software - in Pleo, business expenses are done through the Pleo wallet and Pleo records all transactions automatically and in real-time.
This means that the reconciliation process doesn't have to involve either time intensive expense reporting procedures or matching of expenses with bank transactions. Pleo records everything in one system and delivers full information of expenses, receipts, account numbers to Xero at the time of export.
This is how to do the reconciliation process once the expenses are imported from Pleo into your "Pleo account" bank account in Xero:
- If you're doing this for the first time, check how to account wallet loads to Pleo from your normal business account.
- Once you export the expenses from Pleo to Xero, you can see them under Account Transactions in your "Pleo account" bank account in Xero.
- Enable "Mark as reconciled" option in Xero - go to "Pleo account" bank account -> Click on "Account transactions" -> Click on the help Icon -> Click on "Enable Mark as Reconciled". This will render a new button for batch reconciliation of transactions in your Pleo account (see below). Please note: this is a one time step - once this is enabled, the button will always be there.
Below you can how it looks like when the "Enable Mark as Reconciled" button has been successfully enabled. This then allows you to batch reconcile Pleo transactions.
3. Quickly check the imported transactions from Pleo under Account transactions. If you've exported them with receipts and proper account numbers attached you shouldn't have to do any manual work on each expense. There are some edge cases however: Pleo always exports each expense as one line item. If you know there is an expense that needs to be accounted as several different line items under different account numbers (for example, an ATM withdrawal might be a withdrawal and a fee line item), you should click on the expense and manually tweak the line items.
4. Once you've skimmed through the Account transactions you can mark them all and click on "Mark as Reconciled".
5. You can optionally compare the current Statement Balance in Xero with the corresponding historic balance in Pleo. To see the Pleo historic balance on a particular day in Pleo, go to the Manage expenses view and go to More filters and select the desired dates that you want to compare to the transaction list in Xero.