Reconciliation for Open Banking Payments using Libeo

For every payment done through your bank on Libeo, you will have to indicate on which Xero bank account it should be declared. In that case, Libeo writes in a bank transaction on the bank account in Xero.

To pay an invoice pushed to Libeo through Open Banking:

  • Click on “Pay now”

  • Select your bank and Xero bank account

  • Click on “Continue payment”

  • Enter your bank account credentials when redirected to your bank account login page

Once the payment is confirmed, it will be marked as “Paid via Libeo” and then pushed back on Xero, meaning you will see the payment directly on Xero in “Bills”.

You can then easily reconcile the statement with the transaction.

To reconcile the payment:

  • Click on “Bills”

  • Click on “Payment”

  • Select the bank account in which it was saved

  • Click on the tab “Reconcile”

  • Click on “OK”

  • Select the tab “Account transactions”

Reconciliation for Wallet Payment using Libeo

The “Libeo Wallet” account is a current asset account, not a bank account.

When your Xero account is synced for the first time with Libeo, a “Libeo Wallet” account is created in your Xero Chart of accounts.

First, you have to transfer money to your Libeo Wallet. When you transfer money from your bank to top up your Libeo Wallet, this transaction will appear in your bank statement in Xero, so you can reconcile it.

In order to create a transaction on the Libeo Wallet account :

  • Click on “Reconcile”

  • In the section “What” in the right-hand part, choose the account : 513LIB- Libeo Wallet

  • In the section “Who”, type the name of the contact - Libeo

  • In the section “Why”, write the reason of the transfer

  • Click on “OK”

In the “Accounting tab” > “Chart of accounts” search for the Libeo account by typing “Libeo” in the search bar. You will then be able to see the transaction that was added.

If you pay an invoice directly from Libeo, using the wallet, the transaction will be automatically added and reconciled in Xero on the “Libeo Wallet” account. They will be declared on the “Libeo Wallet”.

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