Understanding Reconciliation in XYB
Reconciliation in XYB helps you verify that the financial data in your platform matches the data from external sources, such as bank statements, settlement files, or partner reports.
It ensures that every transaction, posting, and balance recorded in XYB aligns with what’s recorded elsewhere. This gives you confidence that your books are accurate and complete.
Reconciliation is a key part of financial control and audit readiness. By automating it within XYB, you can:
Detect mismatches quickly and resolve them before period close.
Reduce manual checks and spreadsheet work.
Improve trust in the platform’s reported balances.
Prepare for financial reporting and compliance reviews.
How it works
The reconciliation process follows a simple three-step flow:
Ledger extract XYB automatically generates a file containing your internal ledger data: postings, movements, and balances for a given period. This file appears in File Vault, ready to be used for comparison.
External file upload You upload your external data file (for example, a bank or partner statement) through the File Vault interface. The platform checks the format, validates key fields, and stores the file securely.
Reconciliation run Once both files are available, XYB automatically compares them. It identifies matches, mismatches, and differences based on configurable tolerance rules (for example, date or amount variances). The results are stored as a structured report that can be downloaded or viewed.
Typical use cases
Daily settlement reconciliation: Match daily ledger balances against incoming bank settlements.
Month-end close: Verify all transactions and balances before financial close.
Partner reporting: Cross-check external partner transaction files with internal postings.
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