XBert Type: Standard
Accounting Software: Xero, MYOB
Country Restriction: All supported countries
Risk Type: Fraud Risk
Business Function: Banking
Overview
The "Bank statement line missing" XBert spots bank statement lines that XBert had seen before in your accounting software but that have since disappeared. Some removals are perfectly innocent, such as a duplicate import being tidied up. Others can point to mistakes or even deliberate hiding of spending. This XBert helps make sure the activity in your books still matches what actually happened in your bank account.
What it does
XBert keeps its own record of every bank statement line it has imported for your accounts. Each time your data syncs, it compares that record against the lines currently in your accounting software. If a line that was there before has gone, XBert flags it so someone can take a closer look.
How it works
XBert raises this alert when a bank statement line it imported earlier is no longer found in your latest synced data, as long as the missing line falls within the bank history XBert holds for your accounts (roughly the last twelve months).
To avoid false alarms, XBert ignores lines that have only just gone. A line must have been missing for more than five days before it is reported, which gives normal syncing and short-term feed corrections time to settle. Each missing line is only ever reported once, so you will not be alerted about the same line again and again.
Example/Use Case
Bill, an employee with access to the accounting software, uses the company debit card for some unauthorised personal purchases totalling $640.00. To cover his tracks, he deletes the matching lines from the bank feed so the spending seems to disappear from the books.
The money has still left the company's account, but the accounting software no longer shows it. XBert had already recorded those lines from an earlier sync, so when they go missing it raises this alert. Bill's manager reviews it, checks the real bank statement, finds the missing $640.00, and can investigate before more is lost.
Accounting software
Xero, MYOB.
Which countries it supports
All supported countries.
Processes
This XBert is part of the Banking business area. When you receive this alert:
Compare the missing line against the original statement from your bank to confirm the transaction really took place.
Find out who removed the line and why.
Confirm whether the removal was legitimate, such as clearing a duplicate import or correcting an import error.
If the line was removed inappropriately, re-import the correct bank data so your records are complete again, and investigate any possible misuse or fraud.
Once your records are accurate and any issue has been dealt with, mark the XBert as resolved.