The Expected Xero balance is calculating what balance your OFX Account in Xero will show accounting for the timing difference of OFX Card transactions.

 

OFX Card transactions and Expenses uploaded to the platform follow an Expense Management lifecycle before they are synced to Xero. This lifecycle requires the Expenses to have their Account, Tax codes, receipts attached before being Submitted. After submission there is an optional Approval process after which if accepted the Expense will be sent to Xero. This will create a Bill in Xero’s system and a corresponding payment onto that Bill. 

 

This lifecycle creates an expected timing difference between your account balance in the OFX platform which reflects spent money on OFX cards instantaneously compared to Xero where the spent money is only reflected at the end of the Expense Management lifecycle.

 

The Expected Xero Balance is calculated by taking your OFX balance and adding back transactions that are not yet synced to Xero. 

 

Expenses not synced breakdown

• Automatic Conversion: These amounts are the conversions for OFX card transactions in a different currency to your base currency. When you make a transaction in a currency that is not your base currency, if you do not have sufficient balance in that currency wallet, the OFX platform will convert the required funds for you to make the purchase. These conversions only sync to Xero once the Expense they relate to is also Submitted.
  Pending expenses: These amounts are for transactions you have made with your OFX Card that have not been confirmed by the merchant.

• Open expenses: OFX Card transactions that are ready to be completed with appropriate accounting, tax and supporting documentation.

• Needs approval: Submitted Expenses that are moving through your optionally defined Approval matrix. Once Approved by the reviewers they will be sent to Xero.

• Failed: Expenses that have attempted to be synced to Xero but have encountered an issue. For these Expenses open up the History Tab to view what the issue is. You can still make changes to this Expense by updating the information in the Details tab and then retry the Sync by pressing the “Submit” button.

 

If the Expected Xero Balance does not match what is actually in Xero then there are likely some other missing transactions from Xero relating to Bills, Payments or Conversions. To review if there are any Sync errors navigate to the Xero sync errors log (Setup > Sync errors).

 

Note: If there are some transactions that are in the Failed tab that you have corrected and therefore, shouldn’t be included in the calculation, contact customer support to manually remove them.