Bank feeds in Xero? The program can connect to a variety of different accounts including credit cards, bank accounts and PayPal. Getting data from the source cuts the data entry load. Connecting is easy and ensures your data is accurate.
- One of the things that you’ll need to do is setup bank feeds in Xero. The banks and other financial bodies will feed data directly into Xero. This is your one stop guide to getting that to happen. Currently, you can add/connect several different facilities including:
- Bank accounts
- Credit card
- Loan
- PayPal
- Stripe – although no direct integration exists at this stage
To add an account, go to Accounting – Bank Accounts then click Add Bank Account. You need your bank account details to fill in the below (using ANZ as an example):
After the initial link is made, there may be different follow on steps depending on your bank.
1. Logging in to your online banking portal
You may be taken to the option below and be prompted to Login & Connect the accounts which will redirect you to your providers online banking portal.
2. Bank feed application form
Some providers require you to fill out an Authority to Disclose Information form before you can connect your banks feeds in Xero. This form will need to be completed then submitted back to the bank before the accounts can be connected. This is an extra security measure. Just click the Download item button to access this.
3. Connect the bank
This option requires you to enter the details you use to access your online banking. Xero will connect the feed within a few hours rather than a few days with the two previous options. Just enter your User ID and Password. This method bypasses the security of the bank feed authority and is hosted by an authorised third party called Yodlee.
You will then need to enter in the opening balance for your bank or credit card account. If for instance you had $1,000 in the bank when the feed was setup, that is what you would enter.
Once the bank feeds in Xero are setup, you may notice there is a gap between when the account was opened and when the bank feeds started. For this you will need to import the statement manually which you should be able to download from your online banking account in CSV format. In Xero you can then select the bank account, click Manage Account and under Reconcile select Import a Statement. You will then be taken to the following screen where you can select Browse and find the statement.
More help with Xero
Interested in more than the bank feeds in Xero? We have a lot of articles to help you work with Xero:
- Xero Setup Checklist: How to Set Up Xero for Your Business
- An Ideal Xero Setup: The 10 Steps You Must Take
- Employee Setup: A “How To” for Xero Users
- Xero Setup Checklist: How to Set Up Xero for Your Business
- Processing Xero Superannuation
If you need more, contact Fullstack for expert advice.
