Bank Account Mapping
Bank Account Mapping is available with Insight and Accelerate Packages.
Under the Standard Package we convert the chart of account based on the account type in the source file - for example:
- Bank Account, Credit Card, Paypal - Will be set up as such in Xero (pending your bank feed connection)
- Current Asset/Liability - Will be setup as Current Asset/Liabilities in Xero
Therefore please ensure that the Account Type is correct prior to uploading.
VERY IMPORTANT: Even if the Account Type is correct in the source, individual banks have different requirements to enable bank feeds. For example, some banks require ‘credit cards' to be set up as ‘bank accounts' in order to connect bank feeds. Review Xero’s website for your banks requirements
Whilst clearing accounts may have been used in the source file, it is unlikely that these will be required unless to clear the remaining balance. Their account type is normally Bank Account in the source file, therefore you may wish to change these to Current Asset/Liability accounts prior to upload.
Bank Account Mapping
If you map your bank accounts as current asset/liability accounts we cannot complete our quality assurance on bank reconciliation reports prior to delivery. In Xero, you will be unable to complete a reconciliation moving forward. The link will also be lost between payments and contacts for this account in Xero.
The benefit of changing the account types to an asset or liability is that you are still able to make payments and manual journals to these accounts.
Can I Change Account Types Myself in Xero?
Should you choose a conversion service that does not include the option to modify bank account types you can do so in Xero afterwards.
It is not a simple process so we have written a blog post with more details about this.
NOTE: As this information updates periodically we recommend confirming this is still accurate with Xero or for additional information on direct bank feeds please see the Xero Help centre.
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