Bank Feeds
Bank Account Mapping - Bank Account / Credit Card / Paypal / Asset / Liability
Any account you want to reconcile in Xero, or receive bank feeds for need to be selected as a bank, credit card or PayPal.
Each bank requires the accounts to be set up in a certain way, some require credit cards to be set up as bank accounts in order to connect bank feeds. Please see here for more information.
Clearing accounts or other accounts you don't want to reconcile, but want to journal to can be setup as Current Asset or Current Liability accounts.
Setting Up and/or Transferring Bank Feeds
It is important that you get your bank feeds connected as soon as possible to minimise the gap between when the accounts were last reconciled to when the first bank feed comes across. We cannot do that on your behalf for privacy reasons.
Setting up Bank Feeds in Xero:
1. In the Accounting menu, select Bank accounts.
2. Next to the bank account, you'd like to edit, click Manage Account.
3. Click Edit Account Details.
4. Start typing your bank's name:
- If you can select the bank name from the list, feeds are available for your bank. If you're connecting a direct feed, check the name to use for your particular bank.- If the name of your bank doesn't appear in the list, click Add it anyway. This means there are no feeds available for this bank, so you'll need to manually import bank statements into the account.
7. In Account Number, enter your BSB number followed by the account number. Your BSB number is the first six digits of your bank account number. Xero will automatically put a hyphen in the middle as you type the digits.
8.Then Select Save.
9. Now select :
Transferring Bank Feeds in Xero
If you already have a Xero organisation set up that has bank feeds connected, even if it is a dummy/trial organisation, you will have to transfer your bank feeds from that organisation to your newly converted Xero file. Remember that Xero can't backdate any bank feeds you will only receive the feeds from when it successfully transferred.
Closing the Gap in my Bank Accounts
When you send your file to us you have reconciled your accounts to a specific date. In your Xero organisation, the accounts will be reconciled to the same date and the reconciled transactions in Xero after conversion will display with black ticks. The black ticks represent anything that has been manually reconciled and which does not come from the bank feeds.
The easiest way to find out how far you have reconciled the accounts is to either use the dates from our "Post Conversion Report" or to go through each bank account and credit card etc. on the dashboard manually.
- Select the "Manage Account" button and click on "Account transactions". From here, you will be able to view all of the transactions you have entered in your source file, both reconciled and still unreconciled.
- Select the Date field to filter the most recent date at the top.
- Click on the tab located on the left "Bank statements" select filter Statements
- In here click on the "Start Date" header a couple of times so that you have your feeds sorting by the most recent date at the top.
When your "real" bank feeds comes across the source will indicate Bank Feed whereas the converted item will appear as User.
Good to know:
- Imported date, is the day when the feeds were imported.
- Start date, is the date from which the transactions were brought across.
- End Date, is the date to which the transactions were brought across.
- To cover the gap in Xero you can usually export a file from your bank bringing across any missing transactions for up to 90 days in the past. Choose to export either a .QIF or .OFX file. if you only have .CSV as an option you can use that format, but there might be a few adjustments that need to be made.
Using the data above you should be able to export the gap data Eg. If the latest start date in Bank Statements tab is 30 June 2022 then the Start Date should be 1 July 2022 with the End Date being the date prior to the Bank Feeds becoming active.
If you know that all entries were not entered prior to the latest start date in the account you will need to find a way to work out the entries that are missing.
If there are hundreds of transactions missing of data prior to the 90-day range it might be worthwhile converting pdf bank statements to .csv files that can be uploaded to your organisation allowing you to reconcile and saving you data entry.
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