Integrating bank feeds into Xero can be frustrating when things don't connect properly.
Luckily, with some helpful tips, you can set up a seamless bank integration in Xero to save time and headaches.
In this post, you'll get step-by-step instructions for connecting your bank accounts, troubleshooting sync issues, mapping transactions, and more to maximize the benefits of automated bank feeds.
Introduction to Xero Bank Integration
Xero is a popular cloud-based accounting software for small businesses. It allows users to connect their business bank accounts and credit cards to automatically import transactions and streamline bookkeeping.
Connecting bank feeds in Xero provides several key benefits:
- Reduces manual data entry: Bank feeds automatically import most transactions, minimizing time-consuming manual entry. This keeps books up to date with far less effort.
- Real-time visibility: With bank feeds, Xero gives access to real-time reporting on cash flow. Users can log in anytime to view income, expenses, account balances and more.
- Simplifies reconciliation: Matching imported bank transactions to accounting records is faster and easier with bank feed data.
Overall, integrating bank accounts into Xero saves time, reduces errors, and gives invaluable visibility into financials. It's a must-have for most small businesses.
Overview of Xero Bank Feeds
The Xero bank feed feature allows connecting business bank accounts and importing their transaction data automatically. This includes:
- Checking/savings accounts
- Credit cards
- Line of credit accounts
Once connected, bank feeds will automatically import new transactions daily. Xero matches imported transactions with existing accounting entries for faster reconciliation.
Xero offers bank feed connectivity for over 16,000 financial institutions globally. If a bank isn't supported directly, users can import bank statements in OFX, QBO, CSV or other formats.
Advantages of Seamless Bank Integration
As covered above, connecting Xero to bank accounts has tangible benefits:
- Time savings from reduced manual entry and reconciliation
- Accuracy since most transactions are imported automatically
- Real-time visibility into cash flow from any device
In addition, bank feeds enable powerful reporting and money management tools through Xero. Users gain insights into expenses, income sources, account health, and more.
Overall, integrating banks into Xero is a vital step to simplify accounting. It's quick and easy to set up for most major institutions. The seamless connectivity pays dividends in time savings, accuracy, and financial control.
How do I reconnect my bank feed in Xero?
Reconnecting a bank feed in Xero is a straightforward process that can be done in just a few steps:
- From your Xero dashboard, click on Bank Accounts in the left menu.
- Locate the bank account you want to reconnect and click the Settings cog icon next to it.
- In the feed settings, click Disconnect to remove the current feed connection.
- After disconnecting, click Set up to reconnect the bank feed again. This will prompt you through the bank selection and login process to reconnect the feed.
- Select your bank from the list, log into your online banking credentials when prompted, and authorize the bank feed connection.
- Once the bank feed reconnects, transactions will begin syncing automatically based on your feed import settings.
Reconnecting a disconnected bank feed allows you to refresh the connection and restart transaction imports if you notice issues with missing imports or sync failures. This is often the quickest way to troubleshoot and restore a seamless bank feed integration in Xero.
If reconnect attempts fail or issues persist, you may need to check for changes with your online banking provider, verify your login credentials, or contact Xero support for additional troubleshooting. Maintaining an active bank feed connection enables the most efficient and automated syncing of transaction data into Xero.
How do I allocate a bank in Xero?
Allocating a bank in Xero is a straightforward process that allows you to seamlessly connect your bank accounts to the Xero platform. Here are the key steps:
- Navigate to the Bank Accounts section under Accounting in Xero
- Click on Add Bank Account
- Search for and select your bank from the list of popular banks, or start typing your bank's name and select it when it appears
- Review the permissions Xero is requesting and click Agree
- You will be redirected to your bank's website to log into your online banking
- Follow the prompts to connect your account(s) to Xero
Once connected, transactions from your bank accounts will automatically sync with Xero daily. This enables up-to-date financial reporting and reconciliation.
If you run into any issues allocating an account, check with your bank directly as some have specific integration requirements. The Xero setup process is designed to be quick and hassle-free for most major banks.
Reaching out to Xero support is another option if you have trouble connecting your accounts. Their customer service team can provide tailored troubleshooting based on your bank.
How do I link Zeller to Xero?
To get started with linking your Zeller account to Xero, simply follow these steps:
- Login to your Zeller dashboard and navigate to the Settings page.
- Under the Connections section, find the option for Xero - Bank Feeds Integration.
- Review and agree to the data collection and privacy policy by checking the box. Then click the Connect button.
- If you are not already logged into your Xero account, you will be prompted to enter your Xero login credentials on the next screen.
Once connected, Zeller can automatically sync your bank transactions and feed them into Xero to simplify reconciliation and reporting. This eliminates the need for manual data entry or importing bank statements.
The connection uses a secure bank feed to ensure continuous syncing between the two platforms. If you encounter any issues with the bank feed integration not working, try refreshing or re-authorizing the connection.
With Zeller and Xero linked, you can experience the benefits of automated accounting and streamlined financial reporting. Reach out to their support teams if you have any other questions on setup, configuration, or advanced integration options.
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Exploring the Xero Bank Feed List
Major Banks with Xero Integration
Most major banks like Chase, Bank of America, and Wells Fargo have standard connectivity through bank feeds with Xero. The setup process is typically straightforward for these large national banks.
To connect your bank feed in Xero:
- Navigate to the Bank
Integration Setup: Connecting Your Bank to Xero
Accessing Bank Integration Settings in Xero
To access the bank integration settings in Xero, first log into your Xero account and click on "Bank Accounts" under the "Banking" section in the left sidebar. This will open up the bank accounts page.
Next, click on the "Add bank account" button at the top right. This will open up the bank feed connection settings. Here you can search for and select your bank.
If your bank supports bank feeds in Xero, you will see the option to connect when you select it. If not, you may need to manually import bank statements instead.
Step-by-Step Bank Account Linking Process
Once you have accessed the bank connection settings, follow these steps to link your bank account:
- Search and select your bank - Use the search bar to find your bank or scroll through the available options. Click on your bank once found.
- Enter credentials - On the next screen, enter your online banking credentials to securely link Xero to your bank account.
- Confirm trial deposits - Xero will make two small deposits into your linked account. Log into your bank and take note of these amounts, then enter them in Xero to verify access.
- Check connection status - It may take 1-2 days for bank feeds to start syncing. You can check the status on the Bank Accounts page.
Multi-Factor Authentication During Bank Feed Setup
Some banks require extra authentication when setting up a new integration like bank feeds. Here are some tips:
- If your bank supports text/SMS codes, keep your phone on hand during setup to easily input the code.
- For banks with security key tokens, make sure you have the token accessible to generate codes during linking.
- Call your bank beforehand to confirm any authentication requirements when connecting third-party accounting software.
- If the trial deposits don't appear as expected, your bank may be waiting on additional identity verification before proceeding with the feed setup. Follow up with them directly.
Following any necessary authentication procedures during setup will ensure a smooth bank feed connection process. Check with your bank if you have any issues.
Troubleshooting Xero Bank Feeds Not Working
Checking Bank Feed Sync Status
You can check the status of your bank feeds in Xero to see when the last sync occurred and if there are any errors. Here are the steps:
- Go to the Bank Accounts section in Xero and click on the bank account you want to check.
- Look for the Last imported date. This shows you when the last successful sync was.
- Check if there is an alert icon next to the bank account name. This indicates a sync error. Click the icon to see details on the error.
Common sync errors include connection issues, login failures, or date range mismatches between Xero and the bank. If you have a sync error, try refreshing the bank feed connection.
How to Refresh Bank Feed in Xero
If your bank feeds are not syncing properly or show errors, you can refresh the connections in Xero:
- Go to Bank Accounts and click the bank account with issues.
- Click the Settings cog icon.
- Choose Disconnect to remove the current connection.
- After disconnecting, choose Connect to reconnect your bank account.
- Enter your credentials and go through the bank feed setup again.
Refreshing the connection often resolves sync failures, login errors, or other issues. It establishes a fresh link between Xero and your bank.
You can also try adjusting the date range for new transactions to sync. This may help if you recently changed accounting systems.
Adjusting Bank Feed Synchronization Settings
Xero automatically syncs your latest bank transactions every 4 hours. You can modify the synchronization settings:
- Go to Bank Accounts > Settings icon.
- Under Bank Feed Settings, adjust Number of days bank statements.
- Choose a shorter period for more frequent syncs or longer for less frequent.
- Toggle Automatically update bank feeds on or off.
Adjusting these settings gives you more control over sync frequency. For example, setting a shorter date range syncs only recent transactions, avoiding duplicates. Disabling automatic updates lets you manually trigger syncs.
Checking sync status, refreshing connections, and adjusting settings should help troubleshoot most bank feed issues in Xero. Reach out to their support team if problems persist.
Advanced Setup for Xero Bank Feeds
Overview of more complex bank integration configurations.
Backdating the Sync: Importing Historical Transactions
When you first connect your bank account to Xero, it will only import transactions from that point forwards. However, you may want to bring in historical transaction data to have complete financial records in Xero.
Here are a few options to backdate your bank feeds:
- Manually import statements: You can upload PDF bank statements directly into Xero to sync the statement data. Go to Bank Accounts > Import Statement to upload historical PDF statements. This will import the transaction data.
- Use bank transaction import: If your bank allows transaction exports, you may be able to import the transaction history via CSV or OFX file. Go to Bank Accounts > Import Transactions and select your bank.
- Connect to Yodlee: Xero partners with Yodlee to automatically import up to 24 months of bank transaction history. You will need to reconnect your bank account through a Yodlee feed to access this historical data import.
Backdating your bank feeds ensures you have complete financial records in Xero for accurate reporting and reconciliation.
Automating with Account and Category Mapping
When bank transaction data feeds into Xero, the platform tries to automatically categorize each transaction. However, it doesn't always categorize transactions correctly.
You can create rules to automatically map bank transactions to Xero accounts and categories:
- Go to Bank Accounts > Account Mappings
- Select the bank account
- Create rules to map payees to Xero accounts
- Transactions from that payee will automatically be mapped
You can also auto-categorize bank transactions:
- Go to Bank Accounts > Category Mappings
- Set up rules to assign categories based on keywords, amounts, etc.
Setting up account and category mappings ensures your transactions are automatically coded correctly when they sync from your bank feeds. This saves time on data entry and ensures consistency.
Automating bank transaction categorization is an important step to streamline reconciliation and reporting.
Conclusion: Maximizing the Benefits of Bank Feeds in Xero
Summarizing Seamless Integration with Xero
Integrating bank feeds into Xero provides several key benefits:
- Automatic imports of bank transaction data saves time on manual data entry
- Up-to-date financial reporting with real-time bank transaction data
- Simplified bank reconciliation with matched transactions
- Flexible options for managing historical data and backdating
To realize these benefits, follow the steps outlined in this article for connecting bank accounts in Xero and setting up seamless feeds. Pay special attention to handling feeds that are not syncing properly.
Next Steps for Efficient Bank Reconciliation
To build on the capabilities of bank feeds:
- Set up multiple bank accounts to consolidate data
- Use smart bank rules to automate coding
- Customize transaction matching to improve reconciliation
- Review reporting frequently to catch any issues early
Integrating banks into Xero delivers major time savings, financial visibility, and efficiency gains through automation. Follow best practices to maximize the impact for your business.
