Importing Bank Feeds:- You can import bank feeds into Xero by following two methods:
Manual import:- You can manually import the transactions in Xero by a CSV template provided by Xero. We have not dealt with Manual import feature in this file. You can import a bank . However you can follow following steps for importing a bank statement.
- Log in to your online banking website and save a bank statement in either .QIF format (Quicken) or .OFX format (MS Money) to your computer.
- From Xero’s Dashboard select Manage Account > Import a Statement from your own bank account that you added in the step above.
- Locate and select the file downloaded from your bank and click Import.
Automatic Bank Feeds:– You can use Automatic bank feeds feature in Xero where Xero would automatically import the transactions on a daily basis. In this manual we have explained with Automatic Bank Feeds in details.
- You can match the bank feeds in Xero with suggestions by Xero. Xero automatically suggests the reconciliations based on the available data with it.
- Here is how create rule would look like in Xero.
You need to input following details in order to make a rule:
When to Apply rule :
- Name of Payee and description.
- Bank account in which the rule applies (Target Bank)
Where to match with the rule :
- Contact details.
- Account where the details are to be matched.
- Here is how to create rule in Xero.