Xero is a cloud-based accounting software application that makes bookkeeping and financial reporting easy for small businesses. In this introduction, we’ll look at the various sections of the dashboard which will be the first thing you’ll see when you log in to Xero.
Use Bank Feeds to Import Transactions
Xero connects with your online banking and credit cards to import transactions directly into Xero via “bank feeds” so that they can be easily reconciled.
Setting Up Bank Feeds
Setting up bank feeds is quite easy, but because this is just a fictional company, we’ve used the Xero support video to show how this is done.
Navigate to the bank accounts page (Accounts > Bank Accounts)
If we have created your bank account in Xero it will appear in a list. Find the account you want to set up and press “Get bank feeds”
If you don’t see your bank account set up, select “Add bank account” and follow the steps to find your bank and add your account. Then click “Get bank feeds”
You’ll be presented with the same fields that you would use to login to your online banking. Enter your credentials and click “Next” after acknowledging you’ve read the terms and conditions.
Wait (usually takes a minute or two) and then answer any follow-up security questions that might show up.
A drop-down menu will appear with all accounts under your online banking. Choose the account you want to set up.
Select an import date or choose “all available transactions”. If your banking history goes back further than 90 days, we’ll have to manually import some transactions. Let us know and we can help.
If you’re presented with the option “Allow other users to refresh feed”, select it so that we can help out with this in the future.
Click OK and wait a bit for your transactions to be imported (2-3 minutes).
Next Up - Invoices, Bills and Chart of Accounts
Now that you’ve imported some transactions through the bank feeds, we’re gong to take a look actually recording some of those transactions. Go to the next lesson.
Invoices, Bills and Chart of Accounts.