At Archimedia Accounts, we use online Xero accounting to help our clients do business more efficiently. This is because we understand that organised, real-time bookkeeping helps our clients assess performance, budget accurately and make informed business decisions that get results.
There are several ways our expert team of accountants in Nottingham can use the latest technology to save you time and benefit your business. One of these is implementing Xero bank feeds, which automatically import transactions from your bank directly into Xero to make daily reconciliation a reality.
Setting up direct Xero bank feeds reduces time spent on manual admin work and enables our bookkeepers and clients to establish a real-time connection, with both parties able to see up-to-date data.
The following guide shows you how to set up bank feeds in Xero. Please note that to follow these instructions, you must already have a bank account set up on the software. If you need to add a bank account to Xero, this video will help.
Getting Started With Xero Bank Feeds: Edit Your Bank Details
To set up bank feeds in Xero, you’ll need to go to “Accounting”, then “Bank Accounts”. From here, simply follow these steps:
- On the account, you want to add a bank feed, so click “Manage Account”, then “Edit Account Details”.
- In the “Your Bank” box, type in the name of your bank account. Please ensure that you choose the right one, bearing in mind that your bank may have several types of accounts, such as business, international or personal accounts. Check your statement to ensure you select the correct type.
- Type in your “Account Name” (as it appears on your bank statement).
- Type in your “Account Type” (though this is not always necessary).
- Input your Sort Code and Account Number.
Now You Can Set Up Any Required Bank Feeds In Xero
Once you’ve entered your bank account details, it’s easy to add bank feeds to your Xero accounts:
- Under the correct account, again click “Manage Account”, then “Get Bank Feed”.
- Now, simply follow the steps to connect to your bank and set up the feed. The process varies slightly for each bank, but it’s fairly straightforward and self-explanatory.
Please note that if you can’t see a “Get Bank Feed” button, this is most likely because your bank doesn’t support bank feeds (though this is quite rare).
If the feed isn’t working, this may be because you selected the wrong type in the “Your Bank” section above. Try repeating this process, ensuring you choose the correct account.
If you have any problems, just get in touch.
If you’d find it helpful to see visuals, this video explains the process, but please note that it also informs you how to set up the bank account, which you won’t need to do.
At Archimedia Accounts, we use the most up-to-date tools such as Xero accounting to make bookkeeping an effortless process for our clients.