Home Small Business 4 methods to get your banking information into Xero

4 methods to get your banking information into Xero

4 methods to get your banking information into Xero


Considered one of your most vital accounting jobs — financial institution reconciliation — depends closely on getting correct banking information into Xero. But coming into financial institution transactions manually is commonly time-consuming and error-prone.

Common financial institution reconciliation not solely saves you time, it additionally provides you a wealth of insights at your fingertips. You may spot money circulation developments, determine areas of alternative, and higher perceive your monetary scenario.

So should you’re trying to ramp up your effectivity this yr, listed here are 4 methods you may simply get your banking information into Xero.

1. Direct financial institution feeds in Xero

If you wish to ship financial institution transaction particulars into your Xero group regularly, chances are you’ll wish to arrange a direct financial institution feed. If Xero has an settlement with your financial institution or monetary establishment, you may arrange a direct financial institution feed in a couple of minutes.

As soon as your direct feed is related, assertion strains seem in Xero routinely, prepared so that you can reconcile. It’s also possible to import as much as 12 months of historic information at any time, to provide you higher visibility of your funds.

We’ve just lately established direct financial institution feeds with a variety of huge banks throughout the US and Canada, with extra on the best way. These banking partnerships are vital for enabling the automated financial institution feeds that offer you priceless insights and a trusted enterprise platform.

2. Third-party instruments like Yodlee

Banks have various technical capabilities, which implies we have to use a variety of totally different strategies to convey information into Xero. Considered one of these is utilizing a third-party instrument like Yodlee, which routinely connects to hundreds of on-line banking web sites and monetary establishments.

Our new partnership with Yodlee provides Xero entry to the feeds they’ve out there. This will increase the standard of our financial institution feed connections and makes the reconciliation course of even simpler.

Nevertheless, one factor to pay attention to is that third-party instruments like Yodlee may ask you to enter banking credentials, which implies you’ll want to make use of multi-factor authentication. This could take time and influence the reliability of your financial institution feeds.

3. Guide uploads

Guide add of your financial institution transactions is one other method to get information into Xero. It’s an excellent choice should you don’t reconcile financial institution transactions fairly often. And it’s a method to convey older financial institution transactions into Xero. You may additionally favor handbook uploads should you’re an accountant or bookkeeper performing year-end write up work for a consumer. 

You may obtain your financial institution transactions out of your on-line banking as a OFX, QBO, QFX, QIF or CSV file, then shortly add it to Xero. The information then flows into Xero, prepared so that you can reconcile. It’s also possible to import a precoded CSV listing of financial institution transactions  so it reconciles routinely if you import it.

If it’s good to extract transaction information from a financial institution assertion and convert it right into a CSV for handbook add, you need to use Hubdoc’s financial institution assertion extraction instrument.

4. Hubdoc financial institution assertion extraction

We just lately launched a brand new method for patrons within the US and Canada to get banking information into Xero by way of Hubdoc. It really works by extracting information from the PDF statements of supported banks right into a pre-formatted CSV file you can manually add into Xero.

In addition to being quick, the info extraction is designed to be extremely correct. This allows you to spend much less time reviewing transactions, whereas feeling assured your information is being securely dealt with in keeping with our commitments to accountable information use. 

Hubdoc can extract information in debit and credit score statements from a variety of the highest banks in Canada and the US, with extra banks coming quickly. It’s out there at no cost with all Hubdoc subscriptions, and is included at no cost with Xero subscriptions to the Early, Rising or Established plans.

Signal as much as Hubdoc and add a debit or credit score PDF assertion from a supported financial institution to get began.

The way forward for financial institution feeds is brilliant

We’re all the time trying to enhance and automate the methods you get banking information into Xero, to make life simpler and provide you with extra time again in your day. We encourage you to provide these choices a attempt to tell us what you assume.



Please enter your comment!
Please enter your name here