Bank feeds automatically import transactions from your bank directly into your Xero organisation, eliminating the need to import transactions manually.
Different options are available depending on which banks you are with. You can set up a direct feed or Yodlee feed to connect your bank account to Xero.
DIRECT FEEDS
Where Xero has an agreement with your bank, direct feeds automatically send transactions into your Xero organisation on a regular basis.
Once you have connected your direct feed, the statement lines will appear in your bank account in Xero ready for you to reconcile. Some of the main banks that you can use a direct feed for are as follows:
- HSBC
- Natwest
- Barclays
- Santander
- RBS
A full list of banks eligible for direct feed can be found here.
The way in which you set up a direct bank feed varies depending on which bank you are with. So if your bank is on the list above then instruction for your specific bank feed can be found here.
YODLEE FEEDS
If your bank is not eligible for direct bank feeds then you will need to use a Yodlee feed. As a third party, Yodlee retrieves transactions from your bank account and imports them into Xero on your behalf. Most Yodlee feeds need to be manually refreshed in order for the transactions to import.
How to set up a Yodlee feed
- If you haven’t already, add your bank account in Xero. Check the account number in Xero matches the account number for the Yodlee feed you want to set up.
- On the Dashboard, click Get Bank Feeds for the account you want to set up the feed for.
- Enter your online banking login and password details.
- Read and agree to the Automatic Bank Feeds Terms & Conditions, then click Next so Yodlee can connect to your online banking site.
Activate the feed and import transactions:
Once Xero has successfully connected to your online banking site through Yodlee, activate the feed by selecting the account you want feeds from.
- In the Accounting menu, select Bank accounts.
- Click Get Bank Feeds on the account you’ve set up the Yodlee feed for.
- Select the account you want transactions imported for. All accounts you access through online banking that use the same login details appear.
- Once selected your transaction will be imported.
Maintaining your bank feed:
If you have set up a direct bank feed your account transactions will be imported into Xero daily. However, if you have set up a Yodlee feed you will need to manually refresh the feed which I recommend doing at least once a month.
If you have any questions about getting more out of Xero or would like more help learning how to use it, please get in touch.
