Xero Account is a cloud-based
accounting software that gives you the luxury of completing different accounting
tasks on one platform. Through Xero Account you can sync your bank
transactions, contact accountants and process invoices much faster. This
article explores how you can import you ban statements to Xero Account so that
it becomes easier to manage your finances. If you want a more detailed guide
for important your data you can contact Xero technical
support and speak to a certified expert about the
same.
Steps
to Import Bank Statements in Xero Account
The Xero Import Bank Transactions tool makes it very easy to transfer your transaction data from a CSV
file. You can follow the steps given below to import your bank statements:
·
Go to your bank website and download your bank statement and
open it with Microsoft Excel or Google Sheets.
·
You can
edit the bank statement to keep only what information you need. Bear in mind
that it is important to retain all the information related to dates,
descriptions and transaction amounts.
·
Once
you are done editing the bank statement as per your preference you can save it
on your computer. Remember to save it as a format that is compatible with Xero.
Xero allows you to upload three different types of files OFX, QIF and CVS. It is recommended that you use the CVS format.
·
To
import the file to Xero go to the Manage Account section and click on ‘Import a
Statement’. Click on the browse button and navigate to the location where you
saved the CSV bank statement. When you are ready to upload the bank
transactions just click ‘Import’.
·
In case
the is the first bank statement you are importing to Xero the software will ask
you to check if the fields in the CSV file are mapped correctly with the fields
in Xero.
·
Go
through all the fields one by one to make sure the data in the bank statement
corresponds to the data in Xero. If this is the first time you are importing
data then go slowly as it may be a little confusing at the start.
·
If the data is imported correctly you will
observe that the date field of the statement corresponds to the transaction
date filed in Xero. The same can be said of the amount filed in the bank
statement and the transaction amount field in Xero.
·
Apart from the date and transaction fields, you should check to make sure the payee
and the description field in the bank statement and in Xero are mapped
correctly.
·
Once you are satisfied with the mapping just click save and
you will be able to see the reports of the import.
Once all the transactions are uploaded you can reconcile the bank transactions with the general ledger in Xero. If you have any difficulty in the steps mentioned above or if you notice any discrepancies between the information in your bank statement and the information in Xero you should contact Xero customer service as soon as possible. A certified expert will be happy to give a step-by-step guide on how to correct any data error while importing bank statements in Xero Account.
Source URL: How
to import bank statements in Xero Account
The Wall