Emma Watson
by on March 15, 2019
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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 customer service number 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 care numberas 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

 

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