Xero Bank Feeds: The Business Tool
Xero supports over 5,000 bank feeds. Generally, most banks bank feeds are correct 99 per cent of the time, while the odd few are a bit more fragile and need to be watched.
If you find yourself dealing with an anomaly, try and isolate the issue, inform Xero, and speak to the bank. Hiccups can occur and the ultimate responsibility lies in the user’s hands. Even paper-based bank statements sometimes differ from what is seen on online banking, so it only makes sense that you double-check bank information to be sure.
Compare bank balances that feed into Xero with published bank statement balances to ensure completeness and accuracy of the bank feeds. This can be done by reviewing the bank reconciliation report, which includes a detailed bank statement report on a monthly basis.
Refresh bank feeds every few days to hurry the feed along. If the feeds stop, it’s wise to refresh or reactivate them. However, if you change the security access to the online bank account you need to remember to enter the new passwords into the Xero bank feed activation area to keep the bank feed active.
If you hold a number of bank accounts with a single bank, the bank may have designated one account a primary account, while the other accounts are subsidiary accounts. Occasionally it seems the bank charges for all the accounts, only feeds through the primary account. This might be an avenue you need to check if you identify your bank feeds are incomplete.
A few moments undertaking an old school check of your bank statements ensures you’re alerted to any issues when they happen and that you’re better placed to deal with them swiftly. Problems are very rare but it’s wise to build into your normal checking process:
A check that bank feeds are active and flowing in on a steady basis.
A monthly check against the statement balance of published bank statements.
Random spot checks to ensure transactions on the bank statement are appearing in Xero.