Why bank feeds?
Xero connects to your bank and imports your bank account transactions directly into your company or organization, beginning the efficiency that I love in Xero. By using the bank feed, a Xero user gets the details of their banking transactions made available directly in the accounting platform, allowing them to reconcile their transactions quickly and easily. We will get into how to process daily bank transactions when we get to Chapter 6 where we will show you the process of what Xero calls reconciliation.
Your bank transactions are the key to recording your revenues and expenses in your books. By having these details available in the accounting platform, you are assured that you have captured your financial transactions in your books. All that is left is to properly categorize the transactions.
The Xero bank feed automatically updates daily as transactions clear your bank account. This allows you to use the Xero Reconciliation screen to record the transactions...
