Exploring Bank Feeds – the Heart of Xero
In this chapter, we will look at the bank feed, a list of the cleared transactions from your bank that are imported to Xero for you to easily record and reconcile. Xero puts a tremendous emphasis on the bank feed, even enforcing a no manual journal to a bank account policy. You will see how to set up your bank feed, reconcile your transactions, and your bank statement at the end of the period, keeping your accounts tied out and your business in the know.
In this chapter, we’re going to cover the following main topics:
- Why bank feeds?
- Setting up your bank feeds
- Balancing your bank feed to the bank
By the end of this chapter, you will know why bank feeds are at the heart of Xero and why they are so important in using it. You will also know how to set up your own bank feeds and, finally, have them balanced to a bank account before you start your business’s books in Xero.
