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Spondoo Accounting
Call for Assistance: 02033 259 341
Spondoo Accounting

How to add bank feeds in Xero

May 27, 2021

Setting up bank feeds in Xero

Bank feeds automatically import transactions directly into Xero from your bank to ease your bookkeeper’s reconciliation process. Once the feeds are operational and working correctly, you do not have to download and import bank statements to get transactions into Xero. 

Benefits of automating bank feeds in Xero

Implementing Xero bank feeds will benefit you in the following ways: 

  • Automatically import transactions from your bank directly into Xero software, reducing time spent on manual admin work. 
  • Let’s you establish a real-time connection between your bank and accounting software. 
  • Daily bank feeds let you reconcile daily – the accounts provide an up-to-date picture of your business finances. 
  • Bank feeds are automatic and reliable because your bank transactions are imported through a secure connection between Xero and the bank. 

How to add bank feeds to an existing bank account in Xero 

To set up bank feeds in an existing account in Xero, you must have created an account for each bank account you are adding. You can then go to Accounting > Bank Accounts and then follow these steps: 

  • Choose the account to which you want to add a bank feed. 
  • Click “Manage Account” 
  • Click “Edit Account Details”. 
  • In the “Your Bank” box, type in the name of your bank account. It is important to ensure you choose the right bank account because your bank may have different types of accounts including- business, international or personal accounts. You can check your bank statements to identify the correct type. 
  • Key in your “Account Name” as it appears on your bank statement. 
  • Type in your Account Type. However, this is not always necessary. 
  • Input your Sort Code and Account Number. 

When done but you realise the feed is not working, it may be because you selected the wrong type in the “Your Bank” section. You should repeat this process with the correct account. 

UK Banks that support direct feeds in Xero 

The following banks supports direct feeds into Xero: 

  • Starling  
  • Barclays  
  • Lloyds  
  • RBS  
  • You can also use PayPal feeds and Stripe feeds 

If you want to check if a bank feed is available for your bank account, add it in Xero and search your bank name. Should your bank or financial institution appear in the search results, bank feeds are available for it. 

Feel free to contact us for help if you run into any problem when setting up direct bank feeds in Xero. 

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Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.

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