Why use Bank Feeds in Xero?
Bank feeds automatically import transactions from your bank or financial institution directly into your Xero organisation, eliminating the need to import transactions manually.
Different options are available as per the technical capabilities and preference of the banks and financial institutions. You can set up a direct, Yodlee, or PayPal feed to connect your bank account to Xero.
Direct feeds
Where we have an agreement with your bank or financial institution, direct feeds automatically send transactions into your Xero organisation on a regular basis. The banks only provide one direct feed per bank account, so the feed can only be connected to one bank account in Xero.
Once your direct feed is connected, statement lines will appear in your bank account in Xero ready for you to reconcile.
Yodlee feeds
As a third party, Yodlee retrieves transactions from your bank account and imports them into Xero on your behalf. Most Yodlee feeds need to be manually refreshed in order for the transactions to import.
PayPal feeds
If you’ve got PayPal set up as a payment service in Xero, or you use PayPal as a payment provider for your online store, set up a PayPal direct feed to get your transactions sent into Xero automatically.
Transactions will appear in your bank account in Xero every 12 hours, or you can manually refresh your feed to import the latest transactions.
Stripe feeds
Set up a feed to automatically import transactions from your Stripe account into Xero. Once the feed is set up, you can reconcile your Xero transactions with the imported Stripe statement lines.
You can set up a Stripe feed without having Stripe as a payment service in Xero.
Stripe transactions will appear in Xero depending on your payout schedule and region, which you can view on your Stripe dashboard.
Credit card feeds
Direct credit card feeds are also available making reconciling your credit cards a breeze.
Call Reisha, our Xero expert from our office if you need help setting up bank feeds or would like to discuss the benefits of using bank feeds.