Set up your Bank Feed

Traditionally bookkeepers and accountants manually matched ('reconciled') bank statements with the information available in their client's accounts. This usually happened once a month, so mistakes might not be noticed for some time after they happened.

It's now possible for your bank to provide a one-way daily feed of transactions directly into your accounts system. Bank feeds are offered through Open Banking, which is regulated by the Financial Conduct Authority.

Your accounts can be reconciled with your bank accounts regularly throughout the month. That makes it easy to see which customers have or haven't paid their invoices, and which suppliers still need to be paid. It also makes it easier to build cashflow forecasts.

1. Click 'Get bank feeds' then connect your bank.

2. Click 'Agree and login to bank'.

3. Follow your bank's instructions.

4. You'll be returned to Xero at the end of the process.

Find out more on Xero Central.