Xero – How to Add a Bank Account and Automatic Feed

Adding a bank account and an automatic feed to bring your transactions directly into Xero is easy to do.

In this video tutorial, we will add a bank account to Xero and set up an automatic feed to save us from having to manually import transactions.

Adding a Bank Account in Xero

To get to the right area of Xero, go to Accounting → Bank accounts from the main menu.

In the demo company you will see that there are already two bank accounts set up:

1. Business Bank Account.
2. Business Savings Account.

In this tutorial, we will add a third bank account to see how the process works. Let’s assume the bank account is with the CUA Bank. To get started, click on the + Add Bank Account button on the left-hand side of the screen.

On the next screen, you will see a Find your bank tool that lets you search for banks and other institutions by name. Type CUA into the search box and select CUA (AU) – Bank from the list of results in the drop-down box.

In the next screen, we need to enter some details of the bank account. For the purposes of this exercise, enter the following details:

• Account Name: type in Business Offset Account.
• Account Number (BSB): type in 123456.
• Account Number: type in 123456789.
• Currency: leave as AUD.
• I’ve set up batch payments: leave un-ticked.

Once you have finished filling in the details, click on Save to activate the bank account in your Xero file. You should be taken back to the main Bank Accounts screen where you will see your CUA account underneath the other two bank accounts.

That’s all you need to do to add a bank account in Xero.

Activating an Automatic Bank Feed in Xero

After you have set up a bank account in Xero, you may want to take advantage of automatic bank feeds. By setting up bank feeds, your bank transactions will automatically appear in Xero each day, saving you from having to manually upload them. In this part fo the tutorial, we will activate an automatic feed for a bank account that has been set up in Xero.

Before going any further, it is important to note that automatic feeds are not available from all banks. If you do not see an option to activate a feed after you set up your bank account in Xero, it probably means that automatic feeds are not available for your account.

To get to the right area of Xero, go to Accounting → Bank accounts from the main menu.

To activate the automatic feed for a live bank account in Xero, click on the green Get bank feeds button at the top of the account summary or click on Get bank feeds in the drop-down menu on the right-hand side.

In the Connect with bank screen, a box will appear asking you to enter the login details you use for your online banking. This screen will be different for each bank. Once you have finished entering your login details and have read the terms and conditions, tick the checkbox and press Next to continue.

Next, you should see a message telling you that Xero may take several minutes to connect with your bank.

inally, you will be taken to the Start Your Bank Feed screen. Here you will need to select the bank account from which you want transactions to feed into your bank account in Xero.

You can also select a date from which to start importing transactions. If you do not want to specify a date and import transactions as far back as Xero will allow, leave the date box empty and check the All available transactions radio button. Xero will import up to 90 days of transactions if you choose this option.

Once you have selected your options, press OK to continue.

That’s all you need to do to activate a bank feed in Xero. You should now be taken back to the main Bank Account page. Here you should see a message telling you that Xero is loading your transactions and that you will receive a notification when they are ready. At some point in the next day or two, you should see the first lot of transactions in Xero for your bank account.

If you would like to learn more about Xero, check out our massive Xero Australia Course Bundle and our YouTube channel.