Setting Up Bank Accounts and Reconciliation

In this guide, we will walk you through the essential steps for setting up and managing your bank accounts and credit cards in Xero. You will learn how to connect your bank accounts, reconcile transactions, and manage paid invoices effectively. Follow these instructions to ensure your financial records are accurate and up-to-date. Let’s get started! 

1. Access the Dashboard

• After receiving your subscription, go to the Xero Dashboard.

2. Connect Your Bank Accounts and Credit Cards

• Add Bank Details:
  1. Select the bank registered in your Xero 
  2. Locate and click on the "Manage Account" drop-down menu at the top right of the page.
  3. Select "Edit Account Details".
  4. Type the name of the bank.
  5. Click "Save".
• Connect Bank Feed:
  1. After saving, a "Get Bank Feed" button should appear at the top of the page.
  2. Click this button to connect your bank feed.

3. Reconcile Transactions

• Activate Reconciliation Feature:
  1. Click the "?" button at the top right corner of the page.
  2. Locate "Enable Mark as Reconciled" at the bottom right corner and enable it.
• Reconcile Manually:
  1. Check the boxes next to transactions that are not reconciled yet.
  2. Click the "More" drop-down menu.
  3. Select "Mark as Reconciled".
• Reconcile Using Bank Statement Import:
  1. Import your bank statement to mark transactions as reconciled.
  2. The transactions will be marked in green under the "Reconcile" tab.

4. Manage Paid Invoices

• Mark Paid Invoices:
  1. Go back to the Dashboard.
  2. If an invoice was paid and you want to mark it as such, navigate to the "Overdue" option under "Invoices Owed to You".