Xero bank feeds allow you to automatically import any account transactions from your bank into Xero. This means you no longer need to import or download any bank statements just to get transactions into Xero.
The three types of bank feeds are;
- Direct Feeds- These allow you to automatically import account transactions into Xero from your bank or other financial institution.
- Yodlee Feeds- These are a type of feed which are sent to Xero by a third-party. By sharing your online banking login with Yodlee you transactions will automatically import.
- Paypal Feeds- A premier or business account will mean you can set up an automatic bank feed in Xero meaning every 12 hours new transactions will be imported.
To set up bank feeds all you need to do is add your account number into Xero. You will need to select your bank or financial institution’s name in the ‘Find your bank’ section to see which bank feeds are available. Depending on the bank feed you would like for example, for direct feeds; complete a PDF application form. This can be done through online banking with some banks. For the Yodlee and PayPal feed you will need to set them up whilst you are logged into Xero.