As a small business owner, reducing the hassle of manually reconciling your daily sales gets you back more time in your day. If you’re using Xero as your accounting platform, you can now reconcile faster thanks to our new Xero Bank Feed. Xero launching its Bank Feed API in recent years has been a game changer, enabling online payment providers like Pin Payments to build our own bank feed to help our customers with reconciling.
What is a bank feed?
Bank feeds are great because they automatically import transactions from your bank or financial institution into your Xero organisation. This eliminates the need to import transactions manually. You can then match these imported bank transactions against your Xero transactions to complete your reconciliation.
It's especially helpful if your business spends a lot of time on manual reconciliation. When you run your own business, having that extra time to focus on other areas is always beneficial. Using a bank feed helps automate large sections of manual bookkeeping and will help your business' efficiency and productivity.
What are the benefits?
1. Streamline reconciling
With all the information you need in the one place, you won't have to switch between applications to reconcile payments from your payments provider.
2. Saves you time, helps you scale
Just because your business is growing doesn’t mean your reconciling work has to. Leverage Xero's Find and Match tool to automate the reconciling process.
3. Keep your financial position current
When your accounts are up-to-date, you'll make better business decisions. Bank feeds help you get ahead in your bookkeeping by enabling more regular reconciling.
Reconcile with less time and effort
Once enabled, your Pin Payments bank feed will be visible in your Xero account. The bank feed will import transactions from your Pin Payments account after each transfer and be presented as bank statement lines.
Following each transfer, you can view gross amounts charged to your customers along with the related transaction fees within the bank feed. You can then proceed to reconcile payments received from us against corresponding invoices in Xero. Here's where you can take advantage of Xero's Find and Match tool to really speed things up, which suggests matches based on the amount or transaction identifier.
How to enable the Xero Bank Feed
You can set up the Xero Bank Feed from the Account section of your Pin Payments dashboard. For step-by-step instructions, you can read our Xero Bank Feed product guide.
