A Xero bank feed automatically imports transactions from your bank account into Xero, providing a real-time view of cash movements and enabling efficient reconciliation.
Xero bank feeds are direct connections between your bank accounts and Xero that automatically import transactions. Most major banks support direct feeds to Xero, providing transactions within 24 hours of processing. For banks that do not support direct feeds, Xero uses aggregation services. Once imported, transactions appear in the bank reconciliation screen where they can be matched to invoices, bills or new transactions. Xero's bank rules can automate some categorisation for recurring transactions. SortBooks builds on bank feeds by using AI to suggest the right account for miscoded transactions and show which payments match invoices, with your approval before anything is written to Xero.
SortBooks helps with the bookkeeping behind xero bank feed by connecting to your Xero account and using AI to suggest the right account for transactions sitting in catch-all accounts, learning from your own past coding. Instead of fixing xero bank feed by hand, you review each suggestion, approve it, and SortBooks updates Xero, GST code included. Then ask the AI CFO about your numbers, using live Xero data.
A bank feed is an automatic, real-time connection between your bank account and your accounting software that imports transactions directly, eliminating manual data entry.
Bank reconciliation is the process of matching your accounting records to your bank statement to ensure they agree. It identifies discrepancies, errors and missing transactions.
Xero is a cloud-based accounting platform designed for small businesses. It provides invoicing, bank reconciliation, payroll, reporting and integrations with over 1,000 third-party apps.
Transaction categorisation is the process of assigning each financial transaction to the correct account in your chart of accounts. It is the core activity of bookkeeping.
Bookkeeping automation uses technology to perform repetitive bookkeeping tasks without manual intervention, including transaction categorisation, reconciliation and report generation.
Connect Xero, check the AI's suggestions and approve the changes. SortBooks updates Xero for you.