Balancing your bank accounts at the end of each month is crucial for accurate financial record-keeping.
However, sometimes you may encounter missing bank transactions in your accounting software, such as Xero. By following these steps on how to import missing bank transactions into Xero manually, you can ensure that your bank account in Xero reflects the correct and up-to-date financial information.
Is this relevant for you?
This guide is ideal for individuals or businesses using Xero as their accounting software who encounter missing bank transactions. If you find that your bank feed in Xero has skipped a few days during the month and hasn’t automatically rectified itself, this guide is for you.
How do I import missing bank transactions?
So your bank doesn’t balance at the month end and after discovering the bank feed has skipped a few days during the month and hasn’t rectified itself as the bank status implied you need to correct the Xero bank.
This will require you manually import those transactions by creating your own CSV statement file using Excel, Sheets or Numbers.
PDF bank statements can’t be imported so if you are downloading from an online bank be sure to select the CSV option. If you are only needing to import a few transactions, using the Xero csv download CSV import sheet and manually typing these in, is an option.
- 1. From within the bank account select Import a Statement.
- 2. Next, Download Xero CSV template.
- 3. Copy & Paste all missing transactions into the sheet (only the starred columns need to be populated)
- 4. Once completed and saved! Go back to Xero and ‘select file’ > NEXT
- 5. A mapping window will appear which gives you an oversight as to how the import will look, if you are happy, go ahead and select NEXT.
- 6. Complete import.
The transactions will now appear in the reconcile tab.
NOTE: If importing from a credit card the transactions will be reversed so a debit on the statement will show as credit and vice versa, so the ‘spends’ will need to be negative i.e (- 100).
Conclusion
Regularly checking for missing transactions and promptly importing them ensures the integrity of your financial data and enhances the accuracy of your accounting records. With this knowledge, you can confidently manage your bank accounts in Xero and maintain a clear financial picture for your business or personal finances.
However, if you find yourself struggling with this process or need assistance with any other accounting-related tasks, don’t hesitate to reach out to the experts at Ascentis. Our team of skilled professionals are well-versed in Xero and can provide personalised guidance and support to ensure your financial management is seamless and efficient.