Connect your bank accounts with Xoro

Before starting any Bank Reconciliation ensures that the opening balance for that account is entered in Xoro using Journal Entry, and the bank statement has been imported in Xoro.

This Bank Statement represents all the Transactions from your Bank or Credit Card. You will reconcile all the transactions in Xoro like Bill Payments, CC transactions, Invoice Payment, etc. with the bank statement

Xoro has two ways to import the Bank statements :

  1. The Bank Statements can be imported in CSV, QIF, QFX files into the system.-Manual Process.
  2. Bank Feed through the “Connect Bank module.”- Automated Process. 

You will add the bank credentials(Card No., User Id, Customer ID, etc.) in Connect Bank module, and the system will automatically fetch the Transactions.

Let us discover how we connect our Banks to Xoro. Follow the steps below to do so:


STEP 1: Connect Bank

  • Navigate to the “Connect Bank” module from the search menu and hit Connect.

  • It will lead you to the Plaid quickstart page to continue & connect your financial accounts to Xoro. Click on “Continue.”

 

  • Select your Bank; you can type in the search column or scroll down to find your Bank.

 

  • Fill in the Credentials.

 

  • You may be asked to fill in the OTP(One Time Password) sent on your Mobile/Cell No. or on your Email address.
  • You may also be required to answer the security questions depending upon the bank in the next window.
  • This will successfully connect your Bank with Xoro.

Note: You can connect multiple Bank Accounts to Xoro through the same method. 


STEP 2: Link Bank Feeds

Once your Bank is connected to Xoro, it will import the latest statements into Xoro.

This can be done from the “Link Bank Feeds” tab under the Connect Bank module.

  • Link the bank Feed for the Xorosoft Accounts(Chart of Accounts) to the Connected Banks.
  • This will create a mapping between the Xoro and Bank Account.

  • A pop-up will open up asking for a date from which you wish to fetch data from the Bank Account.
  • This will be the Start Date from which the statement will be imported to Xoro.

  • Once the Bank Feeds are linked, you will see the list of the Linked accounts on the same page.

If you have disconnected the Bank Account from the system due to some reason and are trying to re-connect it, make sure that you have selected the Date correctly while reconnecting. Please check the Bank Statement Centre for the last statement date and enter the incremental date so the duplicate statement does not get imported for the same date.

Manage the Added Accounts: You can Edit Credentials or Delete the Account.

  • When you Edit an Account, the system will again ask you to fill in the login credentials.
  • In order to remove/delete the account from Connect Bank,please remove the linking/mapping and then you can delete/remove the account from Connect Bank module.

Bank Statement Centre

You can find the Bank Statements of all the linked Banks in the “Bank Statement Centre” module.

Search for the Bank Feed connected to Xoro and you can see the Detailed, or Header View for the Debits/Credits made in that particular Account.

If you have selected the “Header View”, you can double-click and see the detailed view of the statement.

Under the “Status” column you can see if the statement is Reconciled or not.

Here you also have the options to Download/Delete the Statements/Transactions.

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