Connect Banks

Bank reconciliation is an important process in financial management that compares your internal financial records with external sources like bank statements, and ensures that your accounting records are accurate.

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.

Connect Banks module offers an automated solution to fetch bank transactions directly into the system to streamline the bank reconciliation process. By linking the bank feed with your Xoro account, you can seamlessly sync up your financial records and simplify the reconciliation process.

Connecting your bank account to Xoro involves connecting the bank through a bank transaction provider service, such as Yodlee and then linking the bank with an account in the system.

To connect banks, go to Menu > Connect Banks

Connect Bank Accounts

To begin the process, you will have to select the bank transaction provider services available under the "Connect Bank Accounts" tab. Currently, XoroERP supports "Yodlee", "Plaid", and "Basiq".

Select the bank transaction provider. Then, search and select your bank on the next page and fill in the credentials.

You may be asked to fill in the OTP(One Time Password) sent on your mobile or on your email address. Depending upon the bank in the next window, you may also be required to answer the security questions. This will successfully connect your Bank with Xoro.

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

Link Bank Feeds

Once your Bank is connected to Xoro, the next step is to link the bank feeds to import the latest statements into Xoro. This can be done from the “Link Bank Feeds” tab, where you will link the bank feed to the appropriate Xoro accounts in your Chart of Accounts. This ensures transactions are correctly mapped between your bank and Xoro.

Please note that users can connect a Xorosoft Account to as many bank accounts as needed.

In the “Link Bank Feeds” section, there are two dropdown options:

• Xorosoft Account: This dropdown option shows the bank accounts available in the system (Chart of Accounts).

• Bank Account Feeds: This dropdown option shows the banks connected under the "Connect Bank Accounts" step.

  

To link a bank feed, select the bank from the "Bank Account Feeds" dropdown and the corresponding Xoro account from the "Xorosoft Account" dropdown, and then click "Link bank feed". This will create a mapping between the Xoro and the connected bank account.

A pop-up will prompt you to select a start date from which you wish to fetch data. Choose this date carefully to avoid importing duplicate statements.

Once the bank feeds are linked, the list of linked accounts will be displayed on the same page.

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.

Managing Connected Accounts

You can manage the connected bank accounts from the "Manage Added Accounts" tab. This section allows you to delete connected bank accounts or change their credentials.

• Select the bank account: From the "Bank Account Feeds" dropdown, select the bank account you want to edit. This option lists all the connected bank accounts.

• Manage Account Options: From the "Manage Account" dropdown, choose the desired action:

  • Edit Credentials: Allows you to edit the credentials set up when connecting the bank accounts. Please note that when you edit an account, the system will again ask you to fill in the login credentials.

  • Delete account: Allows you to delete the connected bank feed. 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.