Adding a bank account to your Xero file is easy to do. In this guide, we will add a bank account to Xero’s demo company.
Bank Accounts Section in Xero
To get to the right area of Xero, go to Accounting → Bank accounts from the main menu:
How to Add a Bank Account
In the demo company you will see that there are already two bank accounts set up:
- Business Bank Account.
- Business Savings Account.
In this tutorial, we will add a third bank account to see how the process works. Let’s assume the bank account is with the CUA Bank. To get started, click on the + Add Bank Account button on the left-hand side of the screen:
On the next screen, you will see a Find your bank tool that lets you search for banks and other institutions by name. Type CUA into the search box and select CUA (AU) – Bank from the list of results in the drop-down box:
In the next screen, we need to enter some details of the bank account. For the purposes of this exercise, enter the following details:
- Account Name: type in Business Offset Account.
- Account Number (BSB): type in 123456.
- Account Number: type in 123456789.
- Currency: leave as AUD.
- I’ve set up batch payments: leave un-ticked.
Once you have finished filling in the details, click on Save to activate the bank account in your Xero file. You should be taken back to the main Bank Accounts screen where you will see your CUA account underneath the other two bank accounts:
That’s all you need to do to add a bank account in Xero.
The next step is to enter the opening balance of the bank account. You can do this by following the steps in this tutorial on how to add an opening balance to a bank account, credit card or PayPal account.
Then, you need to import bank transactions either by setting up an automated feed or by manually uploading the bank statements.