This product tour details everything you need to get started using BankFeeds and how it can save you hours every month. We’ll cover:
- How it Works
- Your Dashboard
- Accounting and Tax Configuration
- Historical Data Imports
How it Works
BankFeeds is a smart pipeline between your invoicing and payments processor (e.g. Stripe) and your Xero account. It runs in the background and processes invoices, payments, taxes (including VAT and GST), fees, refunds, etc and accounts for them automatically in the way that you need for your business.
If you find yourself manually entering data from Stripe into Xero either by hand, using spreadsheets, or some other tedious process there is a strong chance that BankFeeds can do this work for you automatically. Not to mention reconciling everything for you!
Doesn’t Xero already have a bank feed for Stripe data?
Yes, Xero and Stripe do provide some rudimentary connectivity with each other, but it leaves much to be desired:
- No support for Stripe Invoices
- BankFeeds syncs Stripe invoices as Xero invoices and handles revenue, VAT, and GST accounting for you
- No support for historical transactions
- BankFeeds manages your transactions from all time, and if something changes BankFeeds can re-sync with Xero at any time
- Transactions are only imported at Stripe payout time
- Your data will always lag behind in Xero
- No support for manual Stripe payouts
In short, BankFeeds syncs your online business to Xero according your accounting needs. We’ll cover some details below, but if you’re ready to jump in Start a 14-day free trial now!
Your Dashboard
When you login to BankFeeds, the first thing you see is your Dashboard.
Your Dashboard provides a high level overview of what’s been synced between Stripe and Xero. If anything about your account needs attention, we’ll show you here. There’s also some quick links to drill down into your transaction data to check statuses or re-sync if necessary.
Accounting and Tax Configuration
This is where you configure how BankFeeds should account for your invoices and payments inside Xero.
First, you’ll configure a Bank Account in Xero to act as your Stripe account (don’t worry, we can do this for you)
Then, you’ll map Stripe transaction types to the accounts you want them to sync with in Xero.
Finally, you’ll map your Stripe tax rates to how they should be treated in Xero.
And that’s it! BankFeeds will now automatically import, process, and export your Stripe business events to Xero in real time.
If you’re ready to automate your bookkeeping, Start a 14-day free trial now. No strings attached, cancel anytime.
Historical Data Imports
For the most part, BankFeeds is designed to run in the background without you needing to think about it at all. However there are times when you may need to either sync data from before you started using BankFeeds, or perhaps you want to change how you accounted for some specific event in the past and re-sync with Xero. For that, we provide a Data Import tool.
Simply choose your Stripe account and the dates you’d like to import and we take care of the rest.
Are you ready to automate your bookkeeping? Start a 14-day free trial now. No strings attached, cancel anytime.