Avoid These Banks
Do not use these with your S Corp. Switch away from them if you currently are using them and plan to join Collective. They don't work at all, they don't work well, or they have intermittent problems.
Many of our members often find the smoothest connection with major banks.
Bank of America
These are Xero Direct Feed Banks.
Bank of America
City National Bank
American Express (Credit Cards)
Banks That Also Work
Please see this google sheet with a complete list of banks that connect to Xero.
You must open a checking account with the EIN of the LLC we are helping you with.
This bank must connect to the accounting software bank feed page.
We can't work with your bank by manually uploading transactions each month.
As soon as possible, start running all your business income and expenses through this checking account.
Do not use your business checking account for personal transactions other than transferring money to your personal checking account.
Stop using personal checking accounts for business transactions ASAP.
After opening your account, please:
Connect your bank account to the accounting software bank feed page.
Update your bank account in Gusto (article)
Let us know! - We will update the integration between your Collective Dashboard and Gusto (payroll software) and QBO/Xero (accounting software)
Business Credit Card
You don't have to open a business credit card.
Many Collective members use the debit card with the credit card symbol that is provided along with their checking account.
If you want to open a business credit card, it's ok to open it with your SSN.
This is because many credit card companies will treat your EIN as too young and possibly not provide you with a credit card.
Try and open it with your EIN, and if no luck, then it's ok to use your SSN.
If you want, you can convert a pre-existing personal credit card to a business-only card by no longer using it for personal transactions.
Do not use your business credit card for personal transactions.
Stop using personal credit cards for business transactions ASAP.
Even if your personal card has great rewards, you can't use it for both business and personal transactions.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.