Depending on your bank, Xero may only allow you to connect your bank account or credit card account as of 30 or 90 days prior. Because of this, we may need to manually import transactions to ensure we account for all your S Corp transactions.

(As a reminder: we will build your books back to the first day of the month of your Box E date on your form 2553, ie your S Corp start date)

Below are instructions on how to extract this data from your bank and import it into Xero with 2 examples (chase bank and citi bank.) However, most banks have a similar User Experience.

Step 1: Log into your bank account

Step 2: Choose the bank account you need to extract data from

Step 3: Locate the 'download' icon

Step 4: Select a file type. QFX and QBO file type works best to directly import into Xero

Step 5: THE MOST IMPORTANT PART!!!! read below carefully

Start date: For the 'from' date, change it to the first day of the most of your box E date. For example: if your box E date in 4/15/2022, change the from date or 4/1/2022.

End date: the end date should be the day before the first transactions was imported into Xero.

For example: If the first transaction in Xero was 8/1/2022, the 'To' date would be 7/31/2022.

Step 6: Download

Step 7: Log into Xero. On your dashboard, locate the account you want to import the transactions into

Step 8: Select the 3 dots in the top right corner of the account. In the Reconcile column, select 'Import a Statement'

Step 9: Select Browse

Step 10: Because of the file type, the file you want might be greyed out. You will need to change the file type to 'All Files.'

Below is an example on a Mac Computer.

Step 11: Select Import

Step 12: Repeat for any other accounts

If you get an error, save the file or upload it to your Collective dashboard

(app.collective.com/login and choose Documents on the left) and you can go over it with your Onboarding Accountant on your Training Call.

Example 2: Citi Bank

In other bank account, specifically credit cards. You will most likely find a section that lists transaction history. The download icon is universal among accounts.

Follow the steps above based on your account.

And don't worry!! This definitely saves time if done before your call, but if you run into issues or blocks we can work on it together on your call :)

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