Overview

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. This can result in your connected Business Bank Account being incomplete and missing some business transactions.

The solution is to download the missing business transactions from your business bank's website in the form of a .CSV file and upload it to Xero.

Below are instructions that use Chase bank screenshots. Below that, we have some example screenshots of Citi Bank. However, most banks have a similar User Experience.

This process may not work for your bank (TD Bank). Or you may have closed the account at your bank and no longer have online access. Instead, please download PDF Business Bank Statements from your bank and upload to your Collective dashboard in the Documents section. We will convert these PDFs to a CSV and import the transactions into Xero. Even if you've closed the account, you can contact your bank and have them email you PDF Business Bank Statements. In very rare cases the bank may only provide paper Business Bank Statements. Scan or take a photo of those and upload them to us.

Do not use this for personal accounts. We do not connect personal accounts to xero, but please read this article that goes over how we'll recognize any business transactions from personal accounts.

Action

1. Log into your bank account

2. Choose the business bank account you need to extract data from

3. Locate the 'download' icon

   

4. Select a file type - CSV (or Excel)

5. Select Start Date - THE MOST IMPORTANT PART!!!! read below carefully

   1. 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

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

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

      

6. Download. Once downloaded, verify there are a minimum of 3 columns: Date, Description, and Amount. If you're bank has split the amounts into two columns, please combine/sum the two columns before following the next steps.

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

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

   

9. Browse

   

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.

    

11. Select Import

    1. You'll verify the information is correct:

       1. If your first line/row has column headings, check the "Don't import the first line because they are column headings"

       2. Each applicable column date has been assigned correctly. Collective will at least need the "Transaction Date", "Description", and "Transaction Amount". Any additional columns can be left as "unassigned"

       3. Depending on the Date's format, Xero may ask for you to confirm if it's MM/DD/YYYY, DD/MM/YY, etc.

       4. The Transaction Amount has the right sign (money leaving the account with a "-" vs. money coming into the account)

       

12. Repeat for any other accounts

Troubleshooting

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 :)

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.