What is the Xero Bank Feed?
Xero’s Bank Feed is a type of integration typically offered by major banks and financial institutions. Just like your previous Weel > Xero integration, the Bank Feed automatically exports transactions into your Xero account for you.
The key difference between your previous integration and the Bank Feed is that transactions made with Weel are exported as two separate streams of data - transaction data and expense data.
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Transaction data - is the unchangeable information relating to a transaction. This includes the merchant, amount, time and date.
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Expense data - is the financial and business context around that transaction. This includes GST, person, description, accounting code, and tracking category.
Why have you updated your integration?
There are three major reasons why we have updated our integration to Xero’s Bank Feed:
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Accuracy - each bank feed statement is exported with a daily opening and closing balance which makes reconciliation between Weel and Xero much more accurate.
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Reliability - bank feed statements are always exported into Xero even when you haven't mapped your Chart of Account.
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Ease of use - the transaction reconciliation process is much simpler and works like other banks and card providers you would be familiar with.
How do I integrate Weel and the Xero Bank Feed?
Please note, your integration will be automatically updated to the Bank Feed for you. There is nothing that you need to do to make the Bank Feed start working.
However, if you are trying to connect a Weel account to Xero in the future, here’s what you need to do:
How to integrate Weel with Xero
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Click Settings in Weel
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Click Integrations
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Click Connect to Xero
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You will be redirected to Xero
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Enter your Xero login details to authenticate the integration
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Select your business and click allow access
How to map your chart of accounts
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Click Settings in Weel
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Click Chart of Accounts
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Select the corresponding Accounting Code for each expense category from the drop-down list
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Turn-off any irrelevant categories
Please note, you will need to map your chart of accounts to Weel's expense categories for expense data to export into Xero automatically.
When do transactions export from Weel into Xero?
Once a payment is made with Weel the transaction splits into two data streams - transaction data and expense data.
Transaction data exports into Xero when:
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The transaction status has updated from Pending to Cleared
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This process starts approximately 5am the day after the transaction has Cleared, and may take a few hours to complete and appear in Xero
Expense data exports into Xero when:
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The transaction has been coded with an expense category
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The transaction status has been updated from Pending to Cleared
How do I reconcile transactions in Xero?
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Open Xero
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Select the Weel Expenses Account from your dashboard or from your list of bank accounts
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Open the Reconcile tab
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Click Okay to match each transaction with corresponding expense data
Please do not manually reconcile transactions from the Account Transactions tab anymore. This will result in double-up reconciliations and result in incorrect balances.
Does anything change for my staff members?
No, staff members continue to make payments and complete expense reports as usual.