Management/Finance Tasks

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Management

Weekly Bank Statement Import to Xero

Obtaining Dates

To import statements from PayPal and Danske into Xero each week, the first step is to obtain the date of the last logged transaction in each Xero account.

This is the date of the last transaction found in the current set of imported statements. Any transactions that occurred after this point are to be imported.

In the image below, this is June 5th for both accounts.

Xero1.png


Danske Bank

In Danske's account page, select a start date that equals the last transaction date in Xero. This ensures an overlap, and means that transactions aren't lost. Select the current date as the end date.

Danske.png

Now click 'To Spreadsheet' to download a .csv file. This should be in the correct column format for Xero.

Danske2.png


PayPal

In PayPal, go to 'Activity' and 'Download', select a start date that equals the last transaction date in Xero. This ensures an overlap, and means that transactions aren't lost. Select the current date as the end date.

Ensure that 'Comma Delimited - Balance Affecting Transactions' is selected, otherwise some entries appear multiple times.

Click 'Download History', you may need to wait a few hours before PayPal processes the request. An email will be sent when the file is ready.

PayPal.png

With the .csv downloaded, OPEN THE FILE, and remove any non-GBP lines. Foreign transactions appear as THREE lines, two in the foreign currency and one in GBP.


Importing Statements

Once the statements are obtained and formatted for both accounts, they can be imported to the relevant Xero accounts as below.

Any duplication (such as some transactions on June 5th being submitted twice) will be automatically removed by Xero.

Xero2.png


Bank Deposits

Approximately every FORTNIGHT, take all money in the safe and deposit in the bank. The auto deposit machine in Danske is ideal; it means that cash need not be bagged. Ideally, take another person as a witness.