Accounting imports
Bank statements into Xero, QuickBooks, FreeAgent and Sage
Bank feeds cover most of the year, until they don’t: a feed that started late, a missing month, or a client who only sends PDFs. Here is how to fill the gaps cleanly.
Bank feed or statement import?
If a working bank feed is connected to the account, use it. Feeds are automatic and come straight from the bank. Importing converted statements is the right tool when:
- the feed only started part-way through the year, and you need the months before it;
- a feed broke or was disconnected, leaving a gap;
- you’re taking on a new client whose history exists only as PDF statements;
- a client won’t give access to their banking, and sends statements instead;
- you’re catching up on several years of bookkeeping at once.
Which export to choose
| Software | Converter export | Layout |
|---|---|---|
| Xero | Xero CSV | Date, Amount, Payee, Description, Reference; one signed amount |
| QuickBooks Online | QuickBooks CSV | Date, Description, Amount; one signed amount |
| FreeAgent | QuickBooks CSV, rearranged | Date, Amount, Description (see the FreeAgent page) |
| Sage Accounting | CSV for Excel or QuickBooks CSV | Map the columns in Sage’s import screen |
| Spreadsheets | CSV for Excel | Date, Description, Paid in, Paid out, Balance |
Five checks before you import
- The statement says “Verified”. Importing a statement with a missing row creates a reconciliation problem that is much harder to find later.
- The dates don’t overlap the feed. Look at the earliest transaction already in the software for that account, and import only what comes before it (or fills a gap). Overlaps create duplicate statement lines.
- The months join up. For more than one statement, use the whole-year check: it finds missing months, duplicate files and overlapping interim statements before they reach the books.
- The right account. Business owners often have several accounts with one bank. The converter separates statements from different accounts automatically.
- The opening balance matches. The balance before the first imported transaction should equal the closing balance of the period already in the software.
Why a signed amount?
Bank statements split money in and money out into two columns. Xero and QuickBooks prefer one amount column, positive for money in and negative for money out. The Xero and QuickBooks exports are built that way, from the same checked rows as the Excel file, so you don’t have to rearrange anything.
Questions people ask
Can I import a PDF bank statement directly into Xero or QuickBooks?
No. Both import statement files such as CSV, OFX or QIF, not PDFs. Convert the PDF to the right CSV layout first.
Will importing statements create duplicates with my bank feed?
It can, if the dates overlap. Only import periods the feed doesn’t already cover.
Is Xero or QuickBooks export part of the free plan?
They are Pro features. During the beta, every feature is free for everyone.
Can I import a whole year at once?
Yes. Use “Several statements” to check the year, then download the Xero or QuickBooks CSV for all of it.