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Changing the bank account for receipt of payments

Started by Lynn Robson -   in Using Xero

Just trying to set Xero up and am having a struggle with changing the bank account for receipt of payments via the VISA terminal.
When I enter a sales invoice and make payment on the bottom of it, thr payment goes directly to my bank, ie the default one.
However all VISA payments should go to another account, that is the one who takes receipt of the VISA payments then transfers them across to my current account.

This is the way most businesses will have VISA payments handled so I am sure there's advice somewhere about this but I can't seem to find it.

Just to lay the trail so you understand.
1. A sale takes place.
2. Payment is made by VISA via the electronic banking system.
3 Payment goes directly to Global Payments.
4. Global Payments then send us the same amount to our bank current account which is the one set as the default Bank Account, and the one from where we pay all bills and receive occasional funds that haven't gone via Global Payments as a sales receipt.

I have added Global Payments as a Bank in our chart of accounts but of course can't give it a sort code or account number.

I have no option to set this as being able to receive payments though. The option doesn't appear on the "Edit Bank Account Details" tab.
What it says is "Global Payments - Clearing A/C is not a recognised bank with an available feed. Please be sure you entered the bank's name correctly. You will need to import transactions for unrecognised banks manually"

This is a bread and butter thing. It's the basis of electronic banking on Visa terminals so shouldn't be as problematic as it seems to be.
Hi Lynn, probably best to come into Support for more detail. This'll more depend on how you want the transactions recognised and recorded in your org - so, might also be good to check in with your adviser on how they want you to record this.

Support will be able to confirm if there's a feed available for your particular account. Not to fret, if not - You can still manually import your VISA statements to reconcile the account.

When you receive a VISA payment, reconcile the payment in the Global Payment account you created, matching with the respective invoice. You can then create a transfer when this payment's moved to your bank current account to reconcile the relative transactions in each account.
 

Kelly M (Community Manager)