How Xero maps BankLink accounts to Xero
Learn how Xero maps your BankLink Practice account information to Xero's chart of accounts. If you get errors when you import your BankLink accounts, this information will help you troubleshoot.
Code (BankLink: Account Code)
Your account code in BankLink becomes your account code in Xero. Change the account code in your BankLink CSV file before you import it into Xero if it doesn't meet these criteria:
- The code is unique.
- The code includes letters, numbers or symbols, up to 10 characters. You can use symbols within the code, but not at the start.
Name (BankLink: Account Description)
Your account description in BankLink becomes your account name in Xero. Change the account description in your BankLink CSV file before you import it into Xero if it doesn't meet these criteria:
- The name is unique.
- The name uses letters, numbers or symbols, up to 150 characters. You can use symbols within the name, but not at the start.
- For bank accounts, the name has fewer than 30 characters so it fits on the Dashboard.
Type (BankLink: Account Group)
Xero uses the account type to determine where the account appears in your financial reports.
Components of an account in your Xero chart of accounts - Type
Xero maps BankLink account groups as follows:
BankLink account group | Xero account type |
---|---|
Debtors | Current Assets |
Cash on Hand | Bank |
Current Asset | Current Assets |
Stock on Hand | Current Assets |
Creditors | Current Liabilities |
Current Liability | Current Liabilities |
Closing Stock | Direct Costs |
Direct Expense | Direct Costs |
Opening Stock | Direct Costs |
Purchases | Direct Costs |
GST Payable | Current Liabilities All GST accounts in BankLink will be merged into Xero's GST account. |
GST Receivable | Current Liabilities All GST accounts in BankLink will be merged into Xero's GST account. |
Equity | Equity |
Expense | Expenses |
Other Expense | Expenses |
Fixed Asset | Fixed Assets |
Not Applicable | No Xero equivalent - Xero won't import accounts with this account group. Change the account group before you export your BankLink file. |
Unknown (CR) | No Xero equivalent - Xero won't import accounts with this account group. Change the account group before you export your BankLink file. |
Unknown (DR) | No Xero equivalent - Xero won't import accounts with this account group. Change the account group before you export your BankLink file. |
Other Income | Other Income |
Retained Earnings | Equity |
Income | Revenue |
Long Term Liability | Non-current Liabilities |
Tax rate (BankLink: GST Class)
Xero maps BankLink GST classes to Xero tax rates. If an account doesn't have a GST class, Xero imports the account with the rate No GST, which you can update later.
If you're using a practice solution other than MYOB Accountants Office, Xero won't recognise your GST classes. Rename the GST classes in your import file to the following BankLink GST classes so Xero imports them correctly.
If an account has a GST class in BankLink of Not Applicable or N Unallocated, Xero won't import the account. Change the GST class in the import file before you import it into Xero.
Components of an account in your chart of accounts - Tax rate
BankLink GST class | Xero tax rate |
---|---|
Not Applicable | Accounts with this GST class won't be imported into Xero. |
I Expenditure I Purchase % GST Expenditure | 15% GST on Expenses |
O Income O Sales % GST Income | 15% GST on Income |
E Exempt % Exempt | No GST |
Z Zero Rated % Zero Rated | Zero Rated |
N Unallocated | Accounts with this GST class won't be imported into Xero. |
System accounts (BankLink: System accounts)
Xero uses some accounts in the chart of accounts, called 'system accounts', for special purposes. There are some system accounts in Xero which don't have an equivalent in BankLink, for example, Unpaid Expense Claims and Historical Adjustment. Xero creates these system accounts when you import your BankLink file.
Here's how Xero maps BankLink's system accounts to Xero's system accounts:
BankLink system account name | Xero system account name | Xero system account type | Xero system account tax rate |
---|---|---|---|
Accounts Receivable Debtors | Accounts Receivable | Current Assets | No GST |
Accounts Payable Creditors | Accounts Payable | Current Liabilities | No GST |
GST | GST | Current Liabilities | No GST |
Retained Earnings | Retained Earnings | Equity | No GST |