DEFAULT BANK ACCOUNT
If you’ve set up a bank feed in Xero, this allows your transactions to automatically flow through into your Xero account, which then syncs with Figured.
We call this your default bank account and you must also set this in Figured. Just head into Settings > Xero Settings: Chart of Accounts > $ Update default bank.
This opens a new window, showing a list of all ‘bank feeds" that are set up in Xero
To change the default bank to another bank account, click Make Default on the chosen bank account. You will then get a green banner along the top of your screen to confirm "Default Bank Updated"
These combined bank account movements are summarised on a monthly basis and form part of the Closing Cash Position graph, which appears on the dashboard.
There are just a couple of things to note when setting up:
- Your default bank account should be the one nominated to receive all inward and outward flows from tracker transactions (sales & purchases etc.)
- All liability accounts need to be manually configured as such in Figured. Next to each liability account, click ‘Account Details’ & change it from a bank to liability account the update settings.
CLOSING CASH POSITION
To get a more accurate Closing Cash Position, the Farmlands Co-op Ltd and PGG Wrightson Ltd ‘bank’ accounts should be re-categorised in Figured to a Current Liability.
You can configure this under Settings > Chart of Accounts > Update default bank > Account Details.
Tick Type and select Current Liability account and then Update settings.
Here’s a more detailed explanation of how the Closing Cash Position is calculated.