Batch payments enable you to download an ABA file from Xero (after processing the pay run) and then upload it straight to your online banking, saving you time.
Rather than making individual payments to your employees or suppliers (where you could incorrectly type an amount, reference or even an account number) the data is imported directly from your accounting software. So you only have to enter the information once.
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It helps to keep your payroll clearing account balanced
No more paying wages individually from your internet banking
You can even still send payslips to your employees, and remittances to your suppliers when using batch payments in Xero.
What is an ABA File? An Australian Banking Association (ABA) file is a standard file used by Australian banks to make multiple payments by uploading data to the internet banking systems.
Does this cost me money? You need to contact your bank to see what fees they charge for the facility to make Batch payments, but more often than not, the time saving way outweighs the bank fees. (but this is up to you, and is subjective)
How do you set it up? Firstly, contact your bank to set your internet banking facility up with the batch payments feature. Once this is done, you are ready to go.
For more information and a little bit of training, call your bookkeeper, accountant or Mandy on 0409 715577
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