How to set up a virtual bank account?

How to set up a virtual bank account?

This guide explains how to set up a virtual bank account in Xero and correctly link it correctly in AimyOne.

Setup in Xero
  1. Go to Accounting → Bank Accounts
  2. Click Add Bank Account
  3. Choose any bank and select “Other”
  4. Select “I don’t have online banking set up” or enter a placeholder number (e.g. 000-000-0000000-00)
  5. Enter a easily identifiable name, such as 'Subsidy Clearing - Virtual Bank' or 'Ezypay Clearing - Virtual Bank'
  6. Click Save and repeat for each payment type
Setup in AimyOne
  1. Go to Finance Settings → Account Codes → New Account Code
  2. Match each virtual account name exactly to the Xero account name
  3. Click Save


NB: Each payment source requires its own virtual bank account set up in Xero and AimyOne.

    • Related Articles

    • Why do I need virtual bank accounts?

      Using virtual accounts provides a much more streamlined and accurate way of managing finances within AimyOne and Xero. Overall, they provide a more controlled and reliable workflow for managing payments and accounting. Key benefits include: Automated ...

    • How to reconcile payments using virtual bank accounts?

      Follow these steps to reconcile payments using virtual bank accounts: In Xero, go to the physical bank account Click 'Reconcile' Select 'Transfer Money' Choose the corresponding virtual bank account as the source Match the transfer amount to the ...

    • Account Holder Report

      The Account Holder Report displays the contact details for all account holders linked to a selected site and term. This report includes information such as email, mobile number, and address of the account holders. The report can be exported to a CSV ...

    • Account Summary

      The Account Summary displays billing related information at account level, for a selected site or sites. The report can be exported to a Excel file by clicking the 'Export' button located in the top right corner.

    • How to set up transportation?

      Creating a Transportation Route If you organisation offers transportation services, you can use this feature to automate the management of pick-ups and/or drop offs. Begin with creating a transportation route by clicking 'Create Route' and enter its ...