When setting up your Xero integration, you will need to specify the destination account in Xero. As this account is only used as a placeholder for reconciling Flywire payments, you'll want to create a dummy record not linked to an actual bank account. If you have an existing real account configured in Xero that your Flywire funds are disbursed to, avoid the temptation of selecting that account, as that will result in double-counting your payments. The funds collected by Flywire will still be sent to the specified bank account.
Adding a Bank Account
- Under the Xero’s Accounts tab, go to Bank Accounts
- Click to + Add Bank Account
- Type Flywire into Search Bar, and click Add it Anyway
- Enter the bank account details below and click Save
Bank: any value
Account Name: any value, but choose a value that will be easy to identify such as "Flywire USD"
Account Type: Other
Account Number: any value
Currency: Select the destination currency of your portal
- Flywire should now be added as Bank Account and can import transactions