Know someone in accounts payable? They may be interested in this new Xero feature.
NAB and Xero have removed the need for businesses using Xero to manually send payment instructions to NAB when paying suppliers.
The Xero NAB Payments feature removes the need for Xero users with NAB Internet banking to export ABA payment files and then upload them to NAB to pay suppliers.
Instead, Xero users can issue multiple payment instructions at the same time to a linked, eligible NAB account from within Xero. And authorised users can use the Xero mobile app to approve the payments.
The feature also removes the need to manually check NAB bank accounts to see if payments have been made. Xero users will be notified about the status of payments from linked NAB accounts.
The new feature is one of the most requested by Xero users, stated Ian Boyd, Financial Industry Director at Xero Australia.The company claimed the feature would be a “game changer” for accounts payable departments.
Xero will charge the following monthly fees and transaction charges to use Xero NAB Payments:
- $3 for 10 monthly transactions (35c per transaction thereafter. Xero will count each individual payment as a tarnation, so a batch of 20 payments for 20 bills will be counted as 20 transactions.)
- $10 for 40 monthly transactions (25c per transaction thereafter)
- $20 for 100 monthly transactions (20c per transaction thereafter)
Xero NAB Payments allows payments up to $40,000, if your daily NAB transaction limit allows that.