Introducing: Xero and FreeAgent for Business Accounts!

@Chxrles

I found another thread about this problem. If you want to you can add your support/vote to that thread in order to combine our efforts and push for a solution.

Here it is:

Cheers!

How does FreeAgent integration actually works?

Does FreeAgent pulls transactions from Monzo via the established integration channel? Or Monzo pushes transactions into FreeAgent?

There are millions of users of Waveapp. Do you have any plan to integrate them to Monzo App?

My Pots don’t seem to sync with Xero, is that known issue ?

How are instant transactions coming along for the Xero integration? Was coming really soon in July last year…

“Just so you know, transactions won’t sync in real time for now - they’ll only sync once a day. But, we’re working hard to bring instant syncing really soon.”

Would love to know the eta of receipts transferring to Xero too (Soldo has had this for a while now)

Thanks

Is the integration with Xero a pull (from Xero to Monzo) or a push (from Monzo to Xero)? All my current Xero+bank integrations appear to be pulls from Xero at the moment.

One issue with instant syncing is that Xero only wants to see settled transactions. An authorisation that may change before being settled will really confuse it.

Not sure, but other banks seem to have this working. I know Starling offers instant sync. The API can be 2-way, so presumbly transactions that are unsettled could be updated later.

Just heard back from Xero regarding Starling:

“Starling Bank sends transactions to Xero if they have a cleared status in your online bank account.

If a transaction is still processing, Starling Bank sends it to Xero once it clears.”

So by ‘instant’ I assume it’s as soon as a transaction settles, rather than in bulk once a day.

2 Likes

I heard back from FreeAgent and they assured me that in case of Starling it’s them pushing data and not FreeAgent pulling it. I assume Monzo has integrated with FreeAgent same way. The problem with data pushing is that you have to grant them quite unlmited access to your FA account and you can’t really define any permissions or scope. This is not something I’m willing to accept.

I don’t want to share all of my accounting data with one of my banking providers. I’d rather wait until FreeAgent will implement proper Open Banking based integration with Monzo just like they done it for Barclays, Lloyds and other high street banks.

I’ve just opened my business account and am in the process of switching from another fintech to Monzo. I’ve swapped my accounts in FreeAgent, and I’m surprised at how long it takes for transactions to appear in there.

I see there’s some talk of bringing instant updates/syncing - are there any updates on this?

What’s the definition of “long”?

What kind of transactions take long to appear? FPO? Debit card transactions?

My “subscription” fee was taken at 08:01 this morning and an inbound faster payment at 16:04 - both times are taken from the Monzo app. Neither are showing in FreeAgent at the time of posting.

Edit Ive just seen that on the account overview screen (the one that lists the account and pots etc) it says FreeAgent was last synced at 07:16 UTC…

Why no real-time feeds / no way to refresh. This is incredibly annoying.

3 Likes

That’s the very definition of a question with no answer.

It isn’t available because the work to make it happen hasn’t been done. Not helpful, but probably all that can be said.