Xero Accounting Integration Setup

Only transfer payments from Xero to Simpro Premium and manage customer payment processing in Xero. Only transfer payments from Simpro Premium to Xero and manage customer payment processing in Simpro Premium. This setting allows you to setup Stock&Buy so it syncs product information to Xero. You can choose to sync your products by SKU or barcode. The account types used above might be different depending on your business and accounting practices.

• It’s important that you make a selection for every option on this screen in order to ensure things are going into the correct place within your Xero account.
• A linked contact won’t be created if you fill in the “Linked Xero contact” field when creating an organization.
• You can choose to cover the Stripe fees or pass them on to your customer (this is known as surcharging).
• To enable a transaction type to be transferred, select On.
• If you have set up subscriptions in Stripe, the invoices will also have to be handled from within Stripe.

Review all of your settings, then when you’re happy toggle the “Enabled” slider at the top to YES. This section is optional; it’s only needed if you wish to use Xero tracking categories to track revenue for stores in Current. You’ll see a list of your payment methods on the left and a list of Xero accounts on the right. This section is optional; it’s only needed if you wish to record payments in Xero from Current RMS.

SalesBinder

Inventory journal settings only appear if you have enabled inventory tracking in Simpro Premium. If you enable inventory tracking after setting up the accounting link, please ensure you return to these settings and update them as applicable. Stock&Buy automatically syncs your sale orders, purchase orders, inventory adjustments, stock on hand, and cost of goods sold to Xero.

In this section, you map revenue groups in Current to Xero account codes. Toggle this setting to YES to automatically set invoices posted from Current as “Sent” in Xero – perfect if you’re using discussions to send out invoices. This is useful if you do not use bank feeds to automatically apply payments to invoices in Xero. The right rate has to be applied to the right line item to make sure the business is in compliance with their local tax authorities. The tax mappings settings allow you to define tax classes in Stock&Buy that correspond to your tax classes in Xero.

Setting up your Xero account with Stripe

When the slider is set to YES, the Xero options become visible in your Current RMS system, e.g. you’ll now get the option to Post invoice against an invoice. A linked contact won’t be created if you fill in the “Linked Xero contact” field when creating an organization. Set this to NO to prevent zero value invoice items from being posted from Current RMS to Xero. Use the Import contacts and Export organizations buttons to bring contacts in from Xero or export organizations to Xero. A window will open prompting you to login to Xero if not already signed in, then choose an organization on your account to link to.

This also happens whenever a sale or a purchase order gets changed or updated. You can also force the synchronization of pre-selected sale and purchase orders via the Xero Sync Status report. Stock&Buy can set an invoice or purchase order to Draft state only and only if the document (invoice / bill) has https://bookkeeping-reviews.com/how-to-set-up-the-xero-integration/ no payments attached to it. Otherwise, the document has to be manually modified within Xero. Use our Xero integration to post invoices straight from Current RMS to Xero and keep your organizations up-to-date between the systems. No; there is currently no integration between Stripe invoices and Xero.

Post zero value invoice items?

In order to have a smooth experience, we recommend you ensure the following ledger accounts exist in Xero first. The Xero integration allows small to medium-sized businesses to link all their inventory and order management activities on Stock&Buy with their accounting records on Xero. This tremendously helps streamline business operations by aligning your inventory records with your accounting journal in a simple and effective way.

Alternatively, you can also handle subscriptions from Xero by setting up repeating invoices for your customer contacts, and select Stripe as the chosen payment service. Sales data can be split to different sales accounts using sales sync rules. Now that https://bookkeeping-reviews.com/ your Xero account is connected to SalesBinder you need to map where your data should go. It’s important that you make a selection for every option on this screen in order to ensure things are going into the correct place within your Xero account.

Payment method mapping

If you’re unsure of which accounts to use, you may need to run it past your accountant to be on the safe side. The default account code is used when posting an invoice to Xero with invoice items that contain an accumulated charge. For example, when an opportunity is invoiced with the grouping option of “opportunity,” the line on the invoice may contain charges from multiple revenue groups. When this integration is set up, invoices and payments created in Semble are automatically uploaded to Xero, even if payment is not recorded at the time of the invoice creation.