After authenticating with Xero and the automatic import of the core data from Xero has completed (see this article if you haven't yet done so), it's then important to configure how the integration will work between your Connectably and Xero accounts on an ongoing basis. This article steps through how you tell Connectably which account codes to associate with:
- your main bank current account;
- subscription / recurring payment sales;
- 'offline' sales (i.e. invoiced manually);
- bank / processing fees associated with taking GoCardless and Stripe transactions, and;
- whether you would like Connectably to sync and attempt to reconcile payments from Stripe and GoCardless into Xero.
Account Code Settings:
First, visit the Connectably Settings > (5) Xero Settings page. To access 'Settings' click on the icon at the top of the page that looks like a cog:
Xero Settings is item number 5 in the list of configurable settings in Connectably. When you visit it, the page looks like this:
- (Above) Main Bank Account - in Xero, what is the account code of your bank current account. Select it from the drop down list here.
- (Above) Subscription Products Account Code - in Xero, what is / are the account codes you're using to identify products that have a recurring revenue / subscription revenue / multiple payments model. Select the codes here. Use the '+' button on the right hand side of the page to choose multiple codes.
- (Above) Offline Products Xero Account - Connectably gives you the option of getting paid online and electronically via Stripe or GoCardless, or to get agreements e-signed online that will trigger invoices to be created in Xero to be sent manually.
- (Below) Stripe Bank Fees - what Xero account code should Connectably associate with processing fees charged by Stripe? Select it here.
- (Below) GoCardless Bank Fees - what Xero account code should Connectably associate with processing fees charged by GoCardless? Select it here.
- (Below) Xero Reconciliation - would you like Connectably to sync payments from Stripe and GoCardless into Xero? Select yes/no here.
- (Below) Reconcile all transactions from GoCardless / Stripe - Using the options below you can import all payments (up to today's date) from GoCardless or Stripe into Xero. Just select one or both of the options here. Note, if you're already using an integration product with Xero, such as Directli or Silver Siphon, you probably don't need to import all the history again. You probably won't need both Connectably plus a 3rd party integration service, if you have selected 'yes' for the 'Xero Reconciliation' option (point 6, above). Ask your accountant, if unsure.
Once you've completed the steps on setting up your Xero configuration settings in Connectably, please head to the next help article on seeing what information updates in Xero when you make contact and company updates in Connectably / in Xero.