With such a tax configuration, link both Current tax rates to the same Xero tax rate. A tax rate in Xero can consist of multiple tax components (rate percentages) to cater for regions where both state and city tax is applicable. Within Current the state and city tax rate percentages are created as separate tax rates and combined using a tax rule. When Stripe transfers your money to your bank account, Xero will automatically find and match all the relevant payments and fees to complete a quick and easy reconciliation. You would set up a Stripe account through Xero and attach Stripe as a payment service to Xero invoices.
We highly recommend you review these settings with your accountant. You’ll see a list of your tax rates on the left and a list of Xero tax rates on the right. If you have multiple Stripe accounts, make sure you have connected the correct Stripe account to your organization in Xero. You will be able to connect Xero from your existing Stripe account.
Setting up Xero integration
For more information about the Xero integration, see here. Finish with a refresh of your accounting settings and bank accounts setup. As mentioned above, products, services, and text items in Current RMS are assigned a revenue group for rental and sale.
How many integrations does Xero have?
Use the Xero App Store to choose from over 1,000 third party apps that integrate with Xero. Search for a specific app, or browse by function or industry, such as Payroll HR, Inventory, CRM, Time tracking and Payments.
Connecting Xero Accounting to your SalesBinder account is easy and only requires two steps. You’ll need a Xero account to use our Xero integration.
I have set up my account in the wrong country. How can I disconnect Stripe?
Products, services, and text items in Current RMS are assigned a revenue group for rental and sale. You can map these revenue groups to Xero account codes, which are used when posting an invoice to Xero. These payments can then be exported to Simpro Premium. https://bookkeeping-reviews.com/ Inventory adjustment data can be synced to different ledger accounts using the adjustment sync rules. These mappings are used when posting an invoice to Xero in order to set the Xero invoice line item’s tax rate based on the Current invoice item’s tax rate.
This automation is enabled by the Stock&Buy ability to link invoices, payments, stock, and customer data automatically with your Xero account. Before you begin posting your Simpro Premium transactions to Xero, you need to set up your Simpro Premium data and enable the Xero accounting link. Learn more in Set Up Simpro Premium for the Accounting Link. Ledger account where payment information are synced to. Payment data can be dispatched to different ledger accounts using the payment sync rules.
I have a Stripe account. How do I connect Stripe and Xero? Do I have to create a new account?
You can export a variety of transaction types from Simpro Premium to Xero. Learn more about what information for each transaction is exported in What Data is Exported to Xero?. Enable this option to send timesheets to Xero through Simpro Premium. Select Draft https://bookkeeping-reviews.com/how-to-set-up-the-xero-integration/ to export inventory journals from Simpro Premium to require approval in Xero. To integrate Xero with Simpro Premium you must have administrator access to Xero. In some instances Xero provides limited access, such as through the Xero Partner Programme.
If you add a new account in Xero and need to update a list, hit the the blue refresh link to the right. You’ll see a list of your revenue groups on the left and a list of Xero accounts on the right. When you print, email, or provide a link to an invoice in Xero, it can be marked as “Sent” so you see that you’ve sent your customer a copy at-a-glance. Hit the Connect to Xero button to authorize the connection between Current RMS and your Xero organization. You can choose to cover the Stripe fees or pass them on to your customer (this is known as surcharging). Transfer payments both ways between Simpro Premium and Xero.
