🔏 If you ask for it, your account manager is able to activate the accounting feature so that you can set up your account accordingly.
In only 3 steps, you can integrate all your related payments’ accounting data to your bookkeeping software!
First step: Xero interface
If you haven’t done so yet, create a bank account on Xero that represents your Spendesk wallet:
- In your Xero software, click on "Account" > "Add a bank account" and type "Spendesk" then click on "add it anyway"
- Fill out "Account Name" by typing in "Spendesk" and choose "Other" in "Account Type"
- Fill out your Spendesk account number
Second step: "Accounting" tab from Spendesk
Go back to your Spendesk account, click on "Settings" then "Accounting" and click on "connect to Xero"
- Fill out the related "Spendesk bank account" by choosing "Spendesk" out of the drop-down menu
- Click on the "Expense account" section and match Spendesk default natures with your corresponding expenses accounts from Xero.
Third step: "Payments" tab from Spendesk
Go to the "Payment" tab, assign the right spending nature by clicking on each payment, then click on "push to Xero". You can push one payment at a time or several ones by ticking the box on each payment line and click on the "push to Xero" button.
That’s a wrap! The pushed payments have created paid bills in Xero (paid by your Spendesk bank account in Xero) and related receipts were also imported into your bookkeeping software 😀
☝️: If you push payments without receipt, it will create a "draft bill" into Xero. Once the missing receipt has been uploaded into Spendesk, you’ll then be able to click on "update to Xero" so that a finalized "account transaction" is created in Xero.
🚨 If you push your draft bill to Xero, then upload your receipt on Spendesk, and click on update to Xero it will automatically reconcile it. We advise not clicking on Approve and/or edit a draft bill directly in Xero as the automatic reconciliation won't work, you'll then need to manually add the payment line in Xero.
Need help on how to set-up your accounting codes and spending natures? Have a look at our dedicated article "How can I set-up my accounting codes in Spendesk?"
👨🏭 Upcoming: push VAT, refunds, tracking categories and customers to Xero etc.