You have two options to sync your coreplus account with your Xero account. It is important to determine this prior to enabling and syncing your coreplus and Xero accounts. Option one allows for a basic sync into a revenue account, option two is more complex however does allow for greater control over your reconciliation process.
💡 The coreplus integration with Xero allows for a one way sync only: coreplus to Xero. Any changes made in your Xero account WILL NOT sync back to coreplus.
📝 Already know which sync method you are going ahead with? Time to enable your Xero Add On
Sync Method One
This is the easiest and most basic way to sync your coreplus and Xero accounts. Unpaid invoices are to be directed to a 'revenue' account in Xero and payments are then to be directed to the bank account that you have set for reconciliation in Xero.
Sync Method Two
This is a more sophisticated way of syncing your accounts and whilst it requires more effort, it does provide greater control over the reconciliation process.
Invoices are to be allocated to a 'revenue' account in Xero (as per sync method one).
- A new 'current asset' account should be created in Xero and named 'coreplus receivables' or something similar
- Payments should be allocated to the 'coreplus receivables' account
Bank transactions should be manually allocated to the same 'coreplus receivables' account using the 'Create' tab on the Xero reconciliation screen.
💡 You may wish to consult with your accountant about the implications of each method and the preferred reconciliation method for your practice.