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Xero Help Guide

Sep 6, 2018

Xero Help Guide

How to Export Transactions

Overview

It is easy to export transactions from Greenback to Xero. In this tutorial, we will see how to export an Expense (purchase/bill) or a Sale (invoice) and post it to Xero.

Prerequisites

We recommend that you know how to connect an accounting platform Connect Xero Video and an account in Greenback Connect an Account Video. It’s also good if you are familiar with creating transactions in Xero since Greenback’s export will require the same fields in most cases.

Pro-Tip: If you change any of your settings in Xero (e.g. added a new Chart of Account), Greenback will sync your changes on the next export.

Pro-Tip: Don’t forget to make an expense account in Xero for payment processing fees, transaction fees, and marketplace fees. Greenback generates ancillary transactions for “netted out” fees and deductions from bank deposits if there aren’t any so that you can reconcile your operating costs!

How to Export Sales & Expenses for Etsy, eBay, Stripe, and Square

Exporting an Expense

An “Expense” in Greenback consists of 3 different transaction types: purchase, bill, or reimbursement. When you export an expense from Greenback to Xero, each Greenback type will map to either a Bill/Purchase or a Spend Money Transaction in Xero.

Export Button

Every transaction in Greenback includes an “Export Button”. Clicking it will initiate Greenback’s Export wizard. On the dashboard, choose a transaction and click the Export button. Once clicked, Greenback will refresh your settings from Xero and search for matches.

 Choose an Expense transaction, and click white Export button.	

Export Step 1 of 3: New or Matched

For Step 1 of 3 “Select Destination Account and Company”, Greenback searches for matches and duplicates in all of your Xero accounts (and any other accounting platforms you have connected). Select one item ie: “Matched Expense” or “Create New Expense” (if displayed) that corresponds with the accounting package you want it to post to.

New

A “New Expense” will create a transaction that does not yet exist in Xero. If you select this option, a new transaction will be created in Xero after completing the next 2 steps.

 Select “Create New Expense”, and click Next.

Matched

A “Matched Expense” is when Greenback recognizes one or more transactions that exist in Xero. If you select “Update Matched Expense”, the existing transaction will be updated in Xero after completing the next 2 steps. On a matched expense export, Greenback updates and enhances the existing transaction with additional details and attaches the original receipt (when available). You can safely export knowing that an update will not cause a duplicate in Xero.

NOTE: Review matches carefully. Even though Greenback finds similar transactions, you may still intend on creating a new transaction.

 Select “Matched Expense”, and click Next.

Export Step 2 of 3: Options

For Step 2 “Select Export Options and other Details”, Greenback will show you the fields required to successfully export your transaction to Xero. The names of the fields will mirror the names Xero uses in their own UI. Depending on what you’ve enabled in Xero, some fields may or may not always be displayed. For example, if you use Tracking Categories in Xero, then Greenback will display them as well.

From Field

The “From” field is the Contact (vendor, supplier, marketplace, seller platform, etc) that will be associated with the transaction. This mirrors the “From” field in the Xero UI on their own transaction form.

 Select default or input vendor/supplier. Go to next field. 

Type + Account Field

The “Type + Account” field is Greenback’s way of representing two concepts in one field. It represents both the type of transaction to create and which account it was paid with. Depending on how you have your Chart of Accounts set up in Xero, you may see “Bill”, “Bill + Payment”, and “Bank Transaction” types.

Bill

This will create an “unpaid” Bill (Purchase) in Xero.

Bill + Payment

This will create a Bill (Purchase) transaction and also create (apply) one or more Payment transactions in Xero. Greenback will display a unique “Bill + Payment” entry for every account you’ve flagged as “payable” in Xero. See Enable Payments to an Account

Bank Transaction

This will create a Spend Money transaction in Xero. Greenback will display a unique “Bank Transaction” entry for every bank account in Xero.

Pro-Tip: A deleted Receive Money transaction can not be restored. So re-export it from Greenback. See below.

So which one?

Either Bill + Payment or Bank Transaction accomplish the same general goal. Depending on your Xero subscription, you may have limited “Bills” you are allowed to create. In that case we’d suggest you primarily use Bank Transactions. If you have unlimited Bills then we suggest you use Bill + Payment.

Hints extracted directly from the receipt or ancillary transaction will display below the field to help you accurately decide the export destination. Ex: “You paid with Visa x-4242”, “You paid with Etsy Shop Funds-Acme Soap x-1200400

Select default or select from dropdown. Go to next field.

Line Item Account Field

“The Line Item Account” field is the account to associate with the expense. Usually, you think of this as the “category” of what you’ve spent, but in double entry bookkeeping it’s possible it represents something else like an Asset. This mirrors the “Account” field in the Xero UI on their own transaction line items. Select the default remembered from the last export or select from the dropdown. You should see the account code, account name, and the account type (Expense, Asset, etc). Ex: 6000 Advertising (Expense), Material (Cost of Goods Sold), 601 Marketplace Fees (Expense), etc. If you need a new account, go to Xero to add it and then start your export over again in Greenback. The dropdown is in CoA order and displays the right group to help you.

 Select default or select from dropdown. Go to next field.

Customer to Bill (Optional)

The “Customer to Bill” field is (Greenback premium only feature) for assigning a Billable Expense to a customer. This mirrors the “Assign expenses to customer” link in the Xero UI on their own transaction form. If you start your workflow from Xero instead, leave the expense unassigned or “Decide Customer Later”.

 Select checkbox for “Bill to Customer”.

You can edit and/or not add outstanding expenses when prompted in Xero later.

 Type to Search or Select Customer (Contact). Go to next field.

Greenback will remember it for the next time.

Pro-Tip: Xero recommends “Xero Projects” to assign expenses to a project ie: job costing.

Tracking Categories (Optional)

The “Tracking Category” field(s) are (a Greenback premium only feature) for setting your configured tracking categories in Xero. If you’ve setup Tracking Categories in Xero then Greenback will display them as optional fields (paid users only). Ex: Division (Optional).

 Select default(s) or type to search. Click on green Export button.

Export Step 3 of 3: Confirmation

“Expense Successfully Exported!” is validation that the transaction exported accurately to Xero as intended. The confirmation displays extracted details such as Purchase No. (receipt number), Purchase Date, Total, the corresponding Xero account (selected in Step 1), etc.

After Export

Go to Xero to view the new or enhanced transaction. You will see that Greenback has completed the fields with receipt data, attached the receipt when available, and added a deep link in the top left corner. The link will take you back to the (original) receipt view in Greenback seamlessly if you want to refer to it after the export.

Greenback doesn’t create generic journal entries. Behind the scenes, Greenback will remember your export mappings for the next time, sets the date of the transaction, inputs the reference number, creates a ‘text receipt’ of the line items for the Description, maps the transaction type for Expenses, Sales, Returns, Reimbursements, Invoices, Bills, etc, displays the real payment date, the sales tax, the shipping fields when supported in Xero, tracks the PO number, tracks categories, attaches the receipt when available, and more.

Re-Export

If you wish to re-export an Expense transaction, click on the arrow icon “Re-export Transaction to Accounting System”. Greenback will recognize it and suggest updating the existing transaction on the next screen (Step 1). If it was deleted or voided in Xero, it will be treated like an initial export. Return to Steps 1-3 either way.

 Choose the Sales Transaction and click on arrow icon.

Pro-Tip: Remember that if you modify any settings in Xero, they will be refreshed in Greenback during the next export.

Pro-Tip: Since Xero does not allow deleted Spend Money transactions to be restored, Greenback’s re-export feature is a great solution!

Exporting a Sale

A “Sale” in Greenback consists of 3 different transaction types: Sales Receipt, Invoice, or Refund. When you export a Sale from Greenback to Xero, each Greenback type will map to either a a Sale/Invoice or a Receive Money Transaction in Xero.

Export Button

Every transaction in Greenback includes an “Export Button”. Clicking it will initiate Greenback’s Export wizard. On the dashboard, choose a transaction and click the Export button. Once clicked, Greenback will refresh your settings from Xero and search for matches.

 Choose Sales transaction and click white Export button.	

Export Step 1 of 3: New or Matched

For Step 1 of 3 “Select Destination Account and Company”, Greenback searches for matches and duplicates in all of your Xero accounts (and any other accounting platforms you have connected). Select one item ie: “Matched Sale” or “Create New Sale” (if displayed) that corresponds with the accounting package you want it to post to.

New

A “New Sale” will create a transaction that does not yet exist in Xero. If you select this option, a new transaction will be created in Xero after completing the next 2 steps.

 Select “Create New Sale”, and click Next.

Matched

A “Matched Sale” is when Greenback recognizes one or more transactions that exist in Xero. If you select “Update Matched Sale”, the existing transaction will be updated in Xero after completing the next 2 steps. On a matched sale export, Greenback updates and enhances the existing transaction with additional details and attaches the original receipt (when available). You can safely export knowing that an update will not cause a duplicate in Xero.

NOTE: Review matches carefully. Even though Greenback finds similar transactions, you may still intend on creating a new transaction.

 Select “Matched Sale”, and click Next.

Export Step 2 of 3: Options

For Step 2 “Select Export Options and other Details”, Greenback will show you the fields required to successfully export your transaction to Xero. The names of the fields will mirror the names Xero uses in their own UI. Depending on what you’ve enabled in Xero, some fields may or may not always be displayed. For example, the tax rate field will display if you have set that up in Xero.

To Field

The “To” field is the Contact (marketplace, seller platform, or customer name if available) that will be associated with the transaction. This mirrors the “To” field in the Xero UI on their own transaction form.

 Select default or input seller platform/customer. Go to next field. 

Type + Account Field

The “Type + Account” field is Greenback’s way of representing two concepts in one field. It represents both the type of transaction to create and which account the payment applies to. Depending on how you have your Chart of Accounts set up in Xero, you may see “Invoice”, “Invoice + Payment”, and “Bank Transaction” types.

Invoice

This will create an “unpaid” Invoice (Sale) in Xero.

Invoice + Payment

This will create an Invoice (Sales) transaction and also create (apply) one or more Add payments in Xero. Greenback will display a unique “Invoice + Payment” entry for every account you’ve flagged as “payable” in Xero. See Enable Payments to an Account and Record Payment of a Sales Invoice

Bank Transaction

This will create a Receive Money transaction in Xero. Greenback will display a unique “Bank Transaction” entry for every bank account in Xero.

Pro-Tip: A deleted Receive Money transaction can not be restored. So re-export it from Greenback if needed. See below.

So which one?

Either Invoice + Payment or Bank Transaction accomplish the same general goal. Depending on your Xero subscription, you may have limited “Invoices” you are allowed to create. In that case we’d suggest you primarily use Bank Transactions. If you have unlimited Invoices then we suggest you use Invoice + Payment.

Hints extracted directly from the sales receipt or ancillary transaction will display below a field to help you accurately decide the export destination. Ex: “Shipped to Birmingham, MI US 48009”, “You were paid with Etsy Shop Funds-Acme Soap x-1200400", etc.

 Select default or select from dropdown. Go to next field.

Line Item Account Field

“The Line Item Account” field is the account to associate with the Sale. Usually, you think of this as the “category” of what you’ve received, but in double entry bookkeeping it’s possible it represents something else. This mirrors the “Account” field in the Xero UI on their own transaction line items. Select the default remembered from the last export or select from the dropdown. You should see the account code, account name, and the account type (Revenue, etc). Ex: 400 Sales (Revenue). If you need a new account, go to Xero to add it and then start your export over again in Greenback. The dropdown is in CoA order and displays the right group to help you.

 Select default or select from dropdown. Go to next field.

Tax Rate

The “Tax Rate” field is for the tax on the invoice/sale. Greenback pulls in what you have set up in Xero. You will see a hint (when available) to help you. Ex: “Shipped to Birmingham, MI US 48009”. If you decide to change the tax rate go to Xero first and then start your export over again.

 Select default ie: Auto Look up, Tax on Purchases %, Sales Tax, etc. Click on green Export button.

Export Step 3 of 3: Confirmation

“Sale Successfully Exported!” is validation that the transaction exported accurately to Xero as intended. The confirmation displays extracted details such as Sales Receipt No. (Invoice), Date Sold (Date of Payment), Total, the corresponding Xero account (selected in Step 1), etc.

After Export

Go to Xero to view the new or enhanced transaction. You will see that Greenback has completed the fields with receipt data, attached the receipt when available, and added a deep link in the top left corner. The link will take you back to the (original) sales receipt view in Greenback seamlessly if you want to refer to it after the export.

Greenback doesn’t create generic journal entries. Behind the scenes, Greenback will remember your export mappings for the next time, sets the date of the transaction, inputs the reference number, creates a ‘text receipt’ of the line items for the Description, maps the transaction type for Sales, Refunds, Expenses, Reimbursements, Invoices, Bills, etc, displays the real payment date, the sales tax, the shipping fields when supported in Xero, tracks the PO number, tracks categories, attaches the receipt when available, and more.

Re-Export

If you wish to re-export a Sales transaction, click on the arrow icon “Re-export Transaction to Accounting System”. Greenback will recognize it and suggest updating the existing transaction on the next screen (Step 1). If it was deleted or voided in Xero, it will be treated like an initial export. Return to Steps 1-3 either way.

 Choose Sales Transaction and click on arrow icon.

Pro-Tip: Remember that if you modify any settings in Xero, they will be refreshed in Greenback during the next export.

Pro-Tip: Since Xero does not allow deleted bank transactions (Spend or Receive Money) to be restored, Greenback’s re-export feature is a great solution!

How to Optimize for Receipt Fetching

Not all stores/seller platforms track your receipts the same way. It could be by login ID, account, payment method, loyalty card, etc. Here are some tips on how to switch ON your receipt data.

Amazon (Expenses Only)

Automate Your Amazon Receipts

Automate Your Amazon Business Receipts

Etsy (also eBay sellers, Stripe, Square) (Expenses and Sales)

Best Accounting Practices for Etsy + Xero

Best Buy

Automate Your Best Buy In-Store and Online Receipts

Home Depot

How To Automate Your Online and In-Store Home Depot Receipts

How To Automate Home Depot Pro Xtra Receipts

Lowe’s

How To Automate Your Lowe's In-Store and Online Receipts

Menards

Automate Your Online and In-Store Menards Receipts

Walmart

Automate Your In-Store and Online Walmart Receipts

Xero Terminology

Contacts: are customers, vendors, or suppliers. They are all treated as Contacts in Xero.

Chart of Accounts: is made of accounts for coding and classifying your transactions. There are custom accounts and standard/system-locked accounts (codes) that cannot be changed. There are 5 Account Types: Assets, Liabilities, Expenses, Equity, or Revenue.

Account Code: is a unique code/number (up to 10 characters) for an account in your Chart of Accounts. Xero recommends having no more than 699 account codes.

”Spend Money” Transactions: are “bank account” transactions. Also “Receive Money”.

Bill: is input as a (Purchase) Bill transaction or a Spend Money transaction for an expense.

Billable Expenses: are for oncharging, onbilling, recharging, reimbursables, disbursements, pass on costs, or pass-thru expenses that will be billed to the customer.

Reference Numbers: are numbers referring to individual invoices, transactions, or receipts in Xero.

Expense Claims: are expenses that you, or an employee paid for that need reimbursed.

Purchases/Expenses: are expenses paid for with company funds. They are not expense claims. Ex: Add either a Bill, or a Spend Money Transaction for an expense ie: purchase paid for with a company debit card.

Xero Expenses App: is for snapping photos of paper receipts and submitting expense claims for reimbursement in Xero. It is not for business purchases/expenses paid for with company funds. The app isn’t necessary for any original receipts fetched by Greenback.

Income: is input as a Sales Invoice or a Receive Money transaction.

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