Preparing Your Accounting Integration
  • 04 Jul 2023
  • 5 Minutes to read

Preparing Your Accounting Integration


Article Summary

This tutorial only applies if you're using Xero or QuickBooks Online with Nexudus.

If you use Moloni, check out Integrating Moloni instead.

Managing multiple locations?

Make sure you have a different invoice reference format for each location in your network. Accounting systems cannot process multiple invoices with identical references.

Whether you plan on using Xero or QuickBooks Online, you need three components ready before you start the integration process.

1. A Payments Account

The first element you need to set up are payment accounts in Nexudus. These payment accounts need to have the same name and code in Nexudus as they do in your accounting system. These accounts let Nexudus allocate invoice payments we process to the corresponding payment accounts in your accounting system.

Accounts names and codes in Nexudus must be an exact match with existing payments accounts in your accounting system.

For example, if your payments account is named Payments with 4321 as its code in Xero or QuickBooks Online, you must create a Payments with 4321 as its code in Nexudus.

  1. Log in to dashboard.nexudus.com if you aren't already.

  2. Click Settings > Invoices & tax > Account.

  3. Click Add account.

  4. Add the Name of the payments accounts in your accounting system.

  5. Add the Code of the payments account in your accounting system.

  6. Select Payments as the Account type.

  7. Click the Save Changes button.

Your payments account should now appear in the list. Repeat the process for any other Xero or QuickBooks Online payments account you want to connect to Nexudus.

2. Sales Accounts

The next component you should set up are sales accounts in Nexudus. The sales accounts you create in Nexudus should all match sales accounts that already exist in your accounting system. Once you have matching accounts in Nexudus, you should then assign them to all the items listed in your chart of accounts. This connection allows all the items sold in Nexudus to be sent to the corresponding sales account in your accounting system.
We recommend you simply create sales accounts that match the sales accounts that you already have in your accounting system.

For example, if you have multiple sales accounts dedicated to different revenue streams such as memberships, day passes and services, you can create three matching accounts in Nexudus using the same name and code used in your accounting system.

The name and code of your sales accounts in Nexudus must be an exact match with the sales account in your accounting system.

For example, if your sales account in Xero, Quickbooks or Moloni is named Sales and has a code of 4125, you must create a matching Sales account using the same code in Nexudus.

  1. Log in to dashboard.nexudus.com if you aren't already.

  2. Click Settings > Invoices & tax > Account.

  3. Click Add account.

  4. Add the Name of the sales accounts in your accounting system.

  5. Add the Code of the sales account in your accounting system.

  6. Select Sales as the Account type.

  7. Click the Save Changes button.

Your sales account should now appear in the list. Repeat the process for any other sales accounts you want to use, making sure they're an exact match with the ones that already exist in your accounting system.

Once you have your sales account, you need to assign them to all the items you sell through Nexudus.

  1. Log in to dashboard.nexudus.com if you aren't already.

  2. Click Finance > Invoices & tax > Chart.

  3. Click on the image.png icon in the Accounts column and select the sales account you've just created in the pop-up list.
Don't assign this account to products that you use as deposits.
  1. Repeat step 3 for every listed item that isn't a deposit, making sure you cover all the tabs available.

image.png

Once you've assigned the sales account to all the relevant items in your chart of accounts, you can move to tax rates.

3. Tax Rates

The last component you should set up is a matching tax rate in Nexudus. This tax rate allows tax applied to all items sold in Nexudus to be allocated to the corresponding tax account in your accounting system. Once you've created that tax rate, you then need to assign it to all the items listed in your chart of accounts.

The name and percentage of your tax rate in Nexudus must be an exact match with the main tax rate set up in your accounting system.

For example, if your tax rate in Xero, Quickbooks or Moloni is named VAT and has a 20%, you need to create a matching VAT tax rate of 20%.

  1. Log in to dashboard.nexudus.com if you aren't already.

  2. Click on Add tax rate.

  3. Add the Name of the main tax rate in your accounting system.

  4. Add the Rate of the main tax rate in your accounting system.

  5. Click the Save Changes button.

Your tax rate should now appear in the list.

You must assign this tax rate to all the items you sell in Nexudus through your chart of accounts.

Just follow the instructions below to complete this step.

  1. Log in to dashboard.nexudus.com if you aren't already.

  2. Click Finance > Invoices & tax > Chart.

  3. Click on the image.png icon in the Tax column and select the sales account you've just created for all the items.
Don't assign this tax rate to products that you use as deposits if you don't want to apply taxes to deposits.
  1. Repeat step 3 for every listed item, making sure you cover all the tabs available.

image.png

Once you've assigned a tax rate to all the relevant items in your chart of accounts, you're all set and ready to start the integration process.

Already have contacts for your customers in Xero or Quickbooks?

Make sure that the matching Nexudus customers have a Billing / Trading name that is identical the ones in your accounting system in Nexudus.

BillingTradingName_Highlight

If you leave the field blank, your accounting system will create a new contact for each customer based on their full name and allocate all transferred invoices to that new contact instead of the existing one.

For more information, check out Xero or QuickBooks Online.


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