Xero is an online accounting software tool for small businesses that enables users to do the following:
- Get a real-time view of your cash flow. Log in anytime, anywhere on your Mac, PC, a tablet or mobile phone to get a real-time view of your cash flow. It’s small business accounting software that’s simple, smart and occasionally magical.
- Run your business on the go. Use Xero mobile app to reconcile, send invoices, or create expense claims — from anywhere.
- Get paid faster with online invoicing. Send online invoices to your customers — and get updated when they’re opened.
- Reconcile in seconds. Xero imports and categorizes your latest bank transactions. Just click OK to reconcile.
Benefits of Integrating Flutterwave + Xero.
- Integrating Flutterwave and Xero gives access to cash flow reconciliation of marketplaces transactions
- Flutterwave + Xero integration enables merchants awaiting an agreed-upon settlement to spend while expecting payments. Debit account selected while configuring integration settings will be debited while credit account selected will be credited after settlement.
- Merchants get payments into their added bank accounts on Xero while awaiting an agreed-upon settlement. This is not technically a loan but an advance against future receivables.
- Accounting deficit greatly reduced as Flutterwave + Xero integration gives an efficient and accurate balance of all accounts before, during and after settlement.
- Track the amount Flutterwave owes you.
- Track the fees Flutterwave charges you.
- Track all transactions occurring in your Flutterwave account on a daily basis through Xero
- Track all transactions on Xero through your Flutterwave account.
Sync the information from your Flutterwave account to Xero to keep track of your sales and the money Flutterwave owes you. You can select the appropriate accounts from your Chart of Accounts to track sales and Flutterwave fees.
To get started, follow the link: https://plugin.flutterwave.com.
Step 1: Select the Xero plugin to proceed.
Step 3: Connect Xero to Flutterwave. This connection lasts for 30 minutes after which session times out.
Step 4: Log in to Flutterwave Dashboard to sync transactions on Flutterwave. Simply fill in login details of your Flutterwave account to proceed.
Step 5: Configure plug-in to select appropriate account to track sales and fees.
Step 6: Select Credit and Debit Account and save and then click“Back to Dashboard” to return to the dashboard.
Step 7: Sync Transactions on Flutterwave with Xero.
Clicking on“Manual Sync Process” gives this result
Step 8: Go to Xero, the Chart of accounts section to view synced transactions in the appropriate accounts selected previously.
“Sales” account on Xero
- How to navigate to the integration and to disconnect Xero. The following steps illustrate how to disconnect Xero.
- On Xero configuration settings page, click on“Disconnect from Xero”.
- On the following page, click on“Back to choose a plugin” or“leave integration” to exit integration.
2. When and how does data sync occur? Data sync occurs when“Manual sync process” button is clicked at the configuration settings page to obtain real-time data sync. It also occurs automatically at 12:00 am daily.
3. Is data sync manual, automatic, on login, in real-time? Data sync is manual, automatic and occurs at real-time when the button is clicked. Automatic sync occurs irrespective of the login status of the user.
4. Are there any settings related to synchronizing ? For successful synchronizing, the home currency for Flutterwave transactions must be the same as that on Xero account.
5. When does data Sync process fail? Sync fails when home currency on Xero is different from that used for Flutterwave transactions. When registering on Xero as a first time user, you select your country. Country selected automatically determines what currency will be home currency on Xero. Hence selecting Nigeria as the country when registering gives NGN as default currency on Xero. So, there won’t be failing of sync due to different home currency as long as transactions carried out on Flutterwave are all in NGN.
6. How do I select a different currency on Xero?
- Log in to www.xero.com.
- On“Settings” menu drop down, click on“General Settings”.
- Scroll down to“Currencies” section and click on“Currencies”.
- On the following page, click on“Add currency” tab.
You can now perform transactions in your chosen currency.