Xero: Detail Sync - Payments
Modified on: Thu, Apr 2, 2020 at 1:55 PM
- This article explains:
- How payments made within CoreBridge transfer/post to Xero.
- The change made on March 22, 2020.
- Before March 22, 2020: All payments posted as an Overpayment in Xero.
- As of March 22, 2020: All payments post as a Prepayment in Xero.
- When a payment is an order deposit, the payment will still need to be applied in Xero manually to the invoice once the invoice syncs.
A. WHAT'S THE DIFFERENCE?
- The difference between the two payment types is how they affect your Account Receivable (A/R).
- Will post a debit to your bank account and a credit to A/R even when the payment is an order deposit which results in reducing the balance of your A/R account.
- Will post a debit to your bank account and a credit to A/R when the invoice is in a Completed status. For order deposits, it will post as a debit to your bank account and a credit to a Deposits liability account.
B. HOW THE LIABILITY ACCOUNT WORKS
- The sync looks for a General Ledger account type "Liability" and a specific account code/number, the Account name doesn't matter.
- The account code/number is based on your Xero country. (see chart below)
- If your country isn't listed, use the default number: 815
- This is what the account looks like for the United States.
- In Xero, search for the account code for your country. (see chart below)
- If your country isn't listed, use the 'default' code.
- When searching, you may need to search Archived accounts in case an account has been archived.
- If you find an account using the code from the chart, it must be a "Liability" account.
- If there is not a "Liability" account in your Xero Chart of Accounts with the account number from the chart, be sure to add one.
- If you create a new account, set it to Tax Exempt and check the box for "Enable payments to this account".
ACCOUNT CODE CHART
C. WHAT THE PAYMENT LOOKS LIKE IN XERO
- Xero will assign a number to each Prepayment.
- Unlike Overpayments where CoreBridge did the numbering, Prepayment numbering is handled by Xero.
- In the example, P-0002 comes from Xero and not CoreBridge.
- If a Prepayment is assigned the same number as a CoreBridge order, that will cause a sync error and the Prepayment number will need to be changed manually so there isn't a conflict.
D. HOW THE PAYMENT NUMBERING WORKS
- As discussed, Xero is responsible for numbering for Prepayments.
- The payment number can not be the same as your CoreBridge invoice numbers or payment IDs.
- To ensure that the sync will not fail because of conflicting numbers, be sure to check your Xero numbering.
- Navigate to Settings
- Then Invoice settings
- Then Default Settings
- Set the Invoice Prefix and Number so that the numbers that Xero assigns will never be the same as your CoreBridge transaction numbers.
CoreBridge Transaction Numbers
- CoreBridge payment numbers start with "CB-"
- CoreBridge invoice numbers start with whatever they have been set to. To see your CoreBridge invoice prefix:
- Management Module > Location > Select a location >
E. DEFAULT PREPAYMENT VALUES
- TO: The customer in CoreBridge the payment was recorded on.
- DATE: The payment date in CoreBridge
- INVOICE #: (This numbering is handled by Xero. See section D)
- REFERENCE: The CoreBridge payment ID.
- DESCRIPTION: Memo from CoreBridge
- QUANTITY: 1
- UNIT PRICE: The payment amount from CoreBridge
- ACCOUNT: (See section B)
F. EXISTING OVERPAYMENTS
- If there are CoreBridge Overpayments in Xero, those will not be affected. They will stay posted to A/R.
- Prepayments will post to a Liability account. (See section B)
- Your Xero A/R will be disjointed until existing Overpayments are applied to Invoices.
- Order deposits will be reflected in Xero in your AR account as well as the liability account.
- As Overpayments are used up, negative A/R will disappear and be replaced by a Liability from Prepayments.
- Outstanding A/R can be checked in CoreBridge:
- Reports module > Customers/Receivables > Accounts Receivable Aging
G. GENERAL LEDGER ACTIVITY
- This is an example of what happens with a $100.00 deposit payment on an order with no tax.
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