Xero

Overview

Xero is an online accounting service that provides features such as bank reconciliation, payroll and general ledger.  Vinsight integrates with Xero to reduce any double handling of your data, reduce data-entry errors and increase your productivity with some great accounting features.  Click here to find out more about Xero.

In this topic:

 

Integration Points with Xero

  1. Posting everyday transactions like Sales Orders and Purchase Orders to Xero as draft accounts receivable and payable invoices.  These invoices should arrive in Xero fully coded with the correct tax treatment so all you need to do in Xero is approve them.
  2. Vinsight has several assessments for specialist taxes, such as Excise Tax and WET Tax.  Once these assessments are correct, they post journals into Xero.
  3. Vinsight has several useful reports to help you create end of month journals and reconcile asset ledgers:
  • Cost of Goods Sold
  • Dry Goods Usage Journals
  • Finished Items Produced
  • Inventory Valuation by Asset Ledger

 

Indicative Responsibilities of each System

To help clarify separation of functions and responsibilities, here are some things that you would do in each system but not the other, the list is not exhaustive but indicative only.
Vinsight:
  • Count inventory and do stock takes
  • Update item costs when items are purchased
  • Raise purchase orders for inventory items and post them to Xero
  • Raise sales orders and post these to Xero and email the invoice to customers from Vinsight
  • Value inventory using “Stock on Hand” reports
  • Report on simple gross margins and revenue
  • Report by customer category etc
  • Generate Cost of Sales reports that become journals in Xero
  • Maintain basic Customer and Supplier information, every order made will sync this in to Xero.
  • Code either items or Customers to Revenue, Expense and Asset Ledgers for when they are posted to Xero
Xero:
  • Approve Sales and Purchase orders in Xero so they are posted to the Revenue/Expense and Debtors/Creditors ledgers. These should already be coded by Vinsight.
  • Reconcile payments against invoices
  • Send end of month statements
  • Manage debt collection
  • Review the current asset ledger to see the it balances with Vinsight’s Stock on Hand report
  • Import cost of sales journals from Vinsight to align Current Asset and Cost of Sales Expenses in Xero