If your business uses Xero as their accounting package, then take advantage of the integration that we have built to seamlessly exchange data between the B4B platform (where your card transactions are recorded in real-time) and your Xero software.
Connecting to Xero
To enable you to use the Xero integration, first of all you will need to connect the two platforms. This can be done from within the B4B platform. This will normally be done by your accountant or finance team.
They should login to the company admin portal and select the menu option for integrations. This will then require them to provide login details to Xero and connect the two systems.
What Can You Import From Xero To B4b
Once the connection has been established, the master data may be synched so that cardholders can classify their card transactions within the B4B App. Various pieces of data can be synchronised and this will depend on how you have set up your Xero system. B4B allows you to set up the following entities:
• Xero bank accounts as B4B accounting categories
(select only those you want to display to cardholders)
• Xero tax rates (use only the ones relevant to cardholders)
• Xero tracking categories (this is usually only used for things
like profit / cost centres or projects / jobs)
Having these in B4B your cardholders can use them to classify each transaction they made, both in the cardholder web portal or in the cardholder app.
What Can You Export From B4B To Xero.
At any time, you can export the cardholder’s transactions made with B4B cards to Xero. These transactions are either external when the card was used online or at a merchant (POS) by the cardholder, or they are internal when a card was loaded / unloaded from / to your float by you or an authorised colleague. These can be done for single cards or multiple cards at the same time.
We would suggest that you incorporate this into your periodic procedures to ensure that you give your employees the opportunity to correctly classify transactions.
Before exporting to Xero you can review / check the classifications done by the cardholder and override them. Exporting the transactions includes possibly attached receipts. Beware – as soon as a transaction is imported to Xero, the cardholder can’t change the classifications anymore, and it won’t appear again in your search results.
Within Xero, each transaction is assigned to a contact. The information matching the contact is the merchant’s name where the card spend occurred and who authorised the transaction. If a contact with that name doesn’t exist yet in Xero, it is created automatically. Often merchants use different accounts with similar names, so you may end up with multiple similar sounding contacts – unfortunately, we can’t control this.
Once you have completed your periodic procedures, you should have all of the cardholders transactions inside of Xero, the next step is to reconcile these using the standard Xero functionality. To enable this, we have built a daily automated feed of B4B card transactions that flow into Xero. This happens in the B4B backend every early morning and includes all transactions of the previous day.
Having both the originating and bank transactions in Xero enables you to reconcile them.
A prepaid card in B4B is automatically matched to a Xero bank account using the card id number. If it doesn’t exist yet, it is created automatically. As soon as the first transaction is exported as part of a bank statement to Xero, this bank account is connected to B4B.
Note: Xero provides the feature to connect to a bank account from within their user interface via a green button labelled “Get Bank Feeds”. Following this link makes sure that all Xero accounts known in B4B at this point are connected to Xero. Please be advised that this is optional as the daily export ensures the connectivity automatically.