HowDoes the Abacus Integration with Xero Work?
Abacus integrates seamlessly with Xero, synching data for both reimbursable and corporate card expenses, eliminating manual data entry, and saving you time.
How Does the Sync Work for Reimbursable Expenses (Cash Mode)?
- Abacus processes reimbursements via batched ACH transfers on a nightly basis.
- When the ACH transfer is initiated via expense approval, we push a Bill & Bill Payment into Xero for the same transfer amount, making reconciliation easy.
- To reconcile debits from Abacus, click the Reconcile button on the Bank Operating account. This will take you to the Reconciliation tab, where you may click OK to match Abacus debits with the bank feed.
To give you a better idea of what this will look like, these screenshots show you how to navigate this process in Xero from the Accounts tab.
Click Accounting > Account Transactions to view the entire history of all line items and their reconciliation status.
A bill will appear under Business > Bills to Pay as a batched debit with individual expenses for each line item. Clicking on an individual bill will show all items that make up the ACH withdrawal.
Each bill will have a corresponding bill payment. "Abacus" will appear as the vendor on both.
How Does the Sync Work for Reimbursable Expenses (Accrual Mode)?
With the accrual sync, we will create a new purchase transaction for each expense against an Abacus clearing account, and each transaction will be dated based on the date of the expense. We will also create a bank transfer in the amount of the associated debit from your bank register to the Abacus clearing account.
Each time we debit the company bank account, we will also create a bank transfer from the Abacus clearing account to your Operating Bank Register (where debits come out).
The purchase transactions (i.e., expenses) will come into the clearing account as Reconciled. The bank transfers will be Unreconciled. Reconciling the bank transfers in the accrual method is a two-step process:
- In your Operating Bank Register, match the bank transfer to the corresponding bank debit.
- In the Abacus clearing account, mark the bank register and manually reconcile the transaction (this can be done in bulk). Click on the individual transfer to mark it as reconciled.
How Does the Sync Work for Corporate Card Expenses?
Abacus will sync corporate card transactions to Xero after they are reviewed and approved by an admin. Transactions need to be coded and submitted by an employee or delegate and then approved by an admin before Abacus syncs the transactions to Xero.
Corporate card transactions should be sent to the corresponding bank register, where they will match up against the corresponding transaction for fast and easy reconciliation.
To navigate to corporate card transactions, click on the Corporate Card Register, then click the Reconciliation tab.
The Reconciliation tab is where corporate card transactions will be automatically matched with Abacus expenses. To reconcile, just click OK where the transaction has been recognized as a match.
If there is not a match, click Match > Find and then Match > Choose Other Transactions Manually.
The Account Transaction tab allows you to view the history of all corporate card expenses; you may click on each expense to view details.
View the Chart of Accounts to Track Expenses by Category
Access Accounting > Chart of Accounts. Click on Account to view any expenses in that category.
Supported Account Types
Type | Description | Available in Categories | Available in Bank | Available in Corporate Cards |
BANK | Bank account | x | x | |
CURRENT | Current Asset account | x | ||
CURRLIAB | Current Liability account | |||
DEPRECIATN | Depreciation account | |||
DIRECTCOSTS | Direct Costs account | x | ||
EQUITY | Equity account | x | ||
EXPENSE | Expense account | x | ||
FIXED | Fixed Asset account | x | ||
INVENTORY | Inventory Asset account | |||
LIABILITY | Liability account | x | ||
NONCURRENT | Non-current Asset account | x | ||
OTHERINCOME | Other Income account | |||
OVERHEADS | Overhead account | x | ||
PREPAYMENT | Prepayment account | |||
REVENUE | Revenue account | |||
SALES | Sale account | |||
TERMLIAB | Non-current Liability account | x | ||
PAYGLIABILITY | PAYG Liability account | |||
SUPERANNUATIONEXPENSE |
Superannuation Expense account
|
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SUPERANNUATIONLIABILITY | Superannuation Liability account | |||
WAGESEXPENSE | Wages Expense account | |||
WAGESPAYABLELIABILITY | Wages Payable Liability account |