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The Basics with Xero!

custom_extract.pngBefore publishing items from Receipt Bank to Xero, it’s important to ensure your Xero tax rates and your Chart of Accounts are set up correctly.

1. Tax rates:
  • To see your tax rates in Xero, click Settings -> General Settings -> Tax Rates
  • To add a new tax rate, click New Tax Rate and fill out the details as follows.
2.  Chart of accounts:

Receipt Bank’s tax integration relies heavily on Xero’s chart of accounts and the default tax rates for each account. To review and update these tax rates:

  • Open the Chart of Accounts in Xero by clicking Settings -> Chart of Accounts
  • Ensure the 'Tax rate' listed for each account is the tax rate most often used for that type of transaction
  • To change the tax rates, click into the account you would like to change the rate for. Then select the correct rate from the Tax dropdown list and Save.
3. Here are our recommended Receipt Bank tax settings for the majority of our clients:
  • Publishing tax data to purchases: Allow Receipt Bank to decide
  • Show tax rate dropdown for items: ON
  • Use supplier tax rates: ON

Screen_Shot_2015-09-30_at_14.44.36.pngYou can find these within the 'Account settings' menu under the 'Integration' tab (for custom accounts) or the 'General' tab (for extract accounts).

Please remember: if your accountants advise you otherwise, you should listen to them!

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