<aside> 💡 Xero ****is a cloud-based accounting software for small businesses that provides solutions for for streamlined financial management.

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<aside> 🎁 The Xero integration is available for BETA users on Business tier or higher. To use the integration you also need a Xero account.

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Integrating Xero in BETA

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Automatic Account Creation in Xero

When you integrate your BETA climbing gym software with Xero the system will automatically create specific accounts in Xero/to help manage your financial transactions. Here's what you need to know Xero.

1. BETALIAB

   This account is created for all current liabilities, such as deposits and unredeemed gift cards.

2. BETACURR

   This account is designed to manage all incoming payments.

3. BETASL{TAXRATE}

   For each tax rate at which you sell products, a unique account is generated with the name above followed by the applicable tax rate. This account helps you categorise sales transactions based on different tax rates.

4. LIABILITIES ACCOUNT

   <aside> ↙️ The liability acccount increases in value (a CREDIT) when:

   • A gift card is purchased
   • Payments are taken for a transaction that is not finalized (a deposit) </aside>

   <aside> ↗️ The liabilty account decreases in value (a DEBIT) when:

   • A gift card is redeemed
   • Payments attached to transactions that were never finalized are refunded
   • Transactions with deposits taken on previous days are finalized. </aside>

This automated account creation process simplifies your financial management by ensuring that the correct accounts are set up in Xero, streamlining your accounting procedures. This way, you can maintain accurate records and efficiently track your financial data.

Contact the BETA Team After Integrating Xero

After setting up the integration, let the BETA team know. We will configure an automated task that runs daily at 1 am. This task serves the following purposes:

• Creates a journal entry Xero based on the integration you've set up.
• Records total sales made, categorised by tax rate (credited to relevant sales accounts).
• Logs total sales refunded, categorised by tax rate (debited from relevant sales accounts).
• Documents total payments received, categorised by payment method (debited to the current account).
• Tracks total payments refunded, categorised by payment method (credited to the current account).
• Manages total deposits received for transactions not yet finalised (credited to current liabilities).
• Handles total deposits exchanged for transactions closed today (debited from current liabilities).
• Records total deposits refunded (debited from current liabilities).
• Accounts for total gift cards redeemed (debited from current liabilities).
• Logs total gift cards purchased (credited to current liabilities).

<aside> ⚠️ While you can customise the names of your accounts, please do not alter the Account Code in Xero.

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