VetLinkSQL now has an automated two-way transaction level integration with Xero Accounting software
Generally, “integration” is a loose term used to describe the transfer, or for a lack of a better term, “dumping” of General Ledger or Sales and Purchase data to an accounting system on a periodic basis, and in one direction only. This form of data transfer is neither accurate nor auditable. With modern cloud based accounting systems it is now possible to provide a deep transaction level 2-way
integration for an almost live P&L and Balance Sheet for stake holders. The following information provides further details on how VetLinkSQL achieves this.
How VetLinkSQL integrates to Xero
VetlinkSQL integration to Xero streamlines the process of data exchange which saves time and enhances the accuracy and efficiency of your business operations. The illustration below shows how data flows between the two systems. The data exchange process is time scheduled and runs automatically once a day but can be more often if required.
Why this is a big deal
Xero is one of the fastest growing online accounting systems in the world. One of its greatest strengths is a smart automated bank-feed system that imports all your bank transactions ready to be reconciled to Debtors, POS (Point of Sale), and Suppliers invoices with smart automation and data matching algorithms.
VetLinkSQL’s 2-way transactional level integration means that as invoices are raised in VetLinkSQL they appear in Xero with full identifiable references for easy tracking. Every line item with its General Ledger code is also updated, and owing balances in Xero will align with VetLinkSQL. If “money” is taken at reception and a client balance is updated, that transaction will also take place in Xero automatically. If money is paid directly into a bank account and seen by “the bookkeeper / accounts person” in Xero, and then allocated to a client balance, VetLinkSQL will automatically create an account payment transaction to reduce the balance in VetLinkSQL. This is what a full 2-way integration looks like!
When an “End-of-Day” cash up is performed, and EFT-POS and Credit Card transactions are balanced, the bank-feed will show that money in Xero with all matching invoices from VetLinkSQL in a clearing account for easy allocation to balance your bank account!
What data will sync to Xero
All contacts (Customers and Suppliers) will be synced to Xero. When an initial upload is done, all EOM balances will also be uploaded so both systems are fully in sync.
On Account Sales
For every sale you record in VetlinkSQL, there will be an Accounts Receivables invoice created in XERO. The line items correspond to the Sales GL Codes assigned to each item sold and are tax inclusive amounts. For products with a cost associated, two additional lines will appear for each item to correspond to the COGS (Cost Of Goods Sold) and Asset accounts designated to the product in VetlinkSQL.
This is identical to On Account Sales except that payment(s) will be created and applied to the Receivables invoice to match the payment(s) made in VetlinkSQL. All payments are made in the Clearing Accounts and not directly in the bank account.
NOTE: There may be multiple payments per sales transaction, for example in the case a customer part paying by Cash then the remainder by Credit Card. In that case, multiple payments will be created and applied to the invoice.
For payments made towards On Account Sales, Payments will be created and allocated in the order of the oldest unpaid invoice to the most recent invoice. All payments are made into the Clearing Accounts, not directly into the bank account.
On Account Refunds
For every sales refund you record in VetlinkSQL, there will be an Accounts Receivables refund invoice created in XERO. The line items correspond to the GL Codes assigned to each item sold and are tax inclusive amounts. For products with cost associated to them, two additional lines are posted for each item to update COGS and inventory asset accounts.
In cases where a payment is made and there are no open invoices, the payment will be treated as a Deposit. A Credit Note will be created for all deposits to be allocated once invoicing has taken place.
An Invoice will be posted to the client account to reflect the amount refunded. Limitations are listed below:
Bills, Invoices and payments must only be reversed (refunded) in VetlinkSQL if required (any transactions unreconciled, voided or deleted in XERO will not reverse transactions in VetlinkSQL).
For every purchase you record in VetLinkSQL, there will be an Accounts Receivables invoice created in XERO. The line items correspond to the Asset GL Codes assigned to each item purchased and are tax inclusive amounts.
All Supplier payments should be done via Xero, and these will be imported into VetLinkSQL.
For further information please email firstname.lastname@example.org
or have your Accountant call us to discuss how we can make both your lives a lot easier!
* This is an Add-On feature