The Xero integration is designed to post daily accounting records to Xero through Manual Journals, without flooding your Xero account with transactional detail.
How does it work?
At the end of each working day, all income that has been received (either via GoCardless and Stripe, or money that has been collected though the till) will get transferred in to Xero accountancy software automatically - you don't need to do a thing!
This means that your income split by denomination (cash, card, cheque, Direct Debit income) will no longer require manual update from you (the business owner) or your accountant/bookkeeper.
You can also use nominal codes applied to membership plans, products etc. to get even more detailed, accurate reports.
Why is it important?
- Cuts down daily admin time considerably
- Daily updates so that income can be tracked effectively in real time
- Makes Tax Digital Recording with HMRC easy to take control of
- Allows you to see the revenue areas split by nominal code meaning you can
identify business growth opportunities
So how do I set it up?
Check out our guide on setting up Xero here!
For all accountancy related questions, please contact your accountant as the ClubRight Team will be unable to advise on these areas.
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