InstallationBefore you can link your Stock&Buy account with your Xero account, certain settings have to first be adjusted in Xero to allow a smooth integration.
Stock&Buy needs the following accounts to be setup in Xero in order to link your records and all your transactions:
When a payment is created against a given invoice in Stock&Buy, a corresponding item is created in Xero and is recorded against your payments account.
An expenses account against which Purchase orders will be recorded.
Stock On Hand account
A current asset account where to record your stock on hand.
Cost of Goods Sold account
Once your Xero accounts are all set, head over to Stock&Buy and install the Xero integration accessible in the Integration pane from the main navigation menu.
Follow the on-screen instructions which should take you through the following steps:
- Install the Xero integration in Stock&Buy
- A page will open asking you to log into your Xero account and authorize Stock&Buy to access to account data
- One you authorize access to your Xero account, you will be redirected back to Stock&Buy where you get the option to map your Stock&Buy transactions to your Xero accounts
How does the integration work?Stock&Buy automatically syncs all your orders and inventory records with your accounting journals on Xero.
The following table summarizes the operations and interactions between Stock&Buy and Xero.
|Operation on Stock&Buy||Interaction with Xero|
|Create an invoice against a sales order||An invoice is pushed to your Sales account in Xero as an Accounts Receivable invoice.
|Create a payment against an invoice of a sales order||This marks the corresponding order as Paid in Xero and pushes a note to your payments account.|
|A sales order is closed.
This occurs when a shipment is recorded against the sales order
|The order total amount is subtracted from your Stock On Hand account.
The same amount is added to your Cost of Goods Sold account.
|Create a purchase order||A note with the total order amount is pushed to your Purchases account account in Xero|
|Receive a purchase order||Pushes a note adding the total order amount to your Stock On Hand account.
Pushes a note subtracting the total order amount from your Purchases account in Xero
|Create a Stock adjustment||Pushes a note adjusting (adds or subtracts) the total amount of the adjustment from your Stock On Hand account
Pushes a note adjusting (adds or subtracts) the total amount of the adjustment from your Cost of Goods sold account
|Void a sales or purchase order||Deletes the corresponding invoice on your Xero account|
Sales and purchases tax handlingSales and purchase tax are also synced from Stock&Buy to Xero. However there are important considerations you need to be aware of depending on which country your reside in.
Xero AU, Xero NZ and Xero UK:If you have you are running an Australian, New Zeland or United Kindom Xero version, then you must already have your tax rates defined in Xero (Xero creates them automatically for you). For these Xero versions, Stock&Buy pushes all data without tax definitions. The invoices and bills will automatically get assigned their respective tax rates depending on what ledger account they are sent into.
Other Xero versions:If your Xero version is none of the above, then Stock&Buy will automatically push your tax definitions within Stock&Buy to Xero. This applies to both sales and purchase tax rates (also applies to orders coming from online shops such as Shopify)
Note: Please be aware that all changes made in Xero do not propagate to Stock&Buy. It is therefore highly recommended to perform all your operations within Stock&Buy.