How to Synchronize to Xero

Created by Richard Pasquin, Modified on Fri, 15 Mar 2024 at 05:52 PM by William Kinash

A Xero Sync that 'Failed' requires the users to clear any posted drafts that maybe have been created in Xero during the failed sync.

If you delete a posted Journal in Xero, the change will not be reflected on Cryptoworth.

Step 1


On the Portfolio page, head to the portfolio you want to synchronize Xero. 



Step 2


From your portfolio screen, click on the "Connections" tab and select Apps.


 

 


Step 3


Next, click on the "Connect" button for Xero and sign in to your Xero account to create the connection.





Step 4


Once the Xero API is connected, the next step is to click on Classifications and import the "Chart of Accounts." Select the three dots and click Sync Accounts.






Select all the desired accounts and submit.




You should now see all your Chart of Accounts from Xero on Cryptoworth.




Step 5

 


Next, head back to the Xero connections by clicking on the Connection tab and then the Apps button. Then click on the "View" Xero connection. 




Step 6


Since the Xero API is connected, click on the Xero view button to open the general ledger account mapping setting. You will need to classify the transactions you want to map from Cryptoworth directly to your Xero account. Make sure to classify the transactions in Cryptoworth using the Cryptoworth Classifications. Please see this article on how to classify transactions in Cryptoworth: Creating and Assigning Classifications


It is important to map the four Cryptoworth Classification to general ledger (GL) accounts in Xero if you want to push transactions to specific GL accounts in Xero. You must also map a Default Asset Account Classification from Cryptoworth to represent the Assets in Xero. Once you do this, you will be asked to map that classification to a GL account in QuickBooks. Map the classification to the desired GL account.

 



The five required Chart of Accounts that need mapping are Default Capital Gain Account, Default Capital Loss Account, Default Fee Account, Default NFT Account and Default Asset Account Classification.


You can map other classifications to other GL accounts or leave them unmapped. 


When mapping accounts, ensure that the Chart of Accounts on Xero that is being used is not locked, otherwise the sub-accounts won't be created on Xero. The accounts that are locked on Xero's COA are the ones with the lock symbol, those accounts will not allow the creation of sub-accounts whilst locked.


Once you are finished classifying the transactions you intend to map to your QuickBooks account, you can exit out from this page by clicking the "X" symbol on the top right corner.

Step 7


 Head to the Transactions tab.



Step 8


Next, you will need to run a calculation.





Step 9 


Select your calculation method, in this example, we are using the default Cost Basis FIFO and for the Objective of the calculation, we are using Trailed Start. Click on calculate.




Step 10 


Head to the Reports tab.



Step 11 


Select the "Sync to Xero" button to push your calculated transactions to Xero as general entries.



The calculation will queue and once complete, will automatically be updated into your Xero account.


Step 12 


Head into your Xero account and you will see the most recent transactions synchronized from Cryptoworth. 





A Xero Sync that 'Failed' requires the users to clear any posted drafts that maybe have been created in Xero during the failed sync.


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