Xero Synchronisation

Introduction

Xero is a market leading online accounting system. Sharesight has partnered with Xero in order to provide a seamless solution between portfolio management and portfolio accounting. Learn more about Xero at www.xero.com.

The Xero Synchronisation feature allows you to connect your portfolio to your Xero account. This allows you to send details of share purchases, sales, and dividends to Xero as draft invoices, which can then approved for inclusion in your financial accounts and used to reconcile against your bank account.

Before you begin

These instructions assume that you have a Xero subscription. To sign up for Xero, please visit www.xero.com.

1. In your Xero chart of accounts you need to have an account set up for each of the following items:
-Dividends Received (Revenue Account)
-Imputation Credits (Current Asset Account)
-Resident Withholding Tax (Current Asset Account)
-Non-Resident Withholding Tax (Current Asset Account)
-Brokerage (Expense Account)

2. Generate a Xero key to allow Sharesight to connect to your Xero account. To do this:
-Log into your Xero account
-Click ‘General settings’ under the settings menu
-Click ‘Xero Network’
-Find the listing for Sharesight in the list of external organisations, and click the ‘generate key’ button
-copy the key that is generated

For more detail see the Xero help at:
http://help.xero.com/nz/#Settings_XeroNetwork$BK_GenerateKey

Setting up Xero synchronisation in Sharesight

1. Click settings, then ‘Xero Synchronisation’ for the portfolio that you wish to connect.

2. Copy your Xero customer key into the box provided and press the ‘Save’ button.

3. Map the following items to the appropriate account from your Xero organisation’s chart of accounts:
    Share Market Investments => Current Asset
    Dividends => Revenue
    Brokerage => Expense
    Imputation Credits => Current Asset
    Withholding Tax => Current Asset
    Non-Resident Withholding Tax => Current Asset

4. Click the save button.

Synchronising your portfolio with Xero

Once Xero synchronisation is configured, a tick box will appear on the add and edit screens for trades and dividends. To send the trade or dividend record to Xero, simply select the tick box and then click the ‘Save’ button.

Furthermore, all automatically created dividends will be sent to Xero automatically once they reach their paid date (this applies only to dividends that are paid after you configure Xero integration). It is therefore important to ensure that the automatically generated dividends are correct before they reach their paid date. Automatically generated dividends appear in Sharesight when they reach their ‘action date’, this is typically a few weeks before the dividend is due to be paid. Enabling portfolio alerts will ensure that you are notified of upcoming dividend payments.

Trades and dividends are sent to Xero as draft invoices, which can then be approved in Xero and used to reconcile against your bank account.

Note: Each dividend or trade in Sharesight can only be sent to Xero once, and this action cannot be undone or reversed from within Sharesight. Modifying or deleting draft invoices created by Sharesight must be done from within the Xero interface.