This document describes the process for integrating Xero with Zomentum Payments.

Xero is an online accounting software for your business that connects you to your bank, accountant, bookkeeper, and other business apps. Now you can use Xero as an accounting software for your Zomentum Payments transactions.

Pre-requisites

 You need to have an Xero account and valid credentials to make this connection. Once your KYC verification is completed, perform the following steps to connect the accounting software:

TABLE OF CONTENTS

• Pre-requisites
• Integration Process
• Configuring XERO reconciliation
  • Select Supplier or Vendor
  • Select Expense Account
  • Select Payout Bank Account
  • Select Income Account
• Configure Settings in Xero
  • Select Supplier
  • Select Expense Account
  • Select Income Account

Integration Process

Perform the following steps to start integrating with Xero:

1. Navigate to Settings > 3rd Party Integrations > Xero and click on Connect.

2. Enter your Xero credentials to finish the integration.

We sync invoices from Xero to Payments and update Xero when the invoice is paid.

Refresh this page first to edit the Xero settings.

Configuring Xero reconciliation

Perform the following steps to reconcile payouts in Xero.

Select Supplier or Vendor

Select the supplier that represents Zomentum Payments in Xero to reconcile payouts and platform fees.

Select Expense Account

Select the Expense Account where Zomentum Payments can book its processing fees, in order to reconcile payouts and platform fees.

Select Payout Bank Account

Select the Xero account to which your payouts will be credited.

Select Income Account

If you are making use of the surcharges feature, please select the Income Account where Zomentum Payments can book these additional transaction fees as income.

Configure Settings in Xero

Select Supplier

Create a Supplier/Vendor in Xero e.g. Zomentum Payments. This is used for recording transaction fees

Create vendor in Xero.

Select Expense Account

Select the Expense Account where Zomentum Payments can book its processing fees, in order to reconcile payouts and platform fees.

Note: This is an example for the expenses account, talk with your accountant for the correct configuration!

Select Income Account

If you are making use of the surcharges feature, please select the Income Account where Zomentum Payments can book these additional transaction fees as income.

Create an Income Account in Xero e.g. Zomentum Payments Surcharges - this is used for recording income from transaction surcharges.