Enterprise Accounts - Xero Sync

Enterprise Accounts

Xero – Silverfin

This method allows us to keep the automatic sync of data between Xero and Silverfin, so we do not have to do a manual upload for enterprise accounts.

1.    Within Silverfin, you will need to change the file type to “analytical” for this method to work:

·        On the main dashboard, click “edit client.”

·        Then click into the “configuration” tab.

·    Under “file type” you will need to change the drop down from “standard” to “analytical.”

2.    Now moving into Xero, we will need to create tracking categories for the specific enterprises within your clients’ accounts:

·        Click into the “Accounting” tab along the top blue bar.

·        Then click “Advanced.”

·        Click into “Tracking categories.”

·        Then press “Add Tracking Category” to create your list of enterprises.

·        NOTE – if your client has several enterprises, as well as just general overheads which do not relate to a specific enterprise, you will need to create an extra category for “general overheads” as any P&L items not allocated to a tracking category WON’T pull through to your P&L in the accounts.

·        NOTE – Xero only allows a maximum of 2 tracking categories to be used at a time, so if you find that your client’s bookkeeping software has 2 tracking categories set up already, then you will need to have a discussion with the bookkeeper and/or client to work a way around this.

3.    Once you have created your tracking categories within Xero, you will need to ensure that all P&L items are allocated to a tracking category. The quickest way of doing this is via “find and recode”:

·        Click into the “Accounting” tab along the top blue bar.

·        Then click “Advanced.”

·        Click into “Find and recode.”

·        Click the “Find and recode” button again.

·        “Add a condition” to filter down the items you want to allocate to a specific category.

·        Once you have filtered down and selected the items you want to allocate, click “Recode.”

·        Within the recode transactions pop up, press “+ Add” to include the tracking category for your enterprises, then select the enterprise you want to allocate to.

·        Press “Review” then “Confirm.”

4.    Once you are happy all the profit and loss items are allocated to an enterprise tracking category within Xero, you can then move onto Silverfin and map your nominal codes to the matching ones in Silverfin.

·        NOTE – this process eliminates the use of the enterprise nominal codes that were set up in Silverfin for the old method. So, these do not need to be used anymore, and you can go ahead and map the nominal codes as you would do working on any another client.

5.    Once all the data is synchronised into the Silverfin, from Xero and you have mapped all your accounts. You are ready to prepare your accounts in Silverfin as usual.

When Silverfin synchronises the data from Xero, they recognise the “tracking categories” and bring these into the Silverfin software and are known as “Dimensions.”

NOTE – if you have more than 1 tracking category set up in Xero, then Silverfin will pull in all tracking categories, named “Dimension 1” and “Dimension 2”. These will be in the same order as Xero.

6.    If you make any adjustments within Silverfin, you can also allocate these to an enterprise, through the “Dimension” drop down.

7.    Once the working papers are complete and the accounts are ready to export, you will need to add the new P&L report to the client within Silverfin.

·        Click into the “Reports” tab along the top blue bar.

·        Click “Add new report.”

·        In the “Main reports” section, select one of the reports named “Enterprise detailed profit and loss – unincorporated” (depending on which tracking category in Xero is being used for the enterprise allocations, if you have 2 tracking categories being used in Xero).

·        NOTE – this guide is an example of a partnership, but if you are preparing an LLP or Ltd Co, there are separate reports for these, so just select those.

8.    Once the relevant report is open, you need to add in all your enterprises:

·        Select the “Dimensions” button.

·        Here you need to go in and tick all the enterprises.

·        Then click “Apply.”

9.    Once you hit apply, the P&L report should then update to show all your enterprises for the year as well as comparatives.

·        NOTE – if you want the comparatives figures to pull through then you will need to ensure that all P&L items for the previous year are allocated to a tracking category/dimension also.

10.  Any P&L items not allocated to a tracking category/dimension, will not be included in the P&L report, and currently, there is no warning or error code that flags to say if our P&L report does not reconcile.

So, the only way to check all P&L items are pulling though would to be by summing together all your net profit/(loss) figures at the bottom for each enterprise on the report. Then compare this net figure to the standard profit and loss report within section “3. Accounts Production” – then if a difference is identified, this will need to be investigated for any uncategorised amounts.

11.  Once you are happy the report agrees, and the accounts are ready to export:

·        Click into the “Exports” tab along the top blue bar.

·        Select “New export”

·        Choose your accounts bundle from the drop-down list, as normal.

·        Drag and drop the “Report” from the right-hand side.

·        Once the report is placed where you want it to be in the accounts, select the enterprise report from the drop-down list.

·        Scroll down to the dimensions and tick the ones you want to show in your report.

·        NOTE – you can change the name of the report heading to whatever you want, the default will be the name of the report.

·        If you want each enterprise to be shown on a separate page, then you will need to drag the report into the accounts as many times as there are enterprises, then when ticking the enterprises to be included, just tick the one you want to include for each page.

·        NOTE – if you are choosing to have each enterprise on a separate page, you can change the name of the report to the name of the enterprise.

·        Once you have included all the enterprise P&L pages, press “Generate export” and the accounts will be ready to view.

Possible errors and how to fix them

1.    If you notice a red circle next to the report name with a number in, this means there is some mapping from nominal codes that have not been allocated to the report, meaning it isn’t pulling through into the profit & loss.

This may be due to you adding the report into the system before you have finished making any adjustments. So any new nominal codes you have posted to since adding the report, will not be included and will need to be added:

·        Simply, click into the report.

·        Select the “Actions” drop down.

·        Click “Remove report”.

·        Then go through the process of readding the report (per steps 7 & 8 above)

If the problem persists, then follow these next steps…

The report template has been mapped and set up to match the standard P&L report we already have in Silverfin, so most of the nominal codes should be allocated correctly to the P&L report, but this issue may occur on a rare code. Once you allocate that code in your current year, you should not have to re-allocate it in the next years going forward.

·        Click into the report.

·        Select the “Actions” drop down.

·        Click “Edit report”

·        Scroll down and on the right-hand side you will see a section for “unallocated accounts” - in there should be the nominal codes that haven’t been included in the report.

·        Scroll down through the P&L layout, showing the groups of income and expenditure and find the relevant income or expense group you want to put this nominal code in. Click the little arrow next to the heading, so the arrow expands to show all nominal codes allocated to that heading.

·        From the “unallocated accounts” section, drag and drop your nominal code into the expanded heading.

·        Then scroll up and “Save report” in the top right corner.

·        Then in the top left corner, select “View report” to see the P&L report again.