Role: ✔ Accountant, ✔ Admin, ✖ Team Manager, ✖ Employee, ✖ Bookkeeper
Setup
In order to get the best results with Accounting CSV, it is recommended that you adopt the following setup:
Chart of Accounts
Ensure that you have created Categories for each Expense account in Xero and that the Account Code set in Summit is the same as the Account Code set in Xero.
Tax
Ensure that you have created Tax Name and Tax Rate in Summit. You can also set default Tax on your categories to auto-select tax per transaction.
Transactions
Ensure that all of your transaction details are correctly filled with necessary information (Category, Tax, Vendor, Notes, etc.) before you export the file as CSV.
Export Transactions from Summit
In Summit, you can export 3 types of data transactions using Xero CSV templates.
- Bank Statement
- Bills to Pay
- Precoded Bank Statement
Import Transactions Into Xero
After downloading the data, you can import the file into Xero. This section will serve as a guide on how to import transactions to Xero based on the type of data you have exported in Summit.
A. Bank Statement and Precoded Bank Statement
1. On your Xero dashboard, click ‘Accounting’ > ‘Bank Account’ on the menu bar.
2. Click ’Manage Account’ > ‘Import a Statement’.
3. On the Import Bank Transactions page, you can skip the first two steps and proceed directly to Step 3: Upload the bank statement file here... Click ‘Browse’ and select the CSV file you want to import.
4. After you have completed the steps, click ‘Import’.
B. Bills to Pay
1. On your Xero dashboard, click ‘Business’ > ‘Bills to Pay’ on the menu bar.
2. On the Bills page, click ‘Import’.
3. On the Import bills to Xero page, you can skip the first two steps and proceed directly to Step 3: Import the updated template file. Click ‘Select File’ and select the CSV file you want to import.
4. After you have completed the steps, click ‘Confirm’.
And that's it! Exporting transactions to Xero using Accounting CSV is an efficient way to keep your financial data organized and up-to-date. By following the steps provided, you can ensure a smooth and accurate integration of your transaction data into Xero.
If you have any questions or need further assistance, don't hesitate to reach out to us at support@summitglobal.com. We're here to support you!