Important information about your accounting Imports;
- All Invoices generated in SimplySwim when imported into XERO will Debit your SimplySwim Control Account and Credit the relevant SimplySwim Revenue Account e.g. Learn to swim, squads, shop-beverages, shop-confectionary etc.
- All payments received through SimplySwim when imported into XERO will debit the relevant clearing accounts e.g.Cash on hand, Eftpos clearing, Direct Debit Clearing etc. and credit your SimplySwim Control Account
When reconciling your bank feeds please do so as follows.
- Bank Deposits reconcile to SimplySwim Control Account
- Cash deposits reconcile to Cash on hand account
- Merchant Settlements reconcile to Eftpos clearing account
- Direct Debit Settlements reconcile to Direct debit clearing account
- Active Kids Voucher Settlements reconcile to Active kids vouchers 907
Please note that as your direct debit & merchant settlements will be an amount excluding fees deducted prior to settlement a manual journal adjustment will need to be created in XERO to account for these fees in this instant you will credit the relevant clearing account (Eftpos Clearing 902 or Direct debit clearing 906 ) and debit your relevant expense account ( I notice you have to accounts set up in XERO already bank fees 404, please speak to your accountant to see if they would like these applied to this account or if they want to create an additional account)