XERO

Modified on Mon, 27 Jun, 2022 at 1:22 PM

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 clearing account

Please note:
For direct debit & merchant settlements, an amount excluding fees will be settled to your bank account.

We suggest mapping these Tender Types to a clearing account within your Accounting platform. The Gross amount will be reported to this account from SimplySwim, with the Net amount posted to this account from the merchant settlement. The difference between these values is the fee amount charged by the payment provider, and needs to be manually entered within your accounting platform, usually as a purchase transaction so the applicable GST on the fee amount can be applied correctly.