Xero Integration

Sharesight features
5

Hi again @ecco I have 5 Xero organisations (for what it’s worth - one Starter and four Non-GST cashbooks). Each of four of the organisations are connected to one Sharesight portfolio. The fifth xero organisation is connected to five Sharesight portfolios (ie 5 to 1).

I have no off-system workarounds - all transactions are directly posted from SS to Xero. I do have a couple of foreign currency holdings in SS which are all translated to $A by SS and posted to Xero in $A. So the forex works for me.

I actually used to have my children’s portfolio in a spreadsheet that I manually posted to xero and it go too messy so I put them all onto SS.

Set up was pretty simple. I needed to set up the following accounts in Xero.

  • Revenue:

  • Unfranked Income

  • Franking Credits (Revenue)

  • Interest Income*

  • Realised Gains / Losses

  • [*Note I have 2 interest income account in Xero. ONe for int income from SS and one for other interest - e.g. on cash accounts that are not set up in Sharesight]

  • Assets:

  • Franking Credits (Asset)

  • TFN Withholding Tax

  • Non Resident Withholding Tax

  • Dividend Reinvestment Plan (DRP) Balance

  • Share Market Investments

For Xero cashbook organisation you also have to map the bank accounts
Select Bank Account Mapping:
-Select Bank Account for Trades
-Select Bank Account for Payouts (Dividends)

For My Xero Starter organisation (ie non-cash book I think) SS posts cash transactions as invoices so you can match them to payments in any account

There’s a good SS help page to walk you through it.

The only extra steps are:

  1. a month end reversing journal in xero to mark carrying value to market (which I run from the historical cost report)
  2. year-end adjustments and journals
    See this link for some colour on this (part 2 to come!)
    Xero guides - Managed Fund Statements (part 1)

Hope this assists
cheers

1 Like