Prism Finance And Xero Overview
Overview of Both Systems
The integration with Xero allows Prism Finance users to manage finance transactions and billing processes in Prism, along with payment reconciliations and other accounting specific tasks in Xero.
Specifically, Xero is used to:
- set up Chart Of Accounts and Tax Rates;
- set up bank feeds;
- reconcile payments to client invoices (exported from Prism into MYOB); and
- manage the core accounting functions including ledgers, trial balances, balance sheet, profit and loss, accounts payable, accounts receivables, payroll, GST reporting and Activity Statements.
Prism Finance is used to:
- manage clients (horse owners) and their ownership on each horse;
- manage finance transactions (expense and credits) and allocate to correct accounts from Chart Of Accounts exported from MYOB;
- import client payments from MYOB to maintain their account balances; and
- generate and issue invoices to clients in each billing cycle.
Owners, invoices and credit notes are all synchronised from Prism to Xero, each financial period.
Owner payments are synchronised from Xero to Prism very soon after reconciliation of those payments to each invoice in Xero. This ensures an up to date accounts receivable overview by Owner (debtor), in both systems at all times.
- Subscription to the Prism Finance module;
How to integrate Prism and Xero
Prism has chosen Xero as its Finance partner quite simply because they are recognised as the best online accounting system in the world. It is simple and easy to use, affordable but powerful and also able to be integrated to a wide variety of third ...
Sample Xero screens and reports
Accounts Receivable in Xero With all Invoices, Xero creates an Accounts Receivable that mirrors the amounts and Owners in Prism. For Bill Payment via Prism Pay, the payment will automatically reconcile against Prism and Xero. Where there is a bank ...
Prism Finance and MYOB Overview
OVERVIEW OF BOTH SYSTEMS The integration with MYOB allows Prism Finance users to manage finance transactions and billing processes in Prism, along with payment reconciliations and other accounting specific tasks in MYOB. Specifically, MYOB is used ...
Get Started with Prism Finance
Prism has partnered with Xero, Thoroughbred Payments and Thoroughbred Recoveries to bring you a revolutionary new dimension to efficiently manage your operation’s expenses, invoicing, payments and overall management. Prism Finance Overview Prism ...
How to configure Tax Rates, Accounts and Tracking Categories
Configuring Xero Tax Rates, Chart of Accounts and Track Categories is the first step to improved stable management via the Prism Finance module. Every single expense should have a Tax Rate and an Account assigned to it, whether it be in your Rules ...