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 to bank transfer, Cheque or Cash, you can manually mark as paid in either Prism or Xero and they will update both systems.
Accounts Payable in Xero
By contrast, the payable items will go to Bill item in Xero for each supplier. Normally, the bill is the group of expenses which have the same reference number. If that number was not defined, it will create a separate bill in Xero. Here is an example of a bill in Xero:
The same as invoicing, Xero will determine where to place expenses based on the inputs you provide relating to tax rates and account codes, thus reinforcing the importance of ensuring your have the right details in Prism to direct all revenue and expenses. The created bills will go to Account Payable as below:
Prism will feed Xero the key Horses Expenses and Owner revenue, with all other expenses and items captured directly in Xero; including BAS Reporting, Payroll, Leave, Accounts Receivable, Accounts Payable, Balance Sheet, Ledger Accounts and Profit and Loss. Key samples with imported data is highlighted below.
General Ledger in Xero
This report can be run in Xero.
For more details, check https://central.xero.com/s/article/General-Ledger-report.
Trial Balance in Xero
This report can be run in Xero.
Balance Sheet in Xero
This report can be run in Xero.
Profit and Loss in Xero
This report can be run in Xero.
For more details, check this https://central.xero.com/s/article/Profit-and-Loss-New
Related Articles
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 ...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 ...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 ...How to Manage Suppliers in Finance
From top navigation, click on Supplier, it shows you the list of suppliers you have in the system. This helps you to manage your supplier list, their contact and transactions (later on, not with the current version) you have with a specific supplier. ...How to use the Finance Dashboard
Once created, all Statements and the Status of each can be viewed under the Owners profile or in the Finance Module under the Dashboard tab - Statements All statements created will be listed in this screen. Statement information includes: Statement ...