It is simple and easy to use, cheap but powerful and also able to be integrated to a wide variety of third party add-on’s.
After Statement synchronization, all transaction are pushed to Xero with invoices and payable items are imported to based on the accounts you defined to charge the amount to and the tax rate applied.
Prism is essentially capturing all horse costs, creating the statements and billing the owners while also funneling each expense to the relevant Account Code to enable future reporting via Xero (ie., P&L, BAS, Payroll)
Invoices are created based on owner’s account, including horses and ownership share. Invoices includes all expenses captured per each horse they Own and assigned on % Ownership. In Prism, each of the invoices are itemised and highlighted with a Statement cover sheet highlighting the total cost.
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 an bank to bank transfer, Cheque or Cash, you can manually mark as paid in either Prism or Xero and they will update both systems.
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.
PROFIT AND LOSS