July 5th 2019 update - Your guide on one-click invoice creation, payments, Xero Sync and reconciliation with Clearing Accounts.
You asked and we listened - GeoPay is now better than ever! We’ve made it easier to collect payments, generate an invoice and sync into Xero - all with the click of a button!
You can also reconcile your payments more easily with the helping of clearing accounts in Xero.
Now you and your team can collect payments instantly while keeping admin work to a minimum - saving you time and reducing any unnecessary stress.
One-click to invoice, collect payment and sync to Xero
Once you’ve reconnected Stripe you’ll gain access to the new one-click feature. With this improvement, 'GeoPay Collect' now creates an invoice automatically and syncs to your Xero account.
Need a refresher on GeoPay? Check out our previous support page here.
How one-click works
First, click on GeoPay Collect on the right-hand side of the page.
Fill in the necessary details in the pop-up window and then click Collect.
And you’re done! - as soon as you click Create an invoice will be created and synced to Xero automatically.
You can check more details of the created invoice on your Xero account.
In the Contacts and GeoPay section of Xero, the created invoice will appear in the "awaiting payment" status until payment has been finalised.
Easy reconciliation and Clearing Accounts
Checking your payments across GeoPay, Stripe and Xero to see if they match against your bank statements can be a bit of a headache. But now GeoPay lets you more easily reconcile your payments between Stripe and Xero with the help of Clearing Accounts.
What is a Clearing Account?
A clearing account is a temporary account that contains all the costs or amounts that need to be transferred to another account (such as your bank). With the clearing account, in Xero, you’ll have all your GeoPay related payments in one place for easy reconciliation. That way all your payments are easy to review and manage, rather than being all over the place across multiple platforms.
Setting up a Clearing Account
First set-up a GeoPay Clearing and Expense Code in Settings > GeoPay Settings
Select GeoPay on the Xero GeoPay Contact in GeoPay settings
Now on your Xero account, your invoices will appear with their respective payment status.
Under Account Transactions, select Stripe Clearing.
This will pull all the relevant transactions in one-place on the Account Transactions section of Xero, this is your clearing account.
For an easy reconciliation, once the payment flows to your business bank account, the transactions will appear on the 'Cash Coding' section of Xero.
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