In this article we look at Nook's Xero accounting integration, how it works, what syncs from Xero to Nook and from Nook to Xero.
What data does Nook pull from Xero?
- Purchase Invoices: All details related to your purchase invoices are transferred.
- Purchase Payments: Records of payments made for purchases are synced.
- Purchase Credit Notes: Any credit notes issued against purchases are included.
- Contacts: Your business contacts, including suppliers and customers, are imported.
- Items: Details of items that you buy or sell.
- Chart of Accounts: The entire chart of accounts from Xero is brought into Nook.
- Tracking Categories: These are used for more detailed reporting and are synced as well.
- Tax Rates: The various tax rates you use are imported to ensure accuracy in financial documents.
The integration can retrieve up to 6 months of historical data from Xero, providing a comprehensive view of your financial data right from the start.
Invoice Approvals
Once integrated, any bills in Xero that are in the "Awaiting Approval" status in Xero will be synced with Nook. However, these bills will require approval within Nook before they can move to the "Awaiting Payment" status ready to be paid. This feature ensures that all payments undergo a robust approval process, enhancing financial control.
For businesses that prefer to handle the approval process outside of Nook, there's an option to disable the "Sync Awaiting Approval" feature. With this setting turned off, Nook will only pull bills from Xero when they have reached the "Awaiting Payment" status, allowing you to maintain your existing approval workflows outside of Nook.
What data does Nook send back to Xero?
Nook also ensures that your financial records in Xero are kept up-to-date. Here's how data flows back to Xero from Nook:
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Purchase Orders: Any purchase orders processed through Nook are synced back to Xero, ensuring that your financial records are up-to-date.
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Purchase Invoices (Bills): If you use Nook for invoice processing, any new invoices created in Nook will be synced back to Xero as a bill in the equivalent status. Once bills are processed or paid in Nook, the details of these bills, including any status updates or modifications, are synced back to Xero.
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Purchase Credit Notes: Similar to invoices, any credit notes generated or processed in Nook are updated in Xero to reflect accurate financial data.
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Nook Wallets: Transactions made from Nook wallets are recorded in Xero, including deposits into and withdrawals from these wallets, ensuring your cash flow records are precise.
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Payment Records: After payments are processed in Nook, the corresponding records, including payment amounts, dates, and recipient details, are synced back to Xero. This process ensures that your ledgers accurately reflect the latest payment statuses.
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Reconciliation Data: Nook streamlines the reconciliation process by automatically matching payments made through Nook to their respective invoices or purchase orders in Xero. This feature extends to reconciling transfers between your bank accounts and Nook wallets, simplifying the often complex and time-consuming task of month-end closing.
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Supplier Details: Updates to supplier details made within Nook, such as changes in bank information or contact details, are synced to Xero. This ensures that your supplier records in Xero are always current, reducing the risk of payment errors.