Pushing Invoice Finance information to Xero accounts
Enhanced integration for Xero users
If you are a Xero user and you finance an invoice through Satago you can take advantage of our enhanced integration with Xero to post the accounting information directly to your Xero account, and cut down on any extra admin work. (You can also read our guide on how to account for Invoice Finance manually here).
There is no obligation to use this feature, you can continue to account for Satago Invoice Finance manually, but it will reduce your admin time.
How it works
When we make the initial advance, we will setup the Satago liability and the bank transaction for you to easily match in Xero.
When the invoice is paid by the customer, we will mark the invoice as paid (yes – we do the reconciliation for you!), remove the Satago liability, recognise the fees and create the bank transaction for you to match.
When you enable the enhanced Xero integration you need to select:
- Bank account: This is the account in which you will receive payments from Satago
- Liability account: This account is where you record how much finance you have received from Satago
- Expense account: This account is where you will record our fees
This is how it looks in Satago: