Detailed Explanation of Xero Mapping for Practice Pro + Accounting

Created by Allison Cloyd, Modified on Tue, 03 Jan 2023 at 07:48 PM by Robert Butler

Overview

In this article, we will give you a more details break down of the accounts that you can map from Actionstep to Xero.

This only applies to users who are on the Actionstep Practice Pro + Accounting plan and is just part of the process.  Please refer to our other article Xero Configuration in Actionstep Practice Pro + Accounting

 

Actionstep Account to selectHow it should be mapped
All Business Bank accounts

The appropriate bank account in Xero.

Please note that the bank account in Xero must have an account reference number (eg, "001"). Xero does not require one when the account is related but it will be required when mapping to Actionstep.

All Trust/Client Bank AccountsMap to the corresponding Xero bank account.
Trust LiabilityYou may need to create this account in your Xero Chart of Accounts as a Liability Account that allows payments. This is not a standard Xero account.
Trust TransfersYou may need to create this account in your Xero Chart of Accounts as a Liability Account that allows payments. This is not a standard Xero account.
Trust Paid by Firm

(Only for firms that are in a jurisdiction that allows Firms Interest in Trust, ie, those operating trust accounts in New Zealand)

If you will be using the Paid by Firm function in your trust accounts (making payments on behalf of the client before funds are received) then this account will have to be mapped. You may need to create this account in your Xero Chart of Accounts as an Asset Account that allows payments. This is not a standard Xero account.

Statutory Deposit Account

(Only for firms that are required to transfer a portion of their trust funds to a Statutory Deposit Account)

If applicable this will have to be mapped. Note that even though the account is a bank account in in your Actionstep Accounts list, it should be mapped to a correspondingly named Current Asset account in your Xero Chart of Accounts.

Accounts ReceivableThis should be mapped to the appropriate accounts in Xero. They will likely have a similar name in Xero.
Accounts PayableThis should be mapped to the appropriate accounts in Xero. They will likely have a similar name in Xero.
Deposits PaidThis and Deposits Received can both be mapped to the Tracking Transfers Account in Xero. The Tracking Transfers Account should be a standard account in your Xero Chart of Accounts.
Deposits ReceivedThis and Deposits Paid can both be mapped to the Tracking Transfers Account in Xero. The Tracking Transfers Account should be a standard account in your Xero Chart of Accounts.
Sales Tax CollectedThis and all Sales Tax accounts can be mapped to the Sales Tax account on your Xero Chart of Accounts. This might be Called "GST" or "VAT" in Xero depending on your country.
Sales Tax Collected AdjustmentThis and all Sales Tax accounts can be mapped to the Sales Tax account on your Xero Chart of Accounts. This might be Called "GST" or "VAT" in Xero depending on your country.
Sales Tax PaidThis and all Sales Tax accounts can be mapped to the Sales Tax account on your Xero Chart of Accounts. This might be Called "GST" or "VAT" in Xero depending on your country.
Sales Tax Paid AdjustmentThis and all Sales Tax accounts can be mapped to the Sales Tax account on your Xero Chart of Accounts. This might be Called "GST" or "VAT" in Xero depending on your country.
Sales Tax Payments/RefundsThis and all Sales Tax accounts can be mapped to the Sales Tax account on your Xero Chart of Accounts. This might be Called "GST" or "VAT" in Xero depending on your country.
Income AccountsAll Income accounts such as "Fees" and "Disbursements" and "Other Income" should be mapped across to the equivalent Income account in Xero.
Expense AccountsIf you are configuring Actionstep to allow Supplier invoices to be feed through to Xero, then you will also want to map each of the expense accounts through. You do not have to map these if you will not be entering supplier invoices into Actionstep.



Related Articles:

- Xero Configuration in Actionstep Practice Pro + Accounting

- Introduction to the Xero Integration