How Can I Manage Cost Centres and Funding Sources in Spendesk for Xero Integration?
Effectively managing cost centres and funding sources is key to ensuring accurate expense tracking and reporting when integrating Spendesk with Xero. Below are the steps and considerations for configuring and synchronizing these elements.
Setting Up Cost Centres
Access Cost Centre Settings: Navigate to Settings > Organization > Cost Centres in Spendesk. Here, you can create and manage cost centres.
Defining Cost Centre Scope: Cost centres can be tailored based on departments, geography, teams, or functions. For multi-entity setups, cost centres can be shared across entities via the Multi-Entity Settings.
Aligning with Xero Departments: Ensure that the names of Spendesk cost centres are consistent with your Xero Departments (Tracking Categories). This alignment ensures seamless expense reporting.
Including Funding Sources in Xero Exports
Mapping Funding Sources: In the Spendesk account settings, choose whether to map cost centres or analytical fields as funding sources.
Using Analytical Fields: If additional funding details need to be exported, select analytical fields as your funding source. These fields can provide richer data for reporting in Xero.
Maintaining Cost Centre Configurations: Pre-configured cost centres mapped to Xero can be retained, or adjusted based on the context of their use.
Synchronizing Spendesk and Xero
Understanding Two-Way Sync: - The integration supports automatic two-way synchronization, meaning updates in Spendesk or Xero are reflected in both systems.
Sync Timing: Synchronization occurs overnight by default. However, you can manually refresh the Xero connection if changes don’t appear as expected.
Troubleshooting Sync Issues: Before manual refresh, ensure all payables are exported, as they return to Prepare during the refresh. Confirm that tracking categories are active in Xero. If the issue persists, a technical review might be necessary.