Where do the settlements imported in Xero go?

By Michael Schwartz

Updated 14 days ago

Once you import your settlements from Taxomate to Xero, there are two scenarios:

1. Import and reconcile single invoice

Let's say Taxomate sends a settlement for the period [Enter Period] into Xero. This settlement gets imported as a draft invoice.

To see the settlement as a draft invoice in Xero, go to Business from the menu bar and select, Sales Overview

[Enter image]

This will bring you to the page where you can navigate to all your invoices in DraftPaid or Overdue statuses. 

Click the Draft button. All the settlements from Taxomate can be viewed here.

Once you are satisfied with the accuracy of the settlement click the Approve button and proceed to reconcile it against the Amazon payment in your bank account.

[Enter invoice approval image]

To reconcile the settlement against the payment, follow the below process:

From the Accounting menu, select the Bank Accounts option.

[Enter image]

Select the bank account in which you receive the payments from Amazon. [Note that this is the same bank account which you have also configured in the Taxomate.]

[Possibly enter the article link explaining configuring bank account in Taxomate]

You should see Xero auto-suggesting the deposit from Amazon to be reconciled against the approved invoice.

[Enter image]

Click the OK button to reconcile the Amazon payment.


2. Import and Reconcile Multiple (Split) Invoices

 When the pay periods of a Taxomate settlement spans around two months, Taxomate splits the settlement into two invoices within Xero. The reason behind this split is that Taxomate matches the revenue and the associated costs with the respective months.

In order to reconcile the multiple invoices with a single Taxomate's settlement within Xero, follow the below process after importing the settlement within Xero:

To see the settlement as a draft invoice in Xero, go to Business from the menu bar and select, Sales Overview

[Enter image]

This will bring you to the page where you can navigate to all your invoices in DraftPaid or Overdue statuses. 

Click the Draft button. All the settlements from Taxomate can be viewed here. In this particular case, you will see two extra invoices.

Once you are satisfied with the accuracy of the invoices click the Approve button and proceed to reconcile them against the Amazon payment in your bank account imported in Xero.

Now, to reconcile the invoices against the payment, follow the below process:

From the Accounting menu, select the Bank Accounts option.

[Enter image]

Select the bank account in which you receive the payments from Amazon. [Note that this is the same bank account which you have also configured in the Taxomate.]

[Possibly enter the article link explaining configuring bank account in Taxomate]

Track the Amazon payment that you have received in your bank account. 

[Enter image]

Click the Match tab to search for the invoices and match against the payment.

Once the invoices are listed select the invoices to which you want to allocate this payment and then click the Reconcile button. This will match and reconcile your payment against the invoices which have been imported by Taxomate.

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