To connect your Xero account to SVB T&E, the first step is to log in to your SVB T&E account and head to the 'Accounting Integration' tab of your company settings. (Note, only admins can edit the Accounting Integration settings).
Step 1: Connect to Xero
Click the 'Connect to Xero' button:
Enter in your Xero credentials, and then click "Allow access"
Step 2: Choose your Sync Option for Corporate Card Transactions
Decide whether you want corporate card transactions to sync automatically to Xero once they are in a "completed" state or if you prefer a manual pre-reviewed sync.
For Auto-Sync:
Toggle the Require Accounting Review option to "Off". In this mode, corporate card transactions will sync automatically to Xero after an admin approves the transaction and it is marked as complete.
For Pre-review Sync:
Toggle the Require Accounting Review option to "On". This setting requires an additional review of corporate card transactions prior to syncing them to Xero. Once turned on, approved corporate card transactions will appear on the new Accounting page in the Admin menu bar. Admins can view and edit transaction details before syncing them to Xero. Learn more about the manual accounting sync feature here.
Step 3: Select a Default Expense Account
This will be used in the rare case that an expense does not have a Category selected or the Category selected is not mapped to an expense account.
After you map your Categories, each expense will be booked to the correct expense account from Xero.
Step 4: Select a Bank Account
Select Cash or Accrual Method, and then choose the bank account from Xero where you want Bills/Bill Payments synced.
Cash Method:
SVB T&E will create a Bill and corresponding Bill Payment in this account each time we debit this bank account for reimbursements (max once a day for the sum of all expenses approved that day). Each expense in that batch will be represented as a line item in that Bill. The Bill Payment amount will match the debit you see on your bank account for easy reconciliation.
Accrual Method:
SVB T&E will create a new Purchase Transaction for each expense against an SVB T&E Clearing account. Expenses sync based on the date the expense was incurred, rather than reimbursed. When the expense is reimbursed, we will create a transfer in the amount of the associated debit from your bank register to the SVB T&E Clearing account so everything zero's out.
Step 5: Map your Corporate Credit Cards
Here is where you'll sync your credit card data into your accounting software. Select the account in your books that is managing your corporate card activity.
Each time a corporate card expense is approved in SVB T&E we will push a corresponding transaction into this account automatically*.
You can map to a single feed or you can map each individual card to its own feed. This can come in handy if you're managing several card programs inSVB T&E or manage each card in its own feed in Xero.
Step 6: Map your Categories to your Chart of Accounts
The final step is to map SVB T&E categories with your Xero categories, sometimes referred to as your chart of accounts.
You can perform that mapping on the 'Categories' tab. You'll now see a new column called 'Xero Chart of Accounts'. You can add and remove categories on the left (what everyone on your team will see in SVB T&E) and then map them to the corresponding category / account in Xero.