IMPORTANT! In order to minimize as many potential errors as possible, your setup should be the same for Xero and Budgeto. For Example;
Your fiscal year in Xero should match the fiscal year entered into Budgeto.
Both systems should use the same country.
Both systems should use the same currencies.
NOTE, Budgeto will never "write" anything into your Xero account, as Budgeto only reads the data. Changes you make in your Budgeto account WILL NOT overwrite anything in your Xero account.
To link Xero to Budgeto, follow these few easy steps:
1- Click on the Link a Softwaresub-menu available in the historical menu:
2- Click the Connect to Xero button (Blue and gray rectangle on the right side of your screen).
3- Sign in to your Xero Online account.
4- Choose which company/organization you want to connect to Budgeto.
5- Choose the months you want to import in Budgeto. You can import as many years of financial results as you want in the past.
However, we suggest that you import only the last fiscal year. This is because the LAST YEAR selected in your Historical Profit & Lost Statement, or Historical Balance Sheet is the most important because these are the past historical information you will see in your future finical projection reports/budget.
6-Congratulations! Your Budgeto and Xero accounts are now synced!
WHAT TO DO NEXT
Now that your Budgeto and Xero accounts are synced, there's a few things you can do next:
1- Navigate to your Historical Dashboard
At the top of the Historical Dashboard, you will find information relating to your "Company Settings". This is the same information/settings found in the normal company settings menu. Note that you will see a helpful tip below explaining exactly what your fiscal year is set to.
2-Review the validation in both your Historical Profit and Loss and Balance Sheet. Confirm that the Validation is 0.00 for every month.
3- Remember to SAVE any work you have done.
Remember! You can always go back and edit your Xero mapping with Budgeto. Here is another useful article from our Knowledge Base that explains how to proceed: - How to edit your MAPPING with Xero
YOU'RE NOT DONE!
After linking/mapping your Budgeto account with your Xero account, it is IMPORTANT that you work on your Manual Variations.
TheManual Variations Menu deals with the movement of money in the future that is related to your past. For example, you need to "teach" the system (Budgeto) when you will receive or move money associated with your accounts. (Ex: Accounts Receivable, Accounts Payable, etc.)
Now that you have completed your synchronization with yourXero account with Budgeto, it's time to fill out your budget. It's important to focus on your company's FUTURE and what's to come so you can be better prepared and have everything laid out for you. This is why at this stage we are asking you to fill up forms rather than extrapolate the past. We want you to think differently, we want you to plan for what you have never done.
That's why it is critical to have a solid understanding of your financial projections. Get started with these articles from our Knowledge Base: