Everything you need to know in one 5-minute video
For instructions on how to connect your Charge Card to Xero, see this guide.
Create Float Clearing account in Xero
Float needs a clearing account in your Accounting Software to record the two entries for every transaction that gets exported from Float to Xero.
To create a clearing account:
Head into Accounting > Bank accounts
Press "Add Bank Account"
Type in "Float Bank Account", hit the "Add it anyway" option to create the account
Specify account name "Float Balance"
Select account type as "Other"
And enter an account number that you would like to use. ex. "123456"
Float requires all accounts to include a code in order to sync. Please Xero and update any accounts that are missing codes to have them. This can be done by going to Accounts > Advanced > Chart of Accounts. Accounts which do not have codes should be visible at the top, because the default sorting is by Code. Click on each account to set a code.
Sync Float with Xero
You are now ready to import all of the accounting data into Float!
To connect with Xero:
Head into the Settings > Manage Accounting Integration > Select "Xero" option
Enter your Xero credentials and select the account you would like to Sync.
Wait up to 30 seconds for the accounting data to be imported into Float
Set your clearing account in Float Settings
Set the clearing account that you created in Xero earlier in Float
Set your clearing account:
Head into the Settings > Manage Accounting Integration
Use the dropdown to select your account, if you want to re-import your accounts, hit the "Resync with Xero" button
What data is synced between Float and Xero?
Float syncs your accounting data from Xero in order to make it easier for you to categorize expenses.
Categorizing transactions in Float
Now that Float and Xero are synced you can start categorizing your transactions and exporting them into Xero.
For every transaction, there are a few required fields:
GL code - imported from Xero and attached by admins
And a couple of optional fields:
Receipt - attached to transactions by spenders or admins (exported as native attachments in Xero)
Description - attached by spenders or admins
Tax code - imported from Xero and attached to transactions by admins
Custom tax amount - attached by admins
Non-taxable amount - attached by admins
Accounting vendor - imported from Xero and attached by admins
Tags - imported tracking categories from Xero, attached by admins
Exporting transactions to Xero
Once transactions have been categorized with the required and optional fields, you can export them into Xero!
Viewing transactions in Xero
You can easily find your exported transactions in Xero by searching for the vendor or GL code that the transaction was labeled with
Reconciling transactions in Xero
When you run your export from Float, the transactions will go into your Xero clearing account. A clearing account is essentially a holding pen, where you can put transactions until you're ready to fully reconcile them in your book!
To reconcile, you would reconcile the total in Xero to the total provided on our statement to ensure that your export and tally is complete and accurate. (E.g. Do I have $100K in my clearing account total, and $100K spent funds on my Float statement?)
Once you determine this is good to go, then you can complete your reconciliation
You would be able to transfer the balance to be able to reconcile it against the Float prepaid balance on the balance sheet
At the end of the month, your clearing account is "cleared", your expenses are reflected, and your Float bank account would be top-ups - your expenses (as Float was treated like a bank account, for pre-paid)
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