What is the difference between Xero Bank Feed and Xero Expenses and Bills connections?
While related, the Xero Bank Feed and Xero Expenses and Bills connections enable different functionalities.
The Xero Bank Feed integration enables you to automatically sync all your Airwallex wallet transactions to Xero on an hourly basis.
The Xero Expenses and Bills connection is an add-on to the Xero Bank Feed integration. It enables you to:
- Import your accounting information (e.g., chart of accounts, tracking categories, etc.) from Xero into Airwallex and;
- Sync expenses and bills back to Xero for reconciliation against the bank feed (receipts and invoices will be synced over alongside expenses and bills)
Importing accounting information into Airwallex allows you to delegate tasks like expense and bills categorisation to your cardholders or bills users. They’ll be able to log in to Airwallex to:
- Categorise expenses and attach receipts
- Categorise bills and attach invoices
When the expense or bill syncs to Xero, it will sync with all the relevant information and associated receipts / invoices.
What happens after an expense is approved?
Once an expense is approved, it will automatically begin the syncing process to Xero. The expense will be synced to Xero as a spend money transaction and will include the following information:
- Transaction details
- Attached receipts (if any)
- Merchant selection (if any)
- Description (if any)
- Expense category selection (chart of account)
- Tracking category selection (if any)
- Tax rate selection (if any)
- Comments (if any)
To check the status of the expense sync to Xero, refresh the page. If the expense status is “Synced”, then the expense has completed syncing to Xero. If the expense status is “Sync failed”, then there was an issue that prevented the expense from syncing to Xero.
- Expenses that are still pending when approved will only begin syncing to Xero once the transaction settles.
- Note when importing assets from your chart of accounts to Airwallex, you cannot import accounts that are marked with the “Inventory” asset type in Xero
- When syncing expenses to Xero, if the expense is assigned to an existing Xero contact, the expense will be synced to the selected contact. If a new merchant value is entered that is not an existing Xero contact, the expense will sync to a default “Airwallex Expenses” contact.
- Individual comments synced to Xero will be displayed at the bottom of the bank transaction, under History & Notes.