Using Xero Online Accounting with AssetManager Pro

Using Xero with AssetManager Pro

Overview


AssetManager Pro has been designed to integrate into a range of popular Accounting systems including MYOB AccountRight, Reckon Accounts, Intuit QuickBooks Online and Xero via the generation of a journal import file that is exported from AssetManager Pro and imported into the accounting system being used.

The following article provides an overview of integrating with Xero.

The key steps are:
  1. Ensure your Asset at Cost, Accumulated Depreciation and Depreciation Expense Accounts are present in Xero
  2. Create the same Accounts in AssetManager Pro via the Accounts List ensuring that the Account Numbers match exactly.
  3. Link the Accounts to their corresponding Asset Groups in AssetManager Pro
  4. Report on the Depreciation Journals in AssetManager Pro
  5. Export the Journals from AssetManager Pro
  6. Import the Journal file exported into Xero.


Setting up Xero Accounts in AssetManager Pro.


The first step in integrating AssetManager Pro with any Accounting system is to enter the various asset and expense related accounts including Asset at Cost, Accumulated Depreciation and Depreciation Expense.

Typically there is one of each of these accounts per Asset Group for example Motor Vehicles, Computer Equipment however the same accounts can be used across multiple asset groups.

The screenshot below shows the Asset Accounts for Motor Vehicles, Plant and Equipment, Building and Improvements, Artwork and Land in XERO.


 


These Accounts along with the applicable Depreciation Expense Accounts are entered into the Account List screen in AssetManager Pro (Accessed via the Setup Menu)



Linking the Accounts to your Asset Groups in AssetManager Pro


The next step is to link the Accounts to the Asset Groups in AssetManager Pro. This ensures the Asset Depreciation and Transaction Journals are generated in line with the separate accounts defined by the Asset at Cost, Accumulated Depreciation and Depreciation Expense Accounts for each Asset Group.

The Accounts are linked via the Asset Group Screen (Acquisitions --> Asset Groups)



Reporting on your Transaction Journals


With the Accounts created and linked, you can now run the Asset Depreciation Journals (supported by a range of detailed and summary Depreciation Reports) to get the Journals that need to be entered/imported into Xero.


Importing the Depreciation Journals into Xero


Rather than manually entering the journals as per the report above, you can create an import file that imports directly into Xero via the Journals by selecting the Xero format as part of the Depreciation Journal Export





Then you can enter or import into Xero via the Journals function

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