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Silverfin provides two sync options for Xero to meet various accounting needs. This guide outlines how each sync works and how they manage transactions and financial year settings.
TABLE OF CONTENTS
What types of Xero syncs does Silverfin offer?
- Regular Xero Sync: Ideal for companies without foreign exchange transactions.
- Xero TB Sync: Designed for companies with foreign exchange transactions. This sync retrieves trial balance data at the end of each period, rather than detailed nominal data.
How Does Silverfin Calculate Transactions?
- The Regular Xero Sync processes each transaction individually. You can view these transactions by clicking the 'View Ledger' button on the account.
- The Xero TB Sync retrieves the trial balance at each period’s end, instead of bringing in detailed nominal data.
- The financial year start date is defined within Xero, while Silverfin provides the endpoint date for the balance. For example, entering "2022-07-31" will fetch the Year-to-Date (YTD) balance according to Xero’s fiscal year definition.
Since Xero's API does not expose foreign exchange adjustments, the sync may not align if the financial year definitions in Xero and Silverfin differ. To resolve this, please ensure that the financial years in Xero match those in Silverfin. If aligning the years is not feasible, consider using the Regular Xero Sync if foreign currency transactions are not an issue.