Requirements to get started;
• An active Payrix account
• An active Xero account, and access to Xero.com
Step 1: Set up the two accounts for payments and reconciliation.
• Bank account – your bank account should be the same as your settlement account that Payrix deposits cleared funds into. This account is kept up-to-date with bank feeds or statement imports.
Ensure your bank account is set up correctly in Xero. The bank account must have a unique code, and the type be set to ‘bank’
• Payrix Clearing Account – this is a ‘current asset’ account which is used in the automatic reconciliation process, matching payments with invoices.
To create a clearing account, please follow the steps below:
(a) Stay on your Chart of Accounts page.
(b) Click the Add Account button.
(c) Enter the below details into the following fields:
• Account Type: Select Current Asset from the drop-down.
• Code: Type ‘Payrix’.
• Name: Type ‘Payrix Clearing Account’.
• Description: Type a description if required (this is optional).
• Tax: Select BAS or GST Excluded from the drop-down
• Enable Payments to this Account- it is important that you tick this box
(d) Click Save
Step 2: Create Bank Rule in Xero
(a) Click 'Accounting' on the navigation bar.
(b) Select 'Bank Accounts' on the drop-down menu.
(c) Click 'Bank Rule'.
(d) Click on 'Create Rule' on the right hand side of the menu
(e) Select 'Receive Money Rule' tab on the menu
(f) Set the Conditions as per below details:
Condition 1.
First line: select ‘All’ from the drop-down list.
Second line: from the 2 x drop-down menus select ‘Any text field’ and ‘Contains’ – and then type ‘IPAY Xero’ in the last field.
Condition 2.
Select an existing or new contact.
In the right-hand field, type 'Payrix'
Condition 4.
Description: type ‘Invoices’.
Account: select ‘Payrix Clearing Account’ from the drop-down.
Tax rate: select ‘BAS Excluded’ from the drop-down.
Percent: type ‘100’
Condition 5.
Select 'from the description' from the drop-down menu
Condition 6.
Select the bank account you are nominating for Payrix settlements
Condition 7.
Type ‘Income from Payrix’ in the text field.
(g) Save these conditions.
Step 3: Integrate Payrix with your CreditorWatch Collect account.