When you are in the dashboard you can select Xero Import from the action bar, this will bring you to the Xero Import screen which will help automate the data coming into P2P directly from your Xero account.
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This is an easy way to get historical financial data loaded into the ESSENTIALS part of P2PAgri, straight from your Xero data. It’s a two-phase process:
Bring the financial year Xero ‘Trial Balance’ data into an editing page in P2PAgri. This allows the first view and edit ability of this data. Go to the bottom of this sheet to ‘save’ this data and bring into ESSENTIALS.
Once the Xero data is in ESSENTIALS you can do your final edits allowing you to further adjust your key assets to ‘market’ value numbers.
Then repeat this for each financial year you wish to import.
These are the 10 Steps to follow:
Step 1: Login to P2PAgri (click on the red ‘Login’ button)
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Step 2: Go to ESSENTIALS > Dashboard and click on the year in the timeline you wish to bring your Xero data in. We suggest you work from the most recent completed financial year and work back, financial year by financial year.
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Step 3: Click on the ‘Action’ button to the top right of your screen and select ‘Xero Import'.
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Step 4: Click on the ‘Connect to Xero’ button this will take you to the screen to sign into your xero account if you are not already connected. Once connected it may ask you to select the organisation you wish to allow access from and it will show you a list of permissions P2Pagri will require to pull in your Xero Data.
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Once connected P2PAgri will bring in all your data and put them into their associated account type: Income, Expenses, Assets and Liabilities
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Each Item you will be able to adjust if needed, and you can also opt to ‘Ignore Item’ if you don’t want to bring that item into P2Pagri
Once you are happy with with the information shown on the screen click ‘Save’ and this will import all your data to Profit and Loss and Balance Sheet
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Step 5: You then login to your Xero account by clicking the blue ‘Log in’ button
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Step 6: Select the business data you are bringing in from Xero. You can only bring in one business, which should be the business in which you do the most of your business transactions. Then select the ‘Continue with 1 organization’ button.
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Step 7: Your Xero ‘Trial Balance’ data will be brought into a special page in P2PAgri which allows you to (1) view (2) edit, (3) adjust and (4) alter the accounting categories before you bring this data into the P2PAgri > ESSENTIALS section. The aim here is to start to convert your ‘tax accounting’ Xero data into P2PAgri ‘Management Accounting’ data. Scroll down and check the:
· Income,
· Expenses,
· Assets, and
· Liabilities entries.
Please note that you can still edit this data once you have accepted this data by click on the orange ‘Save’ button at the bottom of this screen. This then pulls this data into the P2PAgri > ESSENTIALS.
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Step 8: Once you have checked over this Xero data and made your edits, scroll to the bottom of this page and select ‘Save’. This data will then be downloaded into your ESSENTIALS (1) Profit and Loss and (2) Balance Sheet.
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Step 9: Your data should now be in ESSENTIALS > Profit and Loss and ESSENTIALS > Balance Sheet. You are now able to continue your editing of this data to make it reflect the ‘management’ information that you are after. Particularly look at:
Income – check that all this income looks legitimate income for that year. It generally is!
2. Expenses – Check the expenses, making sure they are legitimate expenses and allocate them by changing the % allocation to:
· Variable Costs,
· Overhead Costs,
· Depreciation, and
· Finance Costs. NB Finance Costs include (a) bank fees, (b) all interest payments and (c) Lease Costs.
3. Assets – Your Current Assets should be OK, but a lot of your Non-Current Assets will be valued using the ATO rules, which are
NOT Market Values!! We need the market values of your:
· Land and improvements,
· Machinery
· Water rights and
· livestock values.
So edit those numbers to represent the values at the end of that financial year.
4. Liabilities – Most of the liabilities should be correct unless your accountant is using some of these entries to shift money to other business entities. We are after your legitimate liabilities. In other words, what debts would you need paid off if the business were to be sold!
Sometimes you may need to change items to different categories. For example, we have seen ‘Financing Costs’ placed in as ‘Assets’. These should be shifted to ‘Expenses’. If you need to make these changes, click on the respective items ‘box’ to the right and select the category you wish this item to change to.
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Step 10: Well done - you are now ready to bring in the next financial year of data from Xero. Go to the ESSENTIALS > Dashboard and click on the next oldest financial year in the timeline you wish to bring in from your Xero file and go back to Step 3.