In ApprovalMax, the Bill Accrual feature allows users to generate collections of open Bills using the ApprovalMax filtering and reporting capability. The resulting CSV file will be transferred to Xero via its capability for importing Manual Journal entries.
Currently, ApprovalMax supports accrual reports on header level (limited edition) and accrual reports on item level. This allows you to create accrual reports, generate journals based on them, submit them for approval and, ultimately, post them to Xero.
This is how a limited version works
In the main menu, find your Organisation and go to Request reports under Reports:
Click on the NEW REPORT button first. Then specify a report name, select "Bill workflow" and then set the filter criteria you need:
On the next screen, tick the checkboxes for the columns you want to be visible and click on NEXT:
Name your report and click on CREATE:
To generate the Bill accrual report, click on the Three-dot icon and select “Create accrual report for Xero”:
Fill in the mandatory fields. You'll need to enter the Bill accrual report narration, which will appear as the narration of the Manual Journal Entry in Xero, the date and the accrual account details.
Please note: The date in the accrual report setup is only to set the date information in the column.
Click on CREATE and your report will be generated automatically.
Finally, go to the Manual Journals page in Xero, click on Import and select the file which was generated by ApprovalMax.
The collection of Line Items from the selected Bills that are subject to accrual will now be added to the Manual Journal Entry draft, ready for editing and posting within Xero.
Please note: The journal is bringing in GST-inclusive values.
A new extended version of accrual reports is available on item level. This means you can filter the data for uploading more accurately, see the Purchase Order balance, select Net/Gross amounts, approve an accrual report and automatically post it in Xero.