Overview
The Wayflyer Xero app enables eCommerce merchants to effortlessly account for Wayflyer funding, automatically posting entries for you when receiving Wayflyer funds as well as when making payments back to Wayflyer. If you're already connected to Wayflyer, setup takes less than 5 minutes.
Wayflyer + Xero
When Wayflyer provides funding, we write a transaction from a Wayflyer placeholder bank account to your designated bank account. For each payment back to Wayflyer, we write a transaction from your designated bank account to the Wayflyer placeholder bank account as well as a spend money transaction from the Wayflyer placeholder bank account to the Wayflyer supplier for the fee portion of the transaction. This fee is also recorded against your designated expense account (e.g. interest expense). As well as transactions, we write bank statement lines for all activity on the Wayflyer placeholder bank account so this account reconciles. We do not write bank statements lines to your designated bank account as those will come from your bank integration or statements.
Getting started
If you're new to Wayflyer, check out our site and available solutions. If you're an existing Wayflyer customer, login to your account and connect Xero from the settings page. If you've already connected Xero, then there is an option on the settings page to enable the Xero sync functionality.
