Skip to main content

How to use Xero with Koinly

Written by Jack

Xero is one of the most popular accounting platforms and Koinly offers a seamless integration with Xero, so you can import all your Koinly data automatically

Requirements

To sync Koinly data with Xero, you need:

  • A paid Koinly plan

  • A business Koinly account (not personal)

Read more about account types and how to switch from personal to business in:

👉 Koinly account types

Connecting to Xero

  1. Go to Settings → Accounting
    ​

  2. Click the "Connect" button next to Xero


    ​

  3. Click the "Continue to Xero" button
    ​

  4. Once you log in to Xero, click "Allow Access"

Configuring Xero connection

Base currency

The base currency set in Koinly has to match the currency of your Xero account.

Check how to change your base currency in Koinly in:

👉 Settings → Base currency

Account mapping

After connecting to your Xero business, you will need to set up the Xero accounts so that Koinly knows how you want your transactions to be synced.

If you are unfamiliar with the chart of accounts, see these articles from Xero:

  1. Create Xero accounts you want Koinly to sync to

    • It's up to you how you decide to map Koinly transactions to Xero accounts

    • Common practice is to create specific accounts for each Koinly category: "Koinly Realized P&L", "Koinly Fiat assets", etc.
      ​

  2. Refresh to fetch new accounts

    • After creating new accounts on Xero, you will need to click on Refresh Accounts on Koinly to see them in the dropdown.

  3. Map accounts

    • Use the dropdown box under each Koinly category to select the Xero account these transactions should sync to

    • Every Koinly category needs a Xero account selected

    • Once you selected a Xero account for each Koinly category, click "Save"

The status of Xero integration should say "Connected" now 🎉

How to send transactions to Xero

There are two ways to sync your transactions from Koinly.

Send all transactions

The simplest way is to select Sync all txns to Xero from the Accounting page. This will sync all transactions in your Koinly account, up to a maximum of 1000. We are working on increasing this limit but at this time, the maximum limit for a sync is 1000 transactions.

Send individual transactions

If you only want to sync some of your Koinly transactions with Xero:

  • Go to the Transactions page

  • Select the transactions you want to sync

  • Click the Send to Xero button on the bottom bar

This option allows you to select the exact transactions to sync to Xero so you can easily exclude transactions that should not be synced.

How to view synced transactions

In Koinly

You can see which transactions have already been synced by using the special Xero filter on the Transactions page. You can also identify already synced transactions by the small Xero logo on the right side:

In Xero

You can view the synced entries on the Journal page. The synced journal entries will be listed in the Draft tab only until you post them.

👉 Go to Xero Journal page

Common questions and issues

Synced transactions are missing from Xero

Transactions sent to Xero appear in the Journal page under Drafts. You need to review and post them from there.

Some transactions are not sent to Xero

There are a few types of transactions that Koinly doesn't send to Xero at all. These include:

  • Transactions valued less than 0.01 in your base currency (e.g. $0.01)

  • Fiat transactions without any tags (fiat deposits and fiat withdrawals)

Did this answer your question?