Note: In order to connect Koinly with Xero, you are going to need a Koinly Business account. Please get in touch with firstname.lastname@example.org if you would like your Koinly account to be upgraded to a Business account.
Connecting to Xero
To set up the connection, go to your Settings and click on Accounting. Here you will see the option to connect to either Xero or Quickbooks but keep in mind that a single Koinly account can only connect to one of these accounting platforms.
Click on Connect and follow the login process to set up the connection.
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:
How you connect your accounts is up to you, but a common practice is to create specific accounts for each Koinly category, such as “Koinly Realized P&L”, “Koinly Fiat assets”, etc.
After creating new accounts on Xero, you will need to click on Refresh Accounts on Koinly in order to see them in the dropdown.
After selecting all the accounts, your connection is set up and you are ready to start syncing transactions!
Note: Please make sure that the ‘Base Currency’ on Koinly is set to the same currency as your main fiat currency on Xero
How to sync transactions to Xero
There are two ways to sync your transactions from Koinly.
- The simplest way is to select Sync all txns to Xero from the Accounting page. This will sync all transactions in your Koinly account, upto a maximum of 1000. We are working on increasing this limit but at this time, the maximum limit for a sync is 1000 transactions.
- If you only want to sync some of your Koinly transactions then you can also go to the Transactions page, select the transactions that you want to sync, and then click on Send to Xero. This option allows you to select the exact transactions to sync to Xero so you can easily exclude transactions that should not be synced.
You can see which transactions have been synced by using the special Xero filter on the Transactions page.
Viewing your synced transactions on Xero
You can view the synced journals on the Journal page. The synced journal entries will be listed in the Draft tab until you post them.