Once you have connected your Mollie-Xero Integration account with both Mollie and Xero, you need to configure the below settings.
Account Code to use for Mollie Fees
On a monthly basis, the integration will auto-create the Mollie Bills (one per currency) in your Xero account. In order to be able to automatically mark this as paid, we need to know the accounting code you want to use for the Fees, on each line item. If you do not have a specific Mollie Fees account, this may sometimes be set as “Bank Fees”.
Tax / Vat Code
Alongside each invoice, we need to let Xero know what Tax/Vat code we need to use. Being financial services this should normally be a zero-rated tax/vat rate. However you can select the rate which is best suited for your reporting requirements as this may vary according to where you are based.
Send Email Notifications to
Sometimes we may encounter an issue/hiccup with your integration. If we do, we want to make sure we can reach the right person on your team. Input the email addresses we should reach out to in case of an error by separating each email by a comma. For example
Enable Pay with Mollie on Xero invoice templates
Do you have invoices, that you'd like to collect payments via Mollie's Merchant Services?
The Get Paid with Mollie makes this really easy - just follow 3 simple steps and you're good to go.
- Select which invoice Templates you want to accept Mollie payments on
- Click on the toggle to enable each branding theme.
- Select the correct Mollie Profile to use
- Update the Thank you message
Set the Mollie website profile that you want to use. You can have multiple website profiles within Mollie. The profile determines the payment methods enabled amongst other things.
Thank You Message
If you want to enable your Invoiced to be paid by Xero this option is for you. We show a standard "Thank you" message upon payment being completed by a customer. You may however want to personalise the message according to your brand. This is where you can do this.
Map payment methods - not settled by Mollie
Mollie also supports payment methods that settle to you directly. For these payment methods, reconciliation is not automated. However, you can choose a payment-enabled account code or bank account, where these transactions are posted once they have been flagged as paid.
Syncing Mollie Balances
Mollie maintains a balance for each unique currency. Each balance is representative of funds that Mollie has received, and/or confirmed as sales, but has not yet settled into your business bank account.
With this integration there are two options to sync this data, either using Bank Feeds or using a clearing account. The setup is largely similar, however the options change slightly.
Xero Bank Feeds
To enable bank feeds, click on the toggle to the right of "enable bank feeds" and it changes to a green colour.
Then choose if you want to Batch up Bank Feed transactions, what does this mean?
In most cases, if you want to reconcile individual sales, you will choose "Live Sync (Indvidual Transactions)". This mode will ensure that your bank feed has each and every transaction that goes through Mollie.
If on the other hand, you reconcile with your e-commerce, as daily, weekly or monthly summaries, these options will provide an abridged summary entry for sales and refunds.
All Mollie Invoices and Payouts (bank transfers) will still be individual transactions in your Xero account to ensure you can reconcile these easily.
For each balance, the below options may need to be set, depending on which integration mode you have selected.
Set the bank account that you want to receive payments on. Every time you get paid, funds are held on your Mollie balance until they are sent to the bank account of your choice automatically.
Set the temporary account that you want Mollie to use to hold your funds on until they are transferred. This account should be used for Mollie only, making it easier to reconcile and ensuring that all funds are received. Keep in mind that certain payment methods may have a settlement delay.
Every time Mollie makes a pay-out to your business Bank Account we make a transfer to the account to which we are settling. In Xero, this would come through as a pre-set Bank Transfer, in the case of Bank Feeds, or a Bank Transaction (receive money) when bank feeds are disabled.
Next: Xero and Mollie FAQ
This integration is built and maintained by Maze Digital, and by using this integration or opening a ticket you agree that Maze Digital will be processing your information.
Article is closed for comments.