Xero VS QuickBooks Online Integration

Xero VS QuickBooks Online Integration

Differences between Xero & QuickBooks Online integrations with Loft47.


Pricing 

Pricing in Canadian $ & USD $
Xero's cost for the standard version required to integrate with Loft is around $48/monthly (they change their prices, so visit www.xero.com to see current pricing)
QuickBooks Online cost for the Plus version required to integrate with Loft is around $90/monthly (they change their prices, so visit https://quickbooks.intuit.com/ to see current pricing)

Contacts

  • Xero was built with the concept that any Contact (Agent) can be both a Supplier / Vendor and a Customer at the same time. This makes the Agent position (payables & receivables) easier to see at a glance and also provides opportunities for P&L by Contact.
    1 Agent in Loft47 = 1 Xero Contact

  • QuickBooks Online (like Desktop versions) must have a Supplier / Vendor Contact & another Contact record for the Customer. This means that the QuickBooks Online user must review both Agent Contact records to check payables and receivables.
    1 Agent in Loft47 = 2 QuickBooks Online Contacts.

Reference Information

  • Xero API allows for the Deal address information as well as our Loft47 direct link to auto-populate each Xero transaction created by Loft47 via the API. (figure 1)

  • QuickBooks Online API does not allow for the same level of information. In QuickBooks Online we are limited to posting the Deal number & a manual URL link into the Memo field for API transactions. (figure 2)


figure 1 (Xero Agent deal payout accounting record)



figure 2 (QuickBooks Online Agent deal payout accounting record)


No auto matching unpaid bills to bank lines

Find and match functionality may vary.  How can this possibly impact  your workflow? This is especially alarming to those Xero clients who switch because they're used to this functionality.  This will also cause issues if you're trying to reconcile any bounced or NSF fees as the release you'd add to a deal would be batched to QuickBooks Online as a bill but you wouldn't pay it as it's not really a payable bill.

Canadian Tax Posting

QuickBooks Online - please see this article for differences regarding the way Canadian taxes are posted & the work around. 

Check/Cheque customization

In Xero, you can use any check(s)/cheque(s) as they have a customization modal to fit your check/cheque layout.
In QuickBooks Online, you may be required to order check(s)/cheque(s) from Intuit or their preferred Vendor.


Training

Xero courses available - Free to new users & 50% for existing users
QuickBooks  Online courses  - Not available and you or your administration staff will need to know the system as there's no training provided by us.

Additional Articles for both products

QuickBooks Online

Xero



    • Related Articles

    • Xero to QuickBooks Online Integration migration - Task list

      In this article, we'll go over the steps required from you, the client, to ensure a smooth migration of Xero->QuickBooks Online. The cost of migration from one accounting software integrated with Loft to another is $300 USD. Please be sure to follow ...

    • Connect to QuickBooks Online

      Please note, disconnecting from QuickBooks Online will no longer allow you to post batches from Loft! Follow these quick steps to get your QuickBooks Online account connected/reconnected to your Brokerage in Loft47. Connect QuickBooks Online 1. ...

    • Migrating from 1 instance of QuickBooks Online to a new instance of QuickBooks Online

      In this article, we'll go over the steps required from you, the client, to ensure a smooth migration of one instance of Quickbooks Online to another instance of QuickBooks Online. The cost of migration from one accounting software integrated with ...

    • Accounting Setup

      When integrating your accounting software, click the links for each step in the process. Xero Setup your Xero Account Connect your Xero Account Setup & Map Xero Settings QuickBooks Online Setup your QuickBooks Online Account Connect your QuickBooks ...

    • What journal entries does Loft post to QuickBooks Online?

      Processing transactions through Loft automatically generates the accounting entries in QuickBooks Online. The following descriptions show you the results of Loft activities in your accounting records. Deposits When you post a deposit as a receipt in ...