Financio, a product of ABSS, brings small business accounting automation to Singapore and other countries, redefining how small business owners handle accounting and tax tasks, bringing accounting software to the next level.
Payboy provides a one way integration with Financio. Once you enable this integration, every payroll generated will automatically create a Journal Entry to the account of your choice on Financio.
Connecting to Financio
Follow the steps below to have both your payroll and accounting suite set up on Payboy and Financio:
From the side panel, select Settings > Integrations first
Click on the Connect Financio button, and you will be redirected to its page where you can enter in the valid credentials
You will then be directed to a page where you need to select the Company created in Financio
You will then be directed to a page where you need to set up the Account Mapping. You may confirm that you have connected the correct Financio account
You can select if the journal is to be sent as Draft or Approved, as well as whether the grouping is by Employees or Pay Items.
* (Pro Tip - For a seamless flow of information from HR to Finance, select Approved as your journal status)
(Note: You need to set up Charts of Accounts & Taxes on your Financio account before you start this account mapping)
(Note: The selection employees will reflect individual employees names onto Financio, select Pay Items if you wish for the information to be hidden)
Upon successful save of your account mapping, you will be redirected to the integrations page
Synchronising New Payroll Data
After you have integrated from the above steps, generate a payroll to have it automatically synchronised to Financio for your accounting needs:
Head to Payrolls > click on Generate Payroll
Follow this guide on how to generate payroll of the month
Once you have finalised your payroll of the month, click the sync button on the bottom left of the payroll and select Financio (as shown in the screenshot)
Verify Payroll Accounting Data
Login to Financio using the same account you connected
Select Transactions to view the Journal Entry being created
Check that entries tie to your payroll report
Synchronizing Existing Past/Old Payroll Data
Follow the steps below when you have past Payroll data in your Payboy account which you have not sync into Financio:
Select Payroll > Click Sync Integration from the side panel
Select the month that needs to be sync to Financio
Perform the same steps as above.
A green notification will appear on the top of the page that Payroll has been added successfully into your Financio account
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