Payment disbursements / Bulk payment disbursements using COHO with the XERO integration
Crezco integrates with Xero and is an open banking payment solution for online payments up to £1,000,000. Crezco initiates domestic and international bank-to-bank transfers seamlessly and securely. Funds arrive in seconds, and payments instantly reconcile within Xero.
Process Overview
- Do your usual thing in COHO to add financial items (invoices) of suppliers, or create settlement statements for property owners (disbursements for landlords)
- Set up the XERO integration if you don't already have it configured and test that the items you are adding in COHO are pushing/synchronising into XERO
- You should now be able to find those invoices in XERO under the Bills-to-Pay section (Business -> Bills to Pay)
- In this section you can review all your bills, but you are interested in the ones under the Awaiting Payment section, open that section
- Each bill has a 'Recipient' which is a XERO Contact. The recipient may have been created by the COHO integration if you didn't map the COHO person (tradesman or property owner) to an existing XERO contact
- You must configure the banking details for these contacts, putting in their account number and sort code, because if you don't add that into XERO then Crezco won't know who to send the money to
- Once you are ready you go and register your Crezco account and follow their instructions to link it to XERO, or you can access Crezco using your XERO account which means you don't have an extra username & password
- In Crezco visit Accounts Payable, click the Import Bills button, choose to import from XERO and follow the process to import the invoices (bills payable) you want to pay
- Then in Crezco you select those bills, click to create a payment link, and follow that payment link to make the single/bulk payment using your Bank Account
- Crezco will show you a QR code you can scan with your banking app to make the transfer
- That's it, you are DONE
- XERO will update the bills-to-pay by marking them as paid
- COHO will copy over this 'payment status' when it does its next synchronisation run
Please watch the following short video to see how it works - https://drive.google.com/file/d/1Ykp_YYR_Zyx7KT9p-7rBYDTW-Ff9d-0J/view
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