Billy features

Overview of IEX’s integration capabilities for Billy

The integration to Billy enables automated and structured data exchange between upstream systems such as webshops, POS solutions or subscription platforms and the financial system. This article serves as documentation of what we can do with an integration to Billy and which features can be supported depending on needs and setup.

Please note that the availability of features depends on which system category is integrated into the system.

The integration makes it possible to:

Invoice handling

Create invoice: With the integration, received orders can be created directly as invoices in the financial system. This ensures automated and consistent handling from order to invoice.
Handle credit notes: With the integration, credit notes from received orders or subscription renewals can be created and processed automatically in the financial system. This ensures correct handling of posted revenue and VAT.
Send invoice email: With the integration, it is possible to automatically send an invoice email based on the invoice that is created. Sending the invoice email requires that the invoice is automatically booked. The invoice is attached and sent directly to the customer for efficient and consistent delivery.
Automatic booking of invoices: With the integration, it is possible to automatically book invoices when they are created. This ensures an efficient process and reduces the need for manual handling.
Update of orders/credit notes: With the integration, orders and credit notes can be updated as long as the invoice or credit note has not yet been posted. This provides flexibility for changes before final posting.

Customers and products

Create customers: With the integration, customers from received orders or subscription renewals can be created automatically in the financial system. Customers can either be created individually or grouped under a single customer.
Create products: With the integration, products from the webshop or subscription system can be created automatically in the financial system. The item number is used to check whether the product already exists. It can be controlled at field level which fields are allowed to be created and updated.

Payments and reconciliation

Apply payment setup: With the integration, it is possible to define payment terms based on the payment method identified on the received order or subscription renewal. This ensures that the invoice is created with the correct payment setup.
Register payment: With the integration, it is possible to automatically register payments on invoices based on payment information from the received order or subscription renewal. This ensures correct payment status without manual handling.
Handle rounding differences: With the integration, rounding differences identified during total validation can be handled automatically based on predefined settings. In case of differences, the invoice can be created as a draft, the error can be ignored within a defined tolerance, or a correction line can be added to balance the difference within a specified tolerance. The differences typically arise due to recalculation of values in the receiving system.

Sales and posting

Apply revenue accounts: With the integration, it is possible to control which revenue accounts are used when creating invoices or journal lines. The account selection can be based on products, item groups, or other data from the received order or subscription renewal.
Handle shipping: With the integration, shipping can be handled as a separate line when creating invoices or journal lines. Shipping can be posted to a specific account (via the shipping product) and processed independently from other item lines.
Handle discounts: With the integration, discounts from the received order or subscription renewal can be handled correctly on the invoice or in the accounting. Discounts can be processed either as a percentage discount on an item or as a separate free-text discount line, where the integration automatically assigns an item number. This ensures correct handling of both amounts and VAT.
Handle fees: With the integration, fees from the received order or subscription renewal can be handled as separate lines on the invoice or in the accounting. Fees can be assigned a specific item number and posted to a designated account.
Handle currency: With the integration, orders and subscription renewals in multiple currencies are supported. The currency from the received order is transferred to the invoice or accounting, ensuring correct processing in the financial system.
Handle sales abroad: With the integration, sales to customers abroad can be handled. This ensures correct handling of VAT and sales data based on the customer’s country.
Support OSS (One Stop Shop): Enables businesses to report and pay VAT for B2C sales to private customers in other EU countries through a single consolidated VAT return. Through the integration, OSS can be supported by correctly applying VAT rates based on the customer’s delivery country and ensuring accurate reporting data, allowing transactions to be reconciled and included in the company’s OSS filing.
Transfer order comment: With the integration, comments from the received order can be transferred to a field on the invoice. This ensures that relevant remarks are carried over from order to invoice.

Cashbook journal

Create entries in cashbook journal: With the integration, orders and credit notes can be received and created directly as entries in the cashbook journal. This enables flexible handling of transactions without creating invoices.
Support OSS (cashbook journal): With the integration, OSS can be handled in the journal by ensuring correct VAT handling on entries based on the customer’s delivery country. This supports accurate OSS reporting for sales to private customers in other EU countries.
Auto-post (cashbook journal): With the integration, entries in the cashbook journal can be posted automatically. This ensures an efficient process and minimizes the need for manual posting.
Apply revenue accounts (cashbook journal): With the integration, it is possible to control which revenue accounts are used when creating entries in the cashbook journal.
Handle shipping (cashbook journal): With the integration, shipping can be handled as a separate entry in the cashbook journal. Shipping can be posted to a specific account and processed independently from other entries.
Handle discounts (cashbook journal): With the integration, discounts from the received order or subscription renewal can be handled correctly in the cashbook journal. Discounts can be processed as a reduction of revenue or as a separate entry, ensuring accurate posting of both amounts and VAT.
Handle fees (cashbook journal): With the integration, fees from the received order or subscription renewal can be handled as separate entries in the cashbook journal. Fees can be posted to a specific account and processed independently from other entries.
Handle currencies (cashbook journal): With the integration, orders and subscription renewals in multiple currencies are supported when creating entries in the cashbook journal.
Register payment (cashbook journal): With the integration, payments can be registered automatically in the cashbook journal based on payment information from the received order or subscription renewal.
Apply payment setup (cashbook journal): With the integration, payment setup can be applied in the cashbook journal based on the payment method identified on the received order or subscription renewal. This ensures correct handling of payments during posting.
Handle foreign sales (cashbook journal): With the integration, foreign sales can be handled correctly in the cashbook journal based on the customer’s country.

Daily turnover (POS)

Create daily turnover: With the integration, the total daily revenue can be received from a POS system and created in the financial system. This ensures efficient and consolidated registration of the day’s sales.
Apply revenue accounts (Daily turnover): With the integration, it is possible to control which revenue accounts are used when posting daily revenue from a POS system. The account selection can be based on relevant data from the received revenue.
Apply payment setup (Daily turnover): With the integration, multiple types of payment methods can be handled when posting daily revenue. Payment methods can be configured and allocated correctly through the payment setup.

Acquirer and reconciliation

Handle settlements (acquirer): With the integration, settlements from the acquirer can be received and posted to a balance account. This is used to track if payouts for completed sales have been received.
Use Paymatch (acquirer): With the integration, Paymatch can be used as an extension that matches payout lines from the acquirer with the related invoices. This ensures at line level that payouts for sales have been received. Please consult IEX Support to confirm whether Paymatch can be supported in your setup.
Group lines (acquirer): With the integration, payout lines from the acquirer can be grouped and posted as a combined batch. This provides a more streamlined and structured registration of payouts in the accounting system.

Overall, the integration to Billy provides extensive and flexible automation of invoicing, posting, payments and reconciliation. It reduces manual workflows, ensures correct VAT handling and establishes a strong foundation for efficient financial management.

Connection method

Billy is connected to IEX via an access key that is created in Billy. This key is then copied into the IEX platform.