Chart of Accounts in Vend - Xero Setup

Chart of Accounts in Vend - Xero Setup

In this article, we'll be walking through why a specific Vend chart of account is set up in Xero to have a flawless data sync from Vend to Xero - 

  • Vend - Purchases
    Send completed stock order totals to Xero where an accounts payable invoice will be raised. You can select which inventory orders you want to send. All customer invoices for 'On Account' sales will be sent to Xero automatically.

  • Vend -Till Payment Discrepancies 
    We recommend you use Vend Cash Management to accurately track all cash movements in Vend and record discrepancies in Xero.
    Track the differences between the amount expected when you close your register and the amount you count. Vend will adjust the totals of your payment accounts and the account you pick here accordingly.

  • Vend - Petty Cash 
    Petty cash chart of account helps you track all the movement of petty cash from all your outlets.

  • Vend - Cash Float 
    Cash float chart of account keeps all the track of initial cash float available when you open your register every day.

  • Vend - Cost of Goods Sold
    Cost-of-goods-sold (or “COGS”) are the direct costs involved in purchasing or making the products you sell.

    Your COGS post to Xero and will be recognised as the goods are sold. This means when you sell a product, the cost of the product and the revenue from its sale will be recognised in the same accounting period.

  • Vend - Expense Account 
    A liability account set up to track all the expense costs coming in from Vend (purchase orders, etc).

  • Vend - Refunds
    Every Vend customer using Xero will need to set up a refund account in Xero.

    Normally, when you process a refund, Vend will take the amount refunded off the total amount collected using that payment type that day. For example, if you took $3000 in cash payments, and issued $50 of cash refunds, Vend will send $2950 of cash to Xero as the total.

    Sometimes, the amount you need to refund might be MORE than the amount taken that day. For example, you took $560 of payments, but a customer needed an $800 cash refund. Vend cannot deduct $240 from the cash payments account. Instead, Vend will send $0 for the cash payments total for the day, and -$240 to the refunds account so that you can keep track of this.

  • Vend - Cash Sales
    This is the default sales account where all the invoices paid by cash from Vend are synced.

  • Vend - Credit Sales
    This is the default sales account where all the invoices paid by credit from Vend are synced.

  • Vend - Current Liability Account
    Current liability account captures all the liability like loyalty given, loyalty redeemed, gift cards redeemed etc from Vend.

  • Vend - Rounding / Vend - Cash Clearing 
    Keep a record of the small discrepancies that can occur when calculating tax on small transactions. Vend will send these to your selected account when you close the register.

You can find more details about setting up the Vend - Xero integration here.

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