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.
Setting up chart of accounts in Xero via a CSV
All the chart of accounts can be created in Xero using a single CSV file. A CSV file available here is used to create all the chart of accounts in Xero in one go. Please find all the steps of setting up below - Download the template CSV here. Open ...
Setting up your Vend - Xero integration
1. Turning on the integration Important: Once a Xero organisation is linked to your Vend account, it cannot be changed. You can remove a Xero organisation from Vend, but you cannot then link a different organisation to the same Vend account. This is ...
Troubleshooting the Vend - Xero integration
Go to the register closure, purchase orders or on-account sales - If the sale has not synced the Xero logo in front of the report name is red then - First, click on the red Xero logo. 1. Did the transaction send (logo go blue)? Yes: You're all good! ...
Using Vend Cash Rounding with Xero
If you are using Vend cash rounding and have an integration with Xero, you will need to set up your store so that cash rounding amounts flow through to Xero when cash sales are rounded. To learn how to set this up, follow the steps below: Important: ...
Locked & System Account - Xero
Locked and System accounts in Xero chart of accounts Locked accounts You can edit a locked account, but you can't delete or archive the account. You can identify locked accounts by the padlock icon next to the account code. If you hover over the ...