The chart of accounts gives a high-level overview of the work your business does by listing all the accounts involved in your company’s day-to-day operations. A set of accounts are used by a company or organization to define and record the money (or the equivalent) that is spent or received in your business. They’re used to organize all transactions and to separate expenditures, revenue, assets, and liabilities so the company can have a clear understanding of the financial health of the entity. A set of accounts such as Xero’s chart of accounts lets you group transactions entered. It’s a filing system for all your transactions within the business. You can name and number your accounts which are usually called account number/accounts or general ledger (GL) codes.
How do you setup Charts of Account for Xero in Orderhive?
- Integrate your Xero platform with Orderhive & select the option for Use of Multiple Charts of Accounts. If you have not integrated the Xero store you can refer to the following document for integration: Xero Integration. If you have already integrated your Xero store please turn ON the following option as per the screenshot below.
The following use of Multiple Charts of Account will be only possible through Automations.
- Go to Automations > Add New Automation
- Select the Trigger > When Invoice is created > Keep conditions as per your requirement
- Select the Action > Send Invoice to Accounting channel.
Please refer to the screenshot for the above steps.
You need to select the appropriate options for the following fields:
3) Tax Payable account
4) Shipping charges account
5) Map Income account by
6) Product Income account
Note: Payment will sync only for authorized (approved) invoice at Xero via Payment Sync automation.
- After selecting the appropriate options > Click on Add Automation.
This completes the setup process & whenever an invoice is created in Orderhive, it will automatically sync with Xero.
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