For each account reference in ClickPOS you need to have it mapped to three accounts in Xero:
- A Sales account
- A Purchases (Stock on Hand) account
- A Cost of goods sold account
What most people do is have one stock on hand account for all of them to keep track of the stock level.
Generally there are multiple sales accounts, one or two purchase accounts and one Cost of Goods Sold account.
An example chart of accounts might be:
- Sales - Accessories
- Sales – Services
- Sales – Telstra Revenue
- GST Free Sales
One Purchase(stock on hand) account
And one cost of goods sold account for all of them.