Creating accounts in Xero
Navigate to the Chart of Accounts page under the Accounting tab on the Xero homepage. Once there, a table with the account's chart of accounts is listed. To create a new account, click the "Add Account" button shown below.
Adding the Inventory Asset account
After clicking the "Add Account" button the following modal needs to be populated to a new account. For the inventory asset account it is important to set the account type to "Current Asset". The Account Code, Name, Description fields can be populated to fit your preferences but we encourage you to stay within conventions with easily recognizable account names and codes.
Adding the Cost of Goods Sold Expense account
Similar to creating the inventory asset account, select "Direct Costs" as the Account Type and use a conventional account code, name, and description. Make sure to click save after filling out the form.
Refetching the COA
Please remember that once an account has been updated inside Xero, the chart of accounts on Ecominate is outdated. To refetch the chart of accounts click the "Refetch COA" button found on the top left of the "Account Mapping" page.
Assign the Expense and Asset Accounts
To begin making COGS adjustments assign the recently create COGS expense and inventory asset accounts in the dropdown options at the top of the "Account Mapping" page.