Xero: Example Chart of accounts

Xero: Example Chart of accounts

Xero chart of accounts

In this article, we have provided example Chart of account to help you start you integration if you are not aware how Xero chart of account works.

You can create, edit or update Chart of account from Xero’s Accounting tab under Chart of Accounts.

There you will see a list of all your accounts, of which you’ll be able to filter through Assets, Liabilities, Expenses etc. You can also use the search bar to find the account you want by name.

From here, you can create a new account or update the existing account.

To create a new account in Xero you will first need to select Add Account on chart of accounts page.

Note: Anytime you create an account in Xero you will be asked to enter a unique code. This code will make it easy for you to refer to, when you have the map the corresponding Xero accounts throughout this integration.

IMPORTANT: These are just the recommendations to help you set-up your Xero account. Each business has different requirements which needs to be discussed with your accountant.

We have provided a list of basic chart of account which are necessary to integrate with Hike. This has been designed based on Australian accounting practice and bank accounts.

Click on Account → Bank Accounts → Add Bank accounts:
select Your Bank
Account Name: Cash
account type: everyday day-to-day
account number: 121212
Go to chart of account → find this bank account → add code as 1000 → save

Click on Account → Bank Accounts → Add Bank accounts:
select Your Bank
Account Name: Card
account type: everyday day-to-day
account number: 121212
Go to chart of account  → find this bank account → add code as 2000 → save

Click on Add Account and add following accounts one by one same way

Account Type: Current Asset
Code: CA001
Name: Refunds

Account Type: Current Asset
Code: CA002
Name: Cash Float

Account Type: Current Asset
Code: CA006
Name: Cash Clearing

Account Type: Current Asset
Code: CA003
Name: Cash in/out

Account Type: Expense
Code: EX001
Name:Till payment discrepancies

Account Type: Expense
Code: EX002
Name: loyalty expense

Account Type: Expense
Code: EX003
Name:Store credit expense

Account Type: Expense
Code: EX004
Name: Cash rounding expense

Account Type: Expense
Code: EX005
Name: Petty Cash

Account Type: Expense
Code: EX007
Name: Discount Expense

Account Type: Expense
Code: EX006
Name: Inventory Adjustment

Account Type: Liability
Code: LA002
Name: loyalty liability

Account Type:Liability
Code: LA003
Name: Store credit liability

Account Type: Liability
Code: LA004
Name: Gift card liability
GST free

Account Type: Liability
Code: LA005
Name: Tips received

Account Type: Liability
Code: LA007
Name: Ship

Hike Recommends: If you haven’t already spoken to your accountant, Hike strongly recommends that you do before commencing preparation of your Xero account for Hike integration.


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