Assign Individual Product to a Particular Chart of Accounts
For more precise financial reporting, you now have the ability to assign individual products to specific chart of accounts.
How to Activate:
- You'll have a dedicated section in Setup > Documents Mapping (as suggested by "Custom Chart for Product Sales" and "Custom Chart for Product Purchase" )
- Select a Product
- Select a a Xero Account
- Click Add
- Continue this step for each product you want to track in a different account
Benefits of this Feature:
- Granular Financial Tracking: Instead of all sales or purchases going into generic accounts, you can see exactly how much revenue or expense each product generates.
- Accurate Reporting: Leads to more detailed and accurate financial statements (Profit & Loss, Balance Sheet). You can easily report on the performance of individual products or product categories.
- Improved Cost/Revenue Analysis: Understand the profitability of each item you sell with greater clarity.
- Streamlined Reconciliation: Reduces manual effort in sorting transactions, as they are automatically posted to the correct accounts in Xero based on your setup.
- Enhanced Budgeting and Forecasting: More detailed historical data allows for more accurate future financial planning at the product level.
In summary, this feature enables detailed and automated mapping of product-related transactions to your accounting system, resulting in better financial insights and increased operational efficiency. When a transaction involving a mapped product is synced from your POS or other integrated system to Xero via eXconnect, the corresponding financial entries will automatically use the specific chart of accounts you've assigned.
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