How to create a Cost of Goods Sold account and an Inventory Asset account in Xero
updated 23 days ago
taxomate will automatically create a Cost of Goods Sold account and Inventory Asset account for you in Xero during Quick Setup. However, the following steps will show you how to create your own.
Ledger accounts are created in Xero Accounting by going to
For Account Type select (under Expenses). For Name and Code, you can choose any you would like.
For Account Type select (under Assets). For Name and Code, you can choose any you would like.
Once you created your accounts in Xero, you can return to taxomate and select your new accounts in