Xero (Exporting EFTPOS Payments)
When exporting EFTPOS payments to Xero, you should set up another Bank Account (in both HirePOS and Xero) that is a separate account to your Business Bank Account. EFTPOS payments should be saved to this account, which is referred to as a clearing account.
Setup EFTPOS Account in HirePOS
- From the main menu strip at the top, go to Setup > Bank Accounts.
- Click the New Account button (or edit existing if you already have an EFTPOS account set up).
- Enter the Account Name, e.g. Tyro (EFTPOS)
- Enter a Xero Code. This will be the same Chart Of Account Code that you use for the relative EFTPOS bank account in Xero.
- Click Save Changes.
Setup default Bank Accounts for each Payment Method
Ensure you set up the default bank account for the relevant payment methods as per this help article, i.e. EFTPOS method should default the bank account to the Tyro (EFTPOS) account you set up in the previous step.
Export Invoices & Payments
Export your invoices and payments as normal as per this help article.
Add transfer in Xero when reconciling EFTPOS machine
When the EFTPOS machine is reconciled, you will need to create a bank transfer in Xero to reflect that reconciliation. If you have for example, 50 individual EFTPOS payments throughout the day, you will create a transfer from the EFTPOS clearing account to the Business bank account.
- In the Xero app, go to Accounting > Bank Accounts.
- Click the Transfer Money button.
- Select the EFTPOS account in the From dropdown.
- Select the Business account in the To dropdown.
- Ensure the Date is correct, then enter the reconciliation amount to transfer in the Amount field.
- Optionally you can enter a meaningful reference to help identify the transfer.
- Click the Transfer button to complete the process.
Effectively the EFTPOS clearing account balance will revert back to $0.00 and the Business bank account will inherit a single transaction for the reconciliation amount, which reflects your bank statement and can be reconciled in the bank feeds.