EFTPOS Clearing Accounts and Xero

This document provides a step-by-step guide on how to set up EFTPOS payments in both HirePOS and Xero, ensuring accurate accounting and reconciliation processes.

To begin, follow these steps to set up an 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 should match the Chart Of Account Code used for the corresponding EFTPOS bank account in Xero.

• Click Save Changes.

Ensure you set up default bank accounts for each payment method. For EFTPOS payments, the default bank account should be set to the Tyro (EFTPOS) account created in the previous step.

Export your invoices and payments as usual to maintain accurate financial records.

When reconciling the EFTPOS machine, follow these steps in Xero:

• In the Xero app, navigate 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 in the Amount field.

• Optionally, add a reference to identify the transfer.

• Click the Transfer button to complete the process.

By following these steps, the EFTPOS clearing account balance will return to $0.00, and the Business bank account will reflect a single transaction for the reconciliation amount. This ensures accurate reconciliation with your bank statement and simplifies the bank feeds process.

For more detailed instructions or troubleshooting, refer to the official HirePOS and Xero documentation or contact customer support for assistance.