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Setting Your Starting Stock Position For Xero
Setting Your Starting Stock Position For Xero
Updated over a week ago

Veeqo's integration with Xero will import your COGS into Xero, so you can see your gross profit in Xero for everything you've sold.

This is done by creating a journal for every sales invoice that's imported into Xero. This credits your Stock on Hand account and debits the COGS account.

This means we move cost of what you paid for an item from your stock account and put this amount into your profit and loss account.

For this to work you need to ensure you have setup a Stock on hand account in Xero as an asset account. 

If you haven't done this, then go to:

Settings > Chart of accounts > Add Account

The account type should be Current Asset and the code you give it should be something like Stock.

Once you have your stock on hand account setup you can then look into settings its opening balance, we recomened that you ask your accountant to help do this as the correct way it to do it by balance conversion, you can read more about this on Xero here:

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