When BarTab is connected to your Xero account, it will post your sales and payments information to Xero following every cash up on BarTab.
By default the sales are split between wet, dry and other sales. If you need a more granular sales tracking than this, contact are team about setting up additional sales accounts.
Payments are posted against each sales invoice in Xero using control accounts. A current asset account is set up for each payment type (e.g. "cash onsite", "inflight card transactions") and this account is debited when payments are declared at cash up and then credited when the funds are deposited in the bank account.
This means it is not necessary to allocate funds against each invoice they apply to as part of your bank reconciliation. Instead, a bank rule can be set up in Xero for each payment type that automatically allocates any deposits to the correct control account.
The debit amounts on your control accounts should always match any amounts that have been declared, but not yet deposited.
If there seems to be an issue with the amounts on any control account, you can reconcile these in more detail by ensuring the debits match the credits (bearing in mind multiple debits may match one credit depending on how your funds are deposited).
Payments posted to Xero are based on the actual payment figures declared on the relevant cash up, not on the total payments keyed through the till. This ensures any cash up differences are accounted for and it means your payments may not match the invoice.
To track any cash up differences we post to a current asset account, usually called "Variance":
- When declared payments exceed the sales for the day (in the invoice total) an overpayment is posted to the variance account (debiting the cash account).
- When declared payments are short of the sales for the day the invoice will remain in "Awaiting Payment" for the amount of the shortfall. Once you have checked these for any cash up errors, you can pay these invoices using the variance account.
You can pay multiple invoices in one go using the batch deposit feature in Xero.
Select the invoices you need to pay.
Press "Deposit" and then enter a reference and select your Variance account.
When any payment shortfalls have been checked and allocated to the variance account, you will have a record of the cumulative impact of any positive and negative cash variances.
If you take booking deposits, these will be posted to a current liability account to track deposits. This account will be credited when deposits are lodged and debited when deposits are refunded or redeemed.
Petty cash purchases
If you declare any purchases on your cash up, these will be posted to Xero as a bill.
You can configure any number of expense accounts to appear on the cash up for staff to allocate expenses against.
If your staff don't know the correct account, they can assign expenses to a default account for them to be re-allocated at a later point. We usually call this account "Onsite Purchase", but you may already have a general or miscellaneous expenses account that you would like to map these to.
For BarTab to post to Xero you will need the following accounts set up for it to post to. Where an account type is specified in brackets, the account needs to be of this type.
- Wet Sales (Revenue or Sales)
- Dry Sales (Revenue or Sales)
- Other Sales (Revenue or Sales)
- Cash (current asset)
- Card (current asset)
- Any other payment types you accept(current asset)
- Variance (current asset)
- Any expense accounts you would like staff to be able to allocate expenses to
- An onsite purchase or miscellaneous expenses account
- An account to track deposits lodged and redeemed (current liability)
If you would like our team to set up your Xero integration, email firstname.lastname@example.org.