Sync store credits to Xero

Sync store credits to Xero

Overview

Find out how to synchronize store credits with Xero.

Store credits are issued via your point of sale (POS) to customers in lieu of a refund. Then they’re redeemed by customers for goods and services of equal value in the future.

That makes store credit a financial liability. When you issue store credit, you must allocate equivalent sales revenue to a liability account in your Xero general ledger. When that store credit is redeemed, you must reallocate the liability back to sales.

To account for store credits, your Xero integration keeps a running total of your net liability for store credits per month – that is, issued less redeemed store credits – which you can sync to Xero as a manual journal.

Before syncing store credits, you must configure store credits in your POS and Xero integration.

Configure store credits (Xero, POS)

First, configure sales and liability accounts for store credits in your Xero integration:

  1. Log in to Cin7 Omni.

  2. From the Accounting menu in the navigation, open your Xero integration.

  3. Open Settings.

  4. Open the Settings tab.

  5. Select Retail.

  6. Under Retail > Store Credits:

    • Set Liability to liability account to allocate issued store credits to.

    • Set Sales to a revenue account to allocate redeemed store credits to.

  7. Select Save Settings.

Now configure your POS:

  1. From the user menu, open Settings.

  2. Under POS, select POS Settings.

  3. Open the General tab.

  4. Under Store Credit Settings, set Treat Store Credits As to Payments.

  5. Select Save.

Sync store credits (monthly net liability)

  1. Log in to Cin7 Omni.

  2. From the Accounting menu in the navigation, open your Xero integration.

  3. Open the Retail > Store Credits tab.

  4. In the right-hand column of checkboxes, either:

    1. Select the month(s) to sync, or

    2. To select all months, select the checkbox in the header.

  5. Select Upload Selected (or Upload All).

Each time you sync a month’s net liability for store credits, a Xero manual journal is created (and past manual journals for that month are voided). When the liability is positive, the manual journal credits the liability account and debits the sales account. When the liability is negative, the manual journal does the opposite.

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