Managing your Xero Stock Nominal

Managing your Xero Stock Nominal

Question/Problem 

My Stock Nominal does not update and my CoS is incorrect in my accounts package

Cause

The default behaviour when exporting Purchase Invoices is to map the Khaos Control Cloud purchase nominal to General Expenses in Xero. It is possible, however, to map this to a Current Asset type nominal in Xero. So, for example, you could create a ‘Stock in Hand’ nominal in Xero of type Current Asset, and the value of your purchased stock would be posted there if you set KCC to map this new nominal.

Mapping to the Inventory nominal is not possible. This is because the Inventory nominal in Xero is updated by the movement of stock, whereas in Khaos Control Cloud, the stock nominal is updated via the posting of sales and purchase invoices. The tracking of stock within Xero is not supported when integrated with Khaos Control Cloud. 

For similar reasons, when a Sales Invoice is exported to Xero, neither the Cost of Goods Sold or the aforementioned Stock in Hand nominals will be updated, so it will be necessary to carry out manual journals between these nominals in Xero separately. It is possible to create different sales Nominals in Khaos Control as per the video here, How to Create a New Nominal Account and map them to the corresponding Nominals you are using in Xero.

Resolution/Solution 

You can get your Cost of Sale figures for journal entries, Khaos Control Cloud has an inbuild accounting package that is accredited by the Institute of Charted Accountants for England and Wales (ICAEW) and we would recommend it to all of our users. As a result of this the system is always updating its internal accounts and the Trial Balance can be used to obtain accurate and up to date figures.

Steps 
To get an accurate Cos of Sales figure from the system the steps below should be followed:
  1. Go to [Accounts | Trial Balance].
  2. In the left hand grid, click the Filters button.
  3. Enter the date range you wish to report on and click OK.
  4. The figures in the table will now report the difference between the two dates entered at step 3.
  5. The Stock - CoS nominal is the value you require for journalling between your stock in hand nominal and your CoS nominal in your accounts package.
Notes/Caveats