The Chart of Accounts is the list of income and expense accounts you use on invoice lines in Rex. Setting it up lets you code each line to the right account and track the tax on it, so commission, fees and recoveries are reported separately. If you use the Xero integration, it's also what Rex uses to send each invoice line to the right account in Xero.
This article covers how to add an account to your Chart of Accounts and how it's used on invoices and in Xero.
How Do I Add an Account to the Chart of Accounts?
- Go to Settings from the left side menu, then Finance & Commissions
- Go to Chart of Accounts
- Click the + icon
- Enter a name, category (income or expense), code and tax type
- Click Save
Which Accounts Should I Set Up?
Set up a separate account for each type of income or expense you want coded separately. For example, if your accountant wants these reported separately, you might set up accounts for:
- Salesperson commission
- Office commission
- Admin fees
- Marketing recovery
- Franchise fees
You can then choose the right account on each line when you create an invoice, and split a single invoice across several accounts. For more on this, see - Creating Commission Invoices and Adding an Invoice.
How Does the Chart of Accounts Work With Xero?
If you use the Xero integration, each account in your Chart of Accounts needs to be linked to its matching account in Xero. When an invoice syncs, each line lands on the Xero account its Rex account is linked to.
Please Note: Link each Rex account to its own Xero account. If two Rex accounts are linked to the same Xero account, both lines will land on that one account in Xero and take its GST rate. For more on this, see - Xero Invoicing: Invoice Settings.
Please Note: If you add a new account after setting up Xero, remember to link it on the Xero app's Accounts tab before using it on an invoice. Otherwise, invoices with that account won't sync.
❓ FAQs
What's the tax type used for?
The tax type tells Rex how GST applies to lines on that account.
I added a new account and now my invoices won't sync to Xero. Why?
New accounts need to be linked to a Xero account before invoices using them can sync. Go to Applications > Xero > Settings > Accounts and link the new account.
Do I need to set up the Chart of Accounts if I don't use Xero?
It's still useful. It lets you code each invoice line to the right income or expense account in Rex, even without the Xero integration.