Adding GoGenerosity to your Chart of Accounts

  • To do this, under the drop down menu “Accounting”, click the option “Chart of Accounts
  • This takes you to your Chart of Accounts page. Your Chart of Accounts refers to the list of all accounts you can use to record transactions in Xero.
  • Now click the option “Add new account”, Under Account Type, set up GoGenerosity as a “Current Liability” with the GL code “823
  • Next, the name of the account is “GoGenerosity” and the description can be “Pay-it-forward Donations
  • Next, simply select “Add 15% GST on income”, this is because GoGenerosity pay-it-forward donations are treated as Sales back into your business, to be created into goods and services and then distributed to those in need as per your chosen charity.
  • Finally, click the option “Enable payments to this account” and click “Save