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The best way to record is to create a asset account called Opal card. When you top up the card you need to debit Opal account and credit bank or cash account in your balance sheet.

For recording expenses you can either use travelling expenses line or create a new account Travel exp – Opal card or something similar. Make sure it’s a gst account.

You can record a transaction each time you use the card for your travel. Since you have separate accounts it’s easy to reconcile. You can also automate the transactions in Xero.

One transaction for the transfer from your cash/bank account to Opal Card.
One transaction for every time you use the Opal card for travel.