Step 2: Setup Inventory COGS Mapping in Wise-Sync


Activating Inventory in Wise-Sync:



1. Log into Wise-Sync and click on the "Companies" link at the top.

2. Click on the Company that you wish to edit from those listed.


Enabling Inventory



1. Click on Inventory Tab

2. Click on the "Enable COGS Inventory" checkbox, to display the remaining part of the form.


Complete Items 1 - 6


  1. Select to process Inventory Transactions as either Bill or Manual Journal.
  2. Enter the Transaction Prefix that will be used for "Inventory Transactions" in Xero. This prefix will be used for all transactions which are posted when an invoice is created for a customer, and an item contained on that invoice has been sold from Inventory.
  3. Enter the Adjustment Prefix that will be used for "Inventory Adjustments" processed in ConnectWise. Adjustments that are processed will be posted to Xero with this prefix.
  4. Enter the Adjustment Customer Name. Where the option to post Adjustments as an AP Invoice is selected (Currently Default), the customer record selected for the xero invoice will be as per this Customer Name. We suggest that you use your company name with (Warehouse) as per the example. This will help to identify any transactions when searching by Company in Xero.
  5. Enter the Transfer Prefix that will be used for "Inventory Transfers" processed in ConnectWise. Transfers that are processed will be posted into Xero with this prefix.
  6. Enter the Transfer Customer Name. This has the same implication as the Customer Name in Step 3
  7. Option: Select to process Inventory COGS to override account. This will process all adjustments where a COGS account is not specified to the selected account. This feature is most commonly required after an Initial Import.
  8. Option: Select to process Drop Shipped inventory items through the specified Drop Ship asset account. All items processed as Drop Shipped that are Inventory Class / Type will be processed through this specific account.
    Note:
    Do not use the same account number as your warehouse accounts, as you will not be able to report on this separately against the Inventory Valuation reports in ConnectWise.
  9. Location Xref Mapping to Xero Account. Enter the corresponding Xero Asset Account, for each of the Warehouses Listed. If you entered the Xero Account into the Location Xref at Step 1 of the process, these will be displayed here making the process even easier.

    Note: You can use the same Asset Account in Xero for multiple warehouses. This may be appropriate where you have different warehouses for asset location (and whereabouts), but they are not required to be reported separately.


3. Save your Settings, Inventory is Now Enabled in Wise-Sync