Step 3 > Configure ConnectWise Adjustment Type
- ConnectWise Documentation > Adjustment Types
View ConnectWise Use Cases
- Adjustment Type: Missing Stock
Posting Adjustments in ConnectWise
Adjustments are required to adjust the current stock levels, and valuation where there are in-balances between the Inventory Valuation report in ConnectWise and the Valuation of the Asset account in Xero. There can be a variety of reasons why these account balances could be out, primarily though if due process is followed during the procurement and invoicing cycles, then all balances should be in check, providing that all stock as indicated in ConnectWise is accounted for (physically during a stocktake).
Where there is an out-of-balance event, such as a stock discrepancy, an adjustment must be posted in ConnectWise.
ConnectWise provides for a number of adjustment types to affect the SoH by default, including:
- Written Off
With a system type for adjusting the inventory valuation without affecting the Stock on Hand counts.
- Audit Trail Correction
When Adjustments are posted to Xero, the associated offset can be posted to either an "Expense" account or other non-operating expense type account.
GL Mapping for Inventory AdjustmentsIt is recommended that Adjustments be mapped at the "Inventory: Adjustment Type" to provide greater levels of reporting and audit capability. The following example shows two accounts, which will be used for expensing the adjustments applied to "Revaluations" and "Lost, Stolen or Missing" goods.
Step 1: Create GL Account Mapping for Inventory Adjustment Type
1. Select the Account Type: Inventory Adjustment
2. Select the Table: Inventory: Adjustment Type
3. Select the Record Type
4. Enter the Account Number for your Default Warehouse
5. Only Enter the Non-ProductID for the "Audit Trail Correction" Type.
6. Enter into the COGS account the Xero Expense Account to Allocate Adjustment costs to.
Note: Where an COGS account is not provided Wise-Sync can be configured to refer to a default Inventory Adjustment COGS account. Refer:
Repeat this process for each Adjustment Type reason listed in the "Record" drop down list.