ConnectWise Expenses - Setup Overview
Note: Only Wise-Sync customer plans with Expense Connect options included will be able to access the setup options for the enhanced payment option. Check the plans and included features on our website, or upgrade your account to activate this feature.
Wise-Sync has been designed to capture as much of the information from ConnectWise and transact to your Accounting Package (Xero / QuickBooks Online) in the most detailed possible way. With the single aim of improving financial visibility, as well as ensuring that data is transacted with only valid information.
ConnectWise Expenses require a approval workflow process, which will, when approved present the "Expenses" for export to Xero. Only Expenses which are approved will be presented to the interface.
When Expenses are available, Wise-Sync will prepare and create records in Xero for corresponding ConnectWise expenses according to the two following scenarios.
- Create an Xero Purchase Bill for each Expense Entry (Individual)
- Create an Xero Purchase Bill for each ConnectWise member, batched in weekly groups of Expenses.
There are three key record types that will be created
- Reimbursable Expenses paid by the Employee - A Xero Payable Bill will be created for the Employee, for payment in line with AP Payment Processes (Suitable for Batch Payments)
- Non-Reimbursable Expense paid by a Company Account - A Xero payable bill will be created for the Employee, with reference for non-reimbursement. Default allocation will be to your Expense Offset account for clearing.
- Reimbursable Personal Expense paid by a Company Account - A Xero credit payable bill will be created for the Employee, for reimbursement of the expense to the Company. This record type can then be credited to any reimbursement to be paid to the employee.
With the following feature for enhanced payment processing.
- Expense Connect - Will directly allocate the payment to Company Account Expenses to linked Xero Bank accounts. Providing a shortened reconciliation cycle. This feature can be enabled for specific payment types, and specific Members.
Note: This feature is most applicable to corporate credit cards that need to be reconciled. Where the account is activated for Bank Feeds, expenses entered and paid by the linked account, will automatically be paid, appearing as a auto-matched paid expense in the reconciliation screen when the expense is synced.
Additional Reading & Learning
- ConnectWise University: Time & Expense Management
- ConnectWise Blueprint: Time & Expense Flow
- ConnectWise Documentation: Setup Expenses and Using Expense Report.
Setting up ConnectWise Inventory Sync to Xero
The following will need to be completed in order to sync Expense Transactions to Xero:
- Step 1: GL Mapping Expense Types
- Step 2: Setup Wise-Sync Expense Options
- Step 3: Setup Expense Connect Linked Accounts
- Step 4: Batch off Existing Expense Records