Glossary of Terms

Billing Terms [XRef]: To determine the number of days which have been applied to the invoice or Procurement "Payment Terms" field.

Closed Invoice / Purchase Order: Only invoices and purcahse orders which are in a "Closed" state are posted through to the Accounting Interface.  In some instances an invoice or purchase may fail to post due to a GL Mapping Error in ConnectWise (Please refer to GL Reload).

GL Reload: Can be used to change a previously closed record into a state which will allow the GL Table for the recored to be created.

Unposted Invoices: Are invoices that are waiting to be processed by Wise-Sync.

Reimbursable Expense paid by the Employee: a Xero Payable bill will be created for the Employee, for payment in line with Accounts Payable Payment Processes

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.

Expense Connect: Will directly allocate the payment to company account expenses to linked xero bank accounts.  

Wise-Sync Expense Connect: is an innovative feature designed to provide simplified payment processes and matching against expense transactions that are to be reconciled at bank.  Xero provides direct data feeds from most major banking institutions with many other provided through the Yodlee data provider services.  Wise-Sync Expense Connect automatically pays the expense using the nominated cred card / bank account defined for each member.  By automatically allocating the expense payment, bank reconciliation processes will be greatly streamlined by allowing for bank payment allocation and reconciliation at the time of when a record has been synced from ConnectWise.

Account Details Screen: is where all of the site information from ConnectWise is recorded.

Company Locale: You will need to select the locale for your taxation system, this will define the tax codes which are available to select from.

Time Zone Offset: This ensures that the 'Get Unposted Transactions' returns results based on your location.
Adjustment Item Code: Will be used for the Item when Rounding lines are created on an invoice.
Adjustment Item Sales Account: The Account to Post Revenue to.

We suggest that you use a general Sales Account, such as "All other Revenue"
Adjustment Item Sales Tax: The Sales Tax Code
Adjustment Item Purchase Account: The Account to Post Expense to.

We suggest that you use a general Sales Account, such as "All other Cost of Goods Sold"
Adjustment Item Purchase Tax: The Purchases Tax Code

Limit Adjustment Amount: Rounding Limit (Default 10, Set to 0 to disable).

Rounding Item Code: Will be used for the Item when Rounding lines are created on an invoice.

Rounding Item Sales Account: The Account to Post Revenue to.

We suggest that you use a general Sales Account, such as "All other Revenue"
Rounding Item Sales Tax: The Sales Tax Code

Rounding Item Purchase Account: The Account to Post Expense to.

We suggest that you use a general Sales Account, such as "All other Cost of Goods Sold"
Rounding Item Purchase Tax: The Purchases Tax Code

Limit Rounding Amount: Rounding Limit (Default 10, Set to 0 to disable).

Part-Ship Purchase Orders: Select if you wish to receive part-shipments on a purchase order. When disabled, purchase orders will only be able to be posted as a single Xero Invoice.

Vendor Invoice Date Source:  Select the date source for the Xero Purchase Invoice. Default is the Purchase Order date if no other option is selected.  When the selected option is not updated in a Purchase Order, the default date will revert to the Purchase Order Date.  

ConnectWise Inventory (IV): allows for the management of all Stock on Hand (SoH) levels, serialization of products and costing methods (First in First Out (FIFO),Last in First Out (LIFO), Average Costing (AC)) to effectively manage the value of the stock that you buy and the goods that you sell. Only the balance affecting transactions are posted to Xero, thereby alllowing all SoH management to be completed in ConnectWise, without the need to double handle transactions in the two systems.
When the feature is enabled in Wise-Sync to Sync Inventory, the following additional processes are completed as part of a Sync:

• Posting Inventory Class product purchases to the corresponding Xero Inventory Asset Account
• Posting General Journals for Inventory Transactions where Items are sold from Warehouse
• Posting Inventory Adjustment where adjustments are applied to inventory valuations / stock on hand levels.
• Posting Inventory Transfers where inventory is transferred between warehouses

Wise-Sync uses both the Warehouse : Location XRef and the Product Type : Type Xref to link transactions made against warehouses and Inventory Items. Only items which contain the valid XRefs will be mapped through to an Inventory Account through Wise-Sync.

• Warehouse: Location Xref - Must contain a Valid (and Unique) warehouse ID
• Product Type: Type Xref - Must be an "Inventory Part"

Wise-Sync will only post through to the Inventory Accounts and Warehouse the Inventory Parts as defined in the Product Type Table. Only items which contain the valid Xrefs "Inventory Part" will initiate a transaction against the Inventory when Brought or Sold.  

ConnectWise Glossary of Terms:

Please refer to ConnectWise Glossary of Terms page here.

Xero Glossary of Terms:

Please refer to Xero's terms and definitions page here.

QuickBooks:

Please refer to QuickBooks assistance pages here.