ConnectWise to Xero Inventory (Accounting Data Integration)
Note: Only Wise-Sync customer plans with "Inventory" options included will be able to access the following setup tables. Check the plans and included features on our website, or upgrade your account to activate this feature.
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.
The entire process is managed in ConnectWise, so it is important that you have a working knowledge of the Inventory and Procurement Modules in ConnectWise.
When the Inventory module is enabled in ConnectWise, the following additional Accounting Transactions will appear in the Accounting Integration > Unposted Procurement grid.
- Inventory Transfers
- Inventory Adjustments
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.
Additional Reading & Learning
- ConnectWise University: Procurement Management
- ConnectWise Blueprint: Purchasing Flow
- ConnectWise Documentation: Setup Purchasing and Inventory
The following will need to be completed in order to sync Inventory Transactions to Xero:
- Step 1: Setup Warehouse XRef
- Step 2: Setup Inventory Mapping in Wise-Sync
- Step 3: Setup Inventory Adjustment GL Mapping
- Step 4: Setup Inventory Transfer GL Account Mapping