What to consider
Consider the advantages you're gaining from managing your inventory outside of Wise-Sync. Generally the additional cost of managing Inventory using Wise-Sync turns out to be less than the manual effort to complete the process. Businesses that rely on the
Inventory Sync should be disabled once all Inventory has been sold, otherwise residual inventory balances may be left in your account package. This will require accounting advice about how to finalise the remaining balances.
Once Inventory Sync is disabled, Inventory Adjustments and Transfers will not post through Wise-Sync.
How do I disable Inventory Sync?
In Wise-Sync Account Admins are able to disable Inventory Sync via one of two methods:
Via your Wise-Sync Company
If subscribed to the Mr Miyagi plan, use this method unless you wish to downgrade to a Wise-Sync plan that does not include Procurement/Inventory Sync.
If subscribed to the Sync-Ninja plan use this method if you wish to stay subscribed to Enhanced Support.
- Turn off the COGS Inventory feature.
Via your Wise-Sync Subscription
- Downgrade to a Wise-Sync plan that does not include Procurement/Inventory Sync or;
- If subscribed to the Sync-Ninja plan, downgrade from Enhanced Support to Basic Support. Enhanced Support is required to sync Inventory.
There is no configuration change required in ConnectWise.
I've disabled Inventory Sync, what now?
If you've already changed Wise-Sync Plans or disabled your Inventory Sync, you may need to manage Inventory Values directly in your Accounting Package:
1. COGS will post on purchase, so assets will no longer move through to your Inventory Asset Account.
2. If there are assets remaining on the Balance Sheet, they will need to be manually journalled to effect the P&L (Income Statement).
There are two approaches
1. Manage Inventory Values directly in your Accounting Package by creating Journals to move purchase COGS to Asset (Inventory).
2. Create Inventory Values to COGS journal in your Accounting Package, at a time confirmed by your accountant (normally end of year).
We recommend that all parts be set to "Non-Inventory" in ConnectWise and all previous Inventory parts are made inactive. You will need to prefix all Inventory Parts in ConnectWise with a zz[ItemCode] in order to ensure that Inventory Items are not used when syncing from external packages.
If you require further instruction on clearing inventory balances in ConnectWise or your accounting platform, please reach out to ConnectWise Support or seek Accounting Advice from your advisor before turning off Inventory.