Create GL Mapping Records to Map Product Revenue & Cost of Goods Sold Accounts to Xero Account Numbers
In this section we will be mapping the revenue and cost of goods sold (COGS) account numbers from xero into the GL Mapping Tables for Revenue Tables in ConnectWise. If you are looking to make changes to your Chart of Accounts in xero, it is recommended that you complete any account changes (numbering), before commencing the GL Mapping in ConnectWise.
There are several considerations when mapping revenue and COGS through the GL Accounts Setup Table. If you need assistance or clarification we suggest you review the Getting Started - Connectwise GL Mapping knowledge base articles.
When entering revenue for each account line in the Setup Tables > GL Accounts, the corresponding COGS account must be entered. This account is referred to when goods are sold, such as by those who have the procurement module in ConnectWise. Wise-Sync requires that both the Revenue "Account" and the "COGS" account are entered for validation purposes.
How to Setup your GL Accounts to Map Product Revenue In ConnectWise
When products are sold in Connectwise, the PRODUCT ID becomes the xero inventory code / name. As products can be sold in any of the following ways, it is suggested that you setup and configure the revenue mapping for both "Revenue-Products" and "Revenue-Agreement Products" at the same time.
Information you'll need..
- Your revenue and Cost of Goods (expenses) accounts List from xero.
- An understanding of how your Connectwise data is structured with the view of mapping to a corresponding revenue and expense account in xero.
To get Started, the following records need to be created at the desired level for revenue segmentation in xero. The following Revenue Accounts will need to be mapped a corresponding xero account.
> Revenue from Products sold
- Revenue-Agreements Products
> Revenue from Agreement Additions (Products Sold)
Note for users with Multiple Companies in Wise-Sync: It is possible to define different levels of output for for different locations in connectwise, although this would require clear segmentation between your revenue streams. It is recommended that you maintain a consistent set of accounts between your xero organisations to simplify the complexity of your GL Mapping requirements. The above only applies where the same account number is used for each revenue or COGS account.
Scenarios on Revenue & Expense Segmentation
If you are looking to understand further how segmentation might work for your company structure, the following scenarios help to step you through the way in which data can be extracted from ConnectWise to provide you with the most appropriate method of segmentation.
- My Company: Owner Level
- My Company: Structure Level
- My Company: Group Level
- Products: Category
- Products: SubCategory
Step 1: Setup > Setup Tables
- Search for the Setup Table "GL Accounts"
- Select the "GL Accounts" Setup Table
Step 2: Confirm Revenue & Expense Account Numbers in XERO
- Log into your xero organisation and from the top menu click on: Settings > General Settings > Chart of Accounts
- Select the "Chart of Accounts" item on the page.
- Click on the "Revenue" tab at the top of the CoA list.
- Take Note of the following accounts details for each account required:
Repeat the same steps (3-4) above for the Expense Accounts
Step 3: Create a New GL Mapping for Revenue & COGS Accounts (Items 1 - 5 above)
- Select the Account Type from the Drop Down List
- Select the Table (structure) to refer the mapping to the required level.
- Select the Record based on the table and preferred segmentation level.
- Enter the "Xero Revenue Account Number" for the corresponding Xero chart of accounts number.
- Enter the "Xero COGS Account Number" for the corresponding Xero chart of accounts number.
- Save the Record, and continue
Repeat the above steps for each of the following Account Types:
- Revenue-Agreements Products