Accounting integration overview
At a high level Vintrace integrates to Xero providing support for Sales Orders, Purchase Orders and costing journals between specific General Ledger accounts. Vintrace adds support for wine industry specific taxes such as WET (Australia) and Excise (NZ). For Point of Sale, Vintrace integrates to Vend as a preferred solution – read more. Other systems can integrate to Vintrace via our API.
Sales Orders are raised in Vintrace and create an accounts receivable invoice in Xero whereas Purchase Orders raised in Vintrace create an accounts payable invoice. All contract information for your customers and vendors are synchronized at the time the Sales or Purchase order is sent across.
The key to understanding how Vintrace integrates to the General Ledger to is to consider Vintrace as a Sub-Ledger to your main accounting package. This means only a sub-set of your General Ledger accounts need to be configured in Vintrace in order to establish a link between the two.
The benefit of this approach is that you can accurately track and capitalise specific costs against your individual bulk wines and inventory. Upon bottling the a journal is created for the cost value from your Bulk Wine Work in Progress (asset) account to your Finished goods (asset) account. When that product is sold via a Sales Order in Vintrace, a journal is created to move the value to your Finished Good to your Cost of Goods Sold (expense) account.
An end of month process must be run from within Vintrace to ensure any overheads or other capitilised costs are allocated before reviewing and submitting journals to your General Ledger. This provides highly accurate, per product cost information that you can easily report on from within Vintrace.
Linking vintrace and Xero
Using vintrace as a Sub-Ledger to your Accounting system
- Account setup and linkage
- Setting opening balances and dates for integration go-live
- The importance of Cost items and how to use them to capitalise costs
- Using Cost Allocation
- Using the Accounts Sync utility
- Barrel depreciation
- Recommended End of Month process including: Cost Allocation, Storage Costs and Accounts Sync
- Writing off or transferring cost of bulk wine when measuring down to zero
Managing sales in vintrace
- Raising a sale in vintrace
- Managing sales price lists
- Linking price lists to customers
- Synchronising sales orders with Xero
- Setting up default revenue accounts
- WET Handling (Australia)
- Excise Handling (NZ)
- Sales region setup and reporting
- Returns and refunds
Managing purchases in vintrace
- Synchronising purhcase orders with Xero
- Different purchase types
- Configuring defaults on Stock items: Reorder code, order price
- Receiving invoice after the fact – how to correct
Point of Sale, eCommerce and Wine Club system integration
- Vintrace provides a native integration to the Vend Point of Sales solution
- Other systems can be integrated by your software vendors using the Vintrace API