Setting opening balances and dates for integration go-live

This article assumes that you have already linked vintrace and Xero and understand the basics of the accounting integration.

Once you have linked your Accounts in vintrace to Xero, you  need to set the Opening date and Account balance to reflect your existing Chart of Accounts balance as of the selected Opening date. Typically, your Opening date will be the date you want your accounting integration to go live.

Please contact our implementation and support team for assistance in setting these values.

Set account balance 1

For any Bulk wine in the system and also any inventory assets (bottling supplies, finished goods, etc.),  the Opening balance of those specific asset accounts should agree with the total sum of the Cost of the bulk wine or inventory in vintrace.

What we’re ideally seeking is an opening balance in vintrace for the following account types which should equal the opening balance in Xero for those same linked accounts. These should balance at the same date – for example, July 31st, assuming that’s the date you’re running live with vintrace and Xero.

You may have these accounts in Xero called something else or broken down into multiple accounts but here they are for reference:

Bulk wine Work in Progress (asset) – this should match the total cost value of all bulk wine held in vintrace at the opening balance date.

Finished good (bottled wine) stock (asset) – this should match the total cost value all finished good stock held in vintrace at the opening balance date.

Dry-goods bottling supplies (asset) – this should match the total cost value of all dry-good stock held in vintrace at the opening balance date.

Chemical goods (asset) – only if held as an Asset and tracked in inventory rather than being expensed.

Note: the $ values of the above accounts need to be apportioned as costs across your inventory (bulk, finished, dry-goods, chemicals) in vintrace. Please call vintrace support if you need any assistance with this step.

Barrels (asset) – not critical to have this, can start at $0 as long as accounts setup and linked.

Cost of Goods Sold (expense) – not critical to have this, can start at $0 as long as accounts setup and linked.

Excise (liability) – assume this would start at $0 as of July 31st as long as accounts setup and linked.

Bulk wine sales accounts (revenue) – not critical to have this, can start at $0 as long as accounts setup and linked.

Finished good (bottled wine) sales accounts (revenue) – not critical to have this, can start at $0 as long as accounts setup and linked.