After you’ve completed your accounting integration and have linked vintrace and Xero, you’ll need to specify an opening date and account balance for each ledger account. Typically, the opening date will be the date that you want your accounting integration to go live. The opening balance should reflect your existing Chart of Accounts balance as of the opening date.
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For bulk wine and inventory assets (e.g., bottling supplies, finished goods) in the system, the opening balance should agree with the total cost of the bulk wine or inventory.
Ideally, the opening balance for the following account types should equal the opening balance for those linked accounts in Xero on the opening date. Note that the value for the following will also need to be apportioned as costs across your inventory in vintrace:
- Bulk wine work in progress (Asset)
- Finished good (bottled wine) stock (Asset)
- Dry goods bottling supplies (Asset)
- Chemical goods (Asset)
The following items are not critical to have and can start at $0 as long as the account is set up and linked:
- Barrels (Asset)
- Cost of goods sold (Expense)
- Excise (Liability)
- Bulk wine sales accounts (Revenue)
- Finished good (bottled wine) sales accounts (Revenue)