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What to do with existing Inventory in Xero?

Hi, my organisation is planning to integrate Unleashed with our existing Xero file very soon.

We already have current, active Inventory data in our Inventory Asset account in our Xero file.

I was wondering what best practice is to clear the current data set.

Would you post decreasing adjustments for all the products down to zero? And if so, what would be your adjusting account? If it gets posted to COGS then it will throw out the P&L.

Interested to hear everyone's thoughts.

 

Thanks

SB

Silvana Berlucci

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Hi Silvana,

Thank you for getting in touch with us at Unleashed

When connecting your Unleashed account to an existing Xero account, we connect to your Current Asset for the Stock on Hand values. After entering your stock values into Unleashed but before enabling the integration you must ensure that the Stock on Hand Value matches with the Current Asset value in Xero. If it does not you will have to perform a Manual Journal Import to proceed. 

In regards to the best practice to clear your data set, we are unable to advise on this, I would recommend getting in touch with your book keeper/accountant for this matter.

If you have any questions regarding this please do not hesitate to send an email to support@unleashedsoftware.com

Kind Regards,

Your Friendly Customer Engagement Team

Shawn Singh 0 votes
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