After connecting your Xero account to Boatyard, the next step is mapping your Xero chart of accounts. This setup ensures that your parts, labor, services, and purchase orders are accurately tracked and posted to the correct accounts in Xero.
Accessing Xero Settings in Boatyard
Go to Settings in Boatyard.
Under Xero Settings, you’ll find options to configure your global default chart of accounts. These settings apply across your entire Boatyard account unless overridden at the item level.
Setting Up Global Chart of Accounts
In this section, you can assign Xero accounts for:
Parts Purchase Account: This should be your Parts Inventory Account in Xero. It’s used when parts are added to Xero from a purchase order but haven’t yet been sold.
Parts Tax Settings: Choose whether parts on purchase orders are taxable or tax-exempt by default.
Parts Sales Account: The income account used when parts are sold on a work order or invoice.
Parts Cost of Goods Sold (COGS) Account: The expense account to track the cost of parts sold.
Labor Sales Account: The income account for technician labor charges.
Service Sales Account: This is for service-related income not tied to a specific part or labor item (e.g., haul-out fees, flat service charges).
Labor Type Mapping: If you use multiple labor types, you can map each to a different sales account by editing the labor type settings.
Miscellaneous Fees: Accounts can also be set for items like environmental or credit card fees.
Shipping Fees: The cost account for shipping fees for purchase orders.
Customizing Accounts at the Item Level
Boatyard also allows more granular control over your accounting setup:
Individual Parts
On the part detail page, scroll down to see its assigned purchase, sales, and COGS accounts. These default to your global settings but can be edited per part.Individual Services
Service items can also be assigned specific service sales accounts, overriding the global setting if needed.
What Happens After Mapping?
Once your accounts are mapped:
Invoices, payments, and purchase orders will automatically be posted to the appropriate Xero accounts based on your settings.
This ensures accurate financial tracking and seamless synchronization between Boatyard and Xero.
If you need help with specific use cases or have questions about which accounts to use, reach out to your accounting advisor or our support team for guidance.