When preparing for the end of your financial year, you will want to ensure all of your accounts in Xero are up to date and align with your stock holding in Unleashed. You will need to identify and resolve any failed exports, variances or discrepancies between Unleashed and Xero before closing accounts for the year.

In the below article we've outlined some of the main points and best practices for managing Unleashed and Xero as you approach the end of your financial year!

Throughout the year, it's best practice to periodically review the Xero integration and check your stock balances match across Unleashed and Xero to ensure all data's exported and consistent for both platforms. Variances and errors are always easier to resolve when reviewed often.

The core principle of Unleashed's integration with Xero is that stock purchased from suppliers is considered a Current Asset until it is sold. Once sold, the cost of the product is then accounted for as Cost of Goods Sold (COGS). Whilst connected with Xero, when a transaction is completed, the integration will trigger the export of a matching transaction to update your Xero accounts accordingly, keeping both platforms reconciled. We therefore want to ensure that all transactions and journals are exporting successfully to maintain reporting across both systems.

Make sure that all journals and transactions in Xero are in an Approved or Paid status, as this will ensure your Stock Balances and accounts are updated and accurate. If a journal or transaction is left in a Draft status in Xero, it will display as a variance in Unleashed's Export Data page.

Ensure all of your completed and receipted transactions have exported successfully to Xero by reconciling your integration in Unleashed:

Once you have performed a reconciliation of transactions in Unleashed, a sum total of any variances between Unleashed and Xero will be displayed in the Export Data page's header figures. Similarly, the Variance and Export Status columns within each transaction tab's grid layout will identify which individual transactions are contributing to the total variance and need to be resolved.

Some of the common reasons why you may experience stock value discrepancy between Unleashed and Xero are:

If you have identified any variances between Unleashed and Xero, you'll want to resolve them before closing your accounts for the end of year.

If you have checked and tried all the above and the stock value is still showing significant discrepancies for a long period of time, our recommendation is to ‘draw a line’ and create a stock count in Unleashed and a manual journal entry in Xero to match the Stock on Hand value between systems. You can then start fresh again from that point in time and any newly completed transactions in Unleashed will then be sent to Xero.

To manually export transactions from Unleashed to Xero:

If you wish to know the current total value of your stock in Unleashed to compare it with Xero's Current Asset account, use the Stock on Hand Enquiry. The Stock on Hand Enquiry will display the total quantity and total stock value of your inventory (as well as per product) for any given date. The Total Cost displayed at the bottom of the Stock on Hand Enquiry should match the total stock balance in Xero's Current Asset.

If you are looking for a report to compare the stock movements in Unleashed with the journals created in Xero (effectively a COGS report), use the Transaction Enquiry.

The Transaction Enquiry provides a breakdown per product, per transaction of the total stock value that's been adjusted from Unleashed's total stock value, and as such will align with the journals that have been generated in Xero. Use the Transaction Type filter in the Transaction Enquiry to refine your report and more easily compare Unleashed's stock movements with Xero's Cost of Goods Sold account.