NOTE: We recommend not performing a first sync on your own. 

A support agent will need to confirm your setup then will meet with you for your first sync.


Setup – Part 2 of 2


This is part two of the Accounting Preparation steps. Prior to completing the steps in this article, you must complete part one first as covered in the Accounting Export Preparation article.


STEP 4 – Sync Tax Agencies

In CoreBridge, navigate to Accounting Module > Accounting Export > Account Setup tab.

  1. Click the Sync Tax Agencies button.  
    • This pulls in all tax agencies with non-zero rates from the Management Module so that they can be matched.


STEP 5 – Match Reconciliation Accounts

You previously matched your Income and Cost of Goods Sold accounts. Since you are using the Lump Sync option you also need to match Reconciliation Accounts.


NOTE:  If accounts are not correctly matched, the sync will fail or data may export to an undesired account. 


In CoreBridge, navigate to Accounting Module > Accounting Export > Account Setup tab. 

  1. Carefully read the instructions on the page before continuing.
  2. OPTIONAL – Lump Tax Agencies 
    • If you have or expect to have more than one Tax Agency, selecting this option will generate a single line for Sales Tax on the journal entry. This option is typically selected when you remit a single payment to a tax entity.
    • If you have or expect to have more than one Tax Agency, not selecting this option will allow you to match each Tax Agency in CoreBridge to a unique account in Xero. The journal entry will contain a line for each Tax Agency that had activity on the Reconciliation. 
    • If you only have one Tax Agency, selecting this option will provide the same result as not selecting it. The single Tax Agency will be matched to a single account in Xero.
  3. OPTIONAL – Ignore non-completed orders
    • Selecting this option will suppress the following 3 accounts from posting to the journal entry in Xero. The accounts are still calculated on each Reconciliation but they won't appear on the journal entry. 
      • WIP (Asset)
      • Built (Asset)
      • Orders Not Complete (Liability)
    • If you select this option to keep the journal entry cleaner, you can run reports to calculate WIP and BUILT numbers and you can also view each Reconciliation to see what the current value was at that point in time.
  4. Under My Accounting Software Accounts, for each account, click edit, enter the corresponding G/L Code (Account Number) and Account Name to match to Xero. Click save when finished with an account before moving on to the next one.

    NOTE:  Accounts MUST MATCH EXACTLY including Name, G/L Code, and Type. If you want to change the values in Xero this is a great time to do so.

  5. Be sure that the account type in Xero is the same as the account being matched.
    • Income Account = Revenue or Sales  (NOT Other Income)
    • Liability = Liability
    • Tax = Liability
    • Bad Debt = Expense
  6. Special Account: Undeposited Funds
    • Undeposited Funds – All CoreBridge payments post to this account. 
    • Create a new Current Asset account in Xero to match the account in CoreBridge. Xero does not allow a Bank account on a journal entry so the account cannot be matched to a Bank account. 
    • To handle the account in Xero after a sync, refer to this support article: Xero Lump Sync – Processing After a Sync
  7. TAX accounts
    • Be sure to match any tax account to a specific account in Xero
    • If you selected the Lump Tax Agencies option, the name "Lump Tax Agencies" will appear as an account name. If you don't edit that account to match to a tax account in Xero, the sync will create a new account in Xero named "Lump Tax Agencies"
    • If you did not select the Lump Tax Agencies option, the name of each Tax Agency will appear as an account name. If you don't edit each account to match to a tax account in Xero the sync will create a new account in Xero using the name displayed.
  8. OPTIONAL – If you want to keep your CoreBridge accounts separate from existing accounts that have data from a different system, you can create new accounts in Xero and map them to CoreBridge. This can be helpful if you are in the process of closing out a previous POS system and don't want to commingle funds in a single account.
    Examples:
    • CB A/R (instead of Accounts Receivable)
    • CB Deposits (instead of Deposits)
    • CB Bad Debt (instead of Bad Debt)


For a detailed explanation of these CoreBridge Reconciliation accounts, please review the following support article:  Reconciliation Account Details



STEP 6 – Add a new Contact in Xero

A Contact (Customer) is needed to process payments

  • The Contact Name can be anything you want to use. We recommend using this name: CoreBridge Import


STEP 7 – Schedule a 1st Sync Web Meeting

The 1st Sync to Xero should be performed with a CoreBridge Support specialist via a web meeting.


NOTE: We recommend not performing a first sync on your own. A support agent will need to confirm your setup then will meet with you for your first sync.


IF YOU ELECT TO ATTEMPT A 1ST SYNC ON YOUR OWN, YOU MAY INCUR ADDITIONAL SUPPORT FEES SHOULD ERRORS OCCUR.


BEFORE YOU SCHEDULE A 1ST SYNC MEETING:

  • You MUST be Live! in CoreBridge (entering real orders and payments) PRIOR to scheduling a 1st Sync meeting.
  • You should have reviewed all relevant CoreBridge accounting support articles.
  • You should have an understanding of the fundamentals of accounts receivable management in CoreBridge.
  • You must have completed at least one Reconciliation.
  • You must have completed all steps in this article and the preceding one.
  • Plan on having at least 1 hour available for the meeting.


PRIOR TO THE 1ST SYNC MEETING:

  • Make sure you can connect to the web meeting using the details provided to you in the invitation.
  • Join the meeting on the same computer that you use Xero on.


DURING THE 1ST SYNC MEETING WE WILL:

  • Run the 1st Sync with you.
  • Help to correct any sync errors that may come up.


Think you're ready?

Contact the CoreBridge Support team at support@corebridge.net and we'll work with you to get your accounting export setup completed!