The staff at Loft will be setting up your integration with you in a kickoff meeting. This information will give you some insight into the type of questions we will be asking from you.
We set up your chart of accounts and bank accounts in Xero first so when we set up your account in Loft we are ready to define the next steps for integration.
We also map all deductions to your general ledger codes and every financial activity that occurs in Loft will populate in Xero as a transaction. Please see “How do I set up deductions for my brokerage” and “What journal entries does loft post to Xero” for more detailed information.
1. We map your organization in Loft to your Xero organization using your Xero api key and secret code.
2. Your General Ledger, tax settings and Bank accounts are brought into Loft so we can start setting up some rules around accounting.
First we map your taxes to your tax categories in Xero as seen below;
We then associate some of our basic accounting codes to your general ledger accounts. This is a sample of Brokerage.
Finally, we want to know what bank accounts you use for specific purposes. Every geographic area has different needs and regulations in terms of bank account functionality. Loft allows you to define what rules you want to put in place. Tell us what functions you would like to allow out of which account and how you have your liability or payable accounts associated with your bank.