Setup a Xero account

Setup a Xero account

In Article Navigation can be found to the right of this article or via the buttons below

Sign up for Xero

Select the Standard or Premium Plan (the starter plan will not integrate with Loft47)

Fill out the signup form
Click Next to Confirm
Verify your account via the verification link sent to the email you set up Xero with.
Log into Xero

Set up your Financial Settings 

Financial Year End Accounting date
Example, if you’re bringing in all your data from April 1 onwards, then the last day would be Mar 31

Add a Chart of Accounts

!Important!! Your GL's MUST have code numbers (account numbers) associated with them in order for them to be recognized in Loft.

You can use the Chart of accounts we provide in the following spreadsheet 
f you do use your own Chart of Accounts, we require some control GL accounts to be present in order to map both your integrations and deductions correctly in Loft. 
​
You will need to manually add the below GL accounts to your Chart of Accounts:

1. Account Number: 1210    
Account Name:  A/R - Agt'S Recoverable - Gen Exp
Type: Accounts receivable (A/R)
Detail Type: Accounts receivable (A/R)

 2.  Account Number:   2130
Account Name: Liability For Trust Control - No Manual Entry
Type: Other Current Liabilities
Detail Type: Trust Accounts - Liabilities

 3.  Account Number: 2150
Account Name: Commission Payable Control - No Manual Entry
Type: Other Current Liabilities
Detail Type: Other Current Liabilities

 4.  Account Number:   2900
Account Name: Suspense
Type.: Other Current Liabilities
Detail Type: Other Current Liabilities

 5.  Account Number: 2947   
Account Name: Commission Clearing Control - No Manual Entry
Type: Other Current Liabilities
Detail Type: Other Current Liabilities

 6.  Account Number:   4010
Account Name: Commission Income Control - No Manual Entry
Type:  Income
Detail Type: Service/Fee Income

 7.  Account Number:  4040
Account Name: Other Income
Type:
Detail Type: Service/Fee Income

8.  Account Number:   5010
Account Name: Agent Commission Control - No Manual Entry
Type: Cost of Goods Sold
Detail Type: Other Costs of Services - COS

 9.  Account Number:   5110
Account Name: Outside Broker / Realtor Control - No Manual Entry
Type: Cost of Goods Sold
Detail Type: Other Costs of Services - COS

Tax Settings

Offices

Tracking Category Name must be named Offices
Category Options must match the exact spelling of the offices set up in your Loft47/Brokerage Menu/Offices page.

Invite Loft

Invite Loft as an advisor to your Xero account.
Head to your company Icon (found in the top left corner of Xero's app)>Settings>Users


Click Invite a user button


Add lofttechnologies@loft47.com as a user> Fill details and click Business & Accounting>Choose adviser as the role>Send invite

Settings/Mapping 

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