Setup a Xero account
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Sign up for Xero
Navigate to https://www.xero.com/ca/pricing-plans/
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.
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
https://central.xero.com/s/article/Set-up-your-organisation-s-financial-details#Chooseyourfinancialyearend
Please note, the last day of your financial year end should be the date you’ll be bringing in your data into Loft and must fall at the end of the month.
Please note, the last day of your financial year end should be the date you’ll be bringing in your data into Loft and must fall at the end of the month.
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
https://docs.google.com/spreadsheets/d/16VBi3VMjnNm2vObgozo5VkA1w8sxLhobu3iJroiLyGk/edit?usp=drive_link or you can use your own Chart of Accounts.
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: 1210Account Name: A/R - Agt'S Recoverable - Gen ExpType: Accounts receivable (A/R)Detail Type: Accounts receivable (A/R)2. Account Number: 2130Account Name: Liability For Trust Control - No Manual EntryType: Other Current LiabilitiesDetail Type: Trust Accounts - Liabilities3. Account Number: 2150Account Name: Commission Payable Control - No Manual EntryType: Other Current LiabilitiesDetail Type: Other Current Liabilities4. Account Number: 2900Account Name: SuspenseType.: Other Current LiabilitiesDetail Type: Other Current Liabilities5. Account Number: 2947Account Name: Commission Clearing Control - No Manual EntryType: Other Current LiabilitiesDetail Type: Other Current Liabilities6. Account Number: 4010Account Name: Commission Income Control - No Manual EntryType: Income/RevenueDetail Type: Service/Fee Income7. Account Number: 4040Account Name: Other IncomeType: Income/RevenueDetail Type: Service/Fee Income8. Account Number: 5010Account Name: Agent Commission Control - No Manual EntryType: Cost of Goods SoldDetail Type: Other Costs of Services - COS9. Account Number: 5110Account Name: Outside Broker / Realtor Control - No Manual EntryType: Cost of Goods SoldDetail 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.
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
➡️ Next Step
Xero Settings & Mapping