Recommended End of Month process including: Cost Allocation, Storage Costs and Accounts Sync

This article assumes that you have already linked Vintrace and Xero and understand the basics of the accounting integration.

An end of month process must be run from within Vintrace to ensure any overheads or other capitilised costs are allocated before reviewing and submitting journals to your General Ledger. This provides highly accurate, per product cost information that you can easily report on from within Vintrace.

We suggest that you first run the storage cost generator to generate the storage costs for your vessels. This is typically used to allocate barrel depreciation costs to your wines.

Process 1

Next, apportion overhead costs to your wines via the Cost Allocation Console. This console allows you to allocate and capitalise indirect costs across selected wines. Your indirect costs may include general overheads or other production costs not directly attributable to a specific product at the time it was incurred. For example, Electricity or Labor costs.

Process 2

Lastly, run the Accounts sync to post all the cost movements generated manual journals to your accounting package.

Process 3

Below is an example of how the manual journals look like in Xero.

Process 4