This article is targeted to Molo customers that use Xero and Molo's Service and Repair Tools.
This article describes how to record and reconcile payments for warranty work.
- Firstly, you'll need a Liabilities account in Xero which will be used for reconciliation. In the screenshot below, we've used a Current Liability account but your bookkeeper / accountant may configure this differently according to your internal bookkeeping practices. Click here for the Xero guide on Creating New General Ledger Accounts.
- Open the invoice in Xero that has warranty work. Record a payment of the amount you expect to receive from the manufacturer / boat builder. Note: You must contact Molo to credit the invoice in Molo. Payments applied directly in Xero do not automatically appear in Molo.
- When you receive the warranty payment from the manufacturer / boat builder, you reconcile the incoming money against the same Liability account where you recorded the payment.
- Finally, you can run the Account Transactions report to view all your warranty payments.
