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Configure Financial Reporting

Profit & Loss

When you have finished the connection process for Xero, you will be taken to the configuration page. All of your Accounts will be pulled through into hospoIQ. 

hospoIQ can deliver financial reporting relevant to hospitality, via integration with Xero. This includes the following KPIs critical to any hospitality business:

* Food vs beverage Cost of Goods Sold (COGS) and Gross Profit (GP)

* Wage % - Front of House vs Kitchen

 

To enable financial reporting requires that you have connected your Xero organisation to hospoIQ and selected ‘Import Profit & Loss’ in the configuration.

The ‘Number of Days to Import’ setting defines how many days prior to ‘today’ profit and loss data will be pulled each morning. This should be set based on how far back you are likely to be performing reconciliations in Xero to ensure those changes are captured in hospoIQ on a regular basis. 

Configure Accounts 

Once integration with your Xero organisation is completed, all your Accounts will be pulled through into hospoIQ. These can be viewed by going to Navigation -> Accounts. 

To ensure that reports show the correct values, Accounts must be correctly mapped to the appropriate ‘Measures’. When the Accounts were first loaded, hospoIQ automatically attempted to setup these matches according to the following criteria: 

  • If the Account Type is an 'Expense' (Direct Costs, Expense or Overheads): 

    • If the Account has 'Wages' or 'Salaries' in the name: 

      • If 'FOH' or 'Front of House', set to 'Salaries & Wages - FOH' 

      • If 'Kitchen', set to 'Salaries & Wages - Kitchen'

      • Otherwise, set to 'Salaries & Wages' 

    • If the Account has 'Food' in the name, set to 'Food COS' 

    • If the Account has 'Beverage' in the name, set to ‘Beverage COS' 

  • If the Account Type = Sales or Revenue: 

    • If the Account has 'Food' in the name, set to 'Food Sales' 

    • If the Account has 'Beverage' in the name, set to Beverage Sales' 

 

You can review and amend these mappings by going into Navigation -> Accounts: 

You can then select the relevant Measure from the drop-down list and click on ‘Save’ (or to de-select the Account being associated with any Measure, choose ‘Select a Measure..’ at the top of the list): 

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213 Lichfield Street

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Tel: 0800 328 248

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