Managing transactions from several sources.

ToddLToddL Member Posts: 1

As an ecommerce company we sell on several platforms that handle sales differently. For instance amazon handles all the transactions and deposits the end result into our bank account twice monthly. One the other hand shopify uses both stripe and paypal to manage payments. Stripe has a daily deposit but paypal holds the money till I transfer it.

Where I need help is determining the proper integrations so that I'm not entering transactions twice. i.e. importing shopify transactions then importing that sale a second time when grabbing paypal information. Then potentially a third time when a manual transfer from paypal shows-up in my bank account.

Has anyone cracked this nut and can you provide insight? I'd like to use the integrations to capture all the various service fees, returns etc. But not if it means having to maintain a convoluted system of off-setting/counter entries to keep balance straight.

Comments

  • Emmanuel_Iyanu01Emmanuel_Iyanu01 Member Posts: 1

    It essential to business to have different sources

  • JamieDJamieD Administrator Posts: 650 admin

    @ToddL @Emmanuel_Iyanu01 When you are adding multiple integrations in your Wave account (PayPal, Shopify, etc) it will create transactions associated with those accounts automatically. That said, our software will do it's best in terms of identifying transactions that are similar and merge them together (such as a transfer from one account to another). In any case, if you notice multiple transactions being duplicated based on the number of integrations/where the transactions are coming from -- you will need to merge or categorize them accordingly.

  • Union9Union9 Member Posts: 4

    @JamieD. How do you merge them though. To merge the amount needs to correspond but Amazon doesn't really work that way. For example if I was to import 5 individual Amazon sales, says each one is $20. I then get a bank payment of an amount say $76.56. The point is payments don't really correspond with sales.

  • wagzzwagzz Member Posts: 4

    You usually dont reconcile an individual sale to a lump sum payment. You track all of your sales, which go into accounts receivable, you then would get payments that decreases your accounts receivable amount and increases cash.
    Your accounts receivable and cash should in a nutshell equal your sales revenue. That is, if you didnt spend any of that money.

  • Katie_SilkinaKatie_Silkina Guest, Unconfirmed, Applicant, Member, Administrator, Moderator, Employers Posts: 73 admin

    @wagzz great tip! @Union9 take a look at the above recommendation. The flow of funds you generally look for when it comes to e-sales (should be customized based on your specific business workflow and reporting needs) is:
    Online item sale increases Accounts Receivable + Sales (Debit + Credit respectively)
    Funds received from sale increases money in your bank account (Debit) and decreases/balances out Accounts Receivable (Credit).

    You can also look to leverage a Money in Transit account during this process. Some more on that here.

Sign In or Register to comment.