Why Using Summary Sales in Is Important For Your Business
Traditonally, ecommerce business owners sync their sales individually to QuickBooks. This approach quickly becomes tedious as your business and sales volume grows.
What if you could quickly sync your sales to QuickBooks even as your sales increase?
This is where syncing your daily summary sales to QuickBooks comes in. Besides saving time and money, this will approach will save you space in QuickBooks. As we will show you you can use this tool for any integration. See our list of integrations here.
Five Benefits of Using the Summary Sales Tool for QuickBooks
At Connex we’re all about simplifying bookkeeping for you. Some business owners worry that the more sales they make, the more money they will need to pay to their bookkeepers to enter the data manually into QuickBooks.
Connex’s summary sales tool solves this problem. Rather than syncing over individual orders, it syncs over one order per day to QuickBooks. For example, all your orders from Shopify would be under one customer “Shopify sales”.
Our summary sales tool has the following benefits
- Save space: Instead of several hundred, you have a handful of orders.
- Track inventory: Connex will decrement inventory accordingly with your sales. Furthermore, the COGS account for each item is debited and the inventory asset account is debited.
- Easier to track Income: The sales account is credited daily and the undeposited funds are debited.
- Easier reconciliation: You will get one invoice per day per sales channel. If you use ShipStation and you have three channels, then you would sync three invoices. Connex will group invoices by the deposit account, so you can track sales by payment method.
- Automatic: Our software creates this invoice automatically for you, once a day, every day.
What is the Daily Summary Sale?
The summary sale contains a list of SKU’s, aggregate shipping cost, discounts and fees for a group of orders matching a payout. Refunds can be placed onto the sales receipt as negative quantities, and fee amounts will be added as separate amounts. You can separate the refunds to a credit memo.
Benefits include deducting inventory, saving space in QuickBooks, simpler deposit matching, tracking sales by category, and recording COGS. Interestingly, if you order inventory you cannot write that off as an expense until you sell that inventory.
Without a summary sale you need to match orders individually to deposits. Imagine having a hundred orders a day, and selecting them individually to add the fees. Some of our customers spend 10 a week matching deposits on individual orders. This can be time-consuming.
We use the summary sale at Connex for our own bookkeeping and have saved thousands of dollars a month in bookkeeper fees.
The Connex summary sales tools is available for for all integrations.
Amazon Settlement Report
What are the advantages and disadvantages?
Connex for QuickBooks can sync your Amazon settlement report to QuickBooks.
There are many advantages of this approach:
- You sync one order per settlement report, instead of several hundred individual customer invoices or sales receipts.
- Connex adds the Amazon fees.
- It’s easier to reconcile and it makes QuickBooks cleaner.
Here are the disadvantages:
- You cannot track sales by customer, since you only have a single order in QuickBooks.
- You can only sync (90) ninety days back.
- The sync runs bi-monthly, so you can’t see your sales reporting until the next settlement report.
To sync your Amazon settlement report to QuickBooks, here are some additional resources:
- How do I sync my Amazon Settlement Report to QuickBooks?
- Why are my Amazon settlement report orders incorrect?
A common question that we get is, what happens to customers when you sync summary sales or the Amazon settlement report? We don’t recommend syncing individual customers to QuickBooks. It takes up space in QuickBooks. (Click here for best practices with customers in QuickBooks). When you have one customer in QuickBooks for each sales channel, it make it easy to reconcile all your sales in QB.
Connex works with both the online and desktop editions of QuickBooks.
Is Connex Right For Your Business?
Most of our customers sell on multiple e-commerce channels. For example, Woocommerce, Shopify, Magento, and ShipStation, just to name a few.
They want to grow their business, and they also value the peace of mind from knowing their books are always up to date and they can serve their customers.
Why Our Customers Choose Sync with Connex
- Developed specifically e-commerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple e-commerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, and Shipping Easy.
–Click here for a full list of our ecommerce, shipping, and payment integrations
How can you decide whether Connex is right for your business?
The easiest way to tell whether Connex is right for your business is to speak with our sales team
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?
Click here to schedule an introductory 15 minute call with a member of our sales team.