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?
- Amazon Settlement Report: Remove Reserve Amount
- Why are my Amazon settlement report orders incorrect?
- Should I use ShipStation or sync with Amazon directly?
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.
How can you decide if Connex is right for your business?
- Full functionality, including advanced features such as the summary sales tool, for 14 days.
- Sync up to 500 sales to QuickBooks Desktop or Online.
- Complimentary support during your free trial
Are you unsure whether Connex is right for your business?
Why Our Customers Choose Us
Developed specifically for e-commerce business owners
- Scale your business by automating syncing sales & inventory from multiple e-commerce platforms to QuickBooks Desktop or Online.
- Save resources by not wasting time manually entering sales, inventory, and customers into your website and QuickBooks accounts.
- Recommended by Intuit itself, Connex is a trusted name in the automation field.
- If you sell on multiple channels, you can simplify your workflow by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms