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Lesson 3 Connecting & Configuring Your Accounting File

Lesson 3 Connecting & Configuring Your Accounting File
 

Overview

Once an accounting program is connected, Greenback references your accounting plan's supported features, chart of accounts, products & services, SKUs, customer lists and more when exporting data from Greenback to your books.

This lesson covers:

  1. The connection process
  2. Configuring your accounting file
  3. Preparing for sales & sales related expense items

The Connection Process

If you plan to export your sales or expenses to an accounting file such as QuickBooks or Xero, you need to first connect the file within Greenback. Connecting an accounting file on Greenback is important as it allows the software to intelligently prepare for how data will flow from Greenback to your books.

-> Connect Your Accounting Program Guide

Configuring Your Accounting File

To properly account for your e-commerce sales, you need to maintain a ledger for each provider that collects funds from your customers. These providers should be configured much the same way you would a business checking account.

The solution is to configure a clearing account for each provider that collects funds from your customers and makes payout deposits to your business bank account. Clearing accounts are configured the same way you would any other bank account within your accounting file. Clearing accounts provide a clean way to manage the ledger from each provider, tracking your itemized sales, sales related expenses, refunds and reimbursements

-> Create Clearing Accounts Guide

Preparing for Sales & Sales Related Expense Items

It is good practice to configure your product & service items in your accounting file before exporting transactions from Greenback. By mapping your sales to a product or service, you make full use of the reporting capabilities provided by your accounting program.

Also, if you plan to use your accounting file to track inventory, it is important that you configure your product items properly. In addition to automating your accounting, Greenback also helps you automate the tracking of your inventory (when inventory is properly configured within your accounting file).

-> Prepare Your Accounting File Guide



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