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Reconciliation with Dext Commerce

Reconciliation with Dext Commerce


Dext Commerce uses Clearing Accounts to help with the reconciliation process. Here's an overview of what the process should look like:

  • In your accounting software, you'll create Clearing Accounts for each payment gateway you use.
  • When exporting data in Dext Commerce, you'll select the Clearing Account that matches the payment gateway of the transaction you're exporting.
  • In your accounting software, you will see deposits arrive in your bank account from that payment gateway. You will mark these deposits as transfers from the Clearing Account.

If you're still not sure what this means, don't worry - we've got you covered! Keep reading for more details.

What are clearing accounts?

Clearing Accounts

Clearing accounts are a key part of the process with digital commerce accounting. They'll help with tracking, reporting, and reconciliation.

What is a Clearing Account?

Clearing accounts are accounts in your general ledger used to temporarily hold the funds from a financial transaction until it can be transferred to the appropriate account. Clearing accounts will typically 'clear out' to zero at the end of a period. Other names for clearing accounts include:

  • Holding Accounts
  • Zero-balance Accounts
  • Wash Accounts

Why should we use Clearing Accounts?

Clearing accounts are typically used to help organize and classify transactions. In the context of e-commerce, you may receive multiple deposits from separate payment gateways, all at different time intervals. These deposits will also often not include detail on things like marketplace fees or refunds. The use of clearing accounts helps organize your data into groups based on payment gateways, as well as allow you to correctly capture associated fees and other additional amounts.

What clearing accounts do I need to create?

Our recommendation is that you have a separate clearing account for each payment gateway that you use or receive deposits from. For example if you receive deposits from Amazon, Etsy, Stripe, and PayPal you should have 4 separate clearing accounts - Amazon Clearing, Etsy Clearing, Stripe Clearing, and PayPal Clearing.

Exporting Transactions

Individual Transactions

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Bulk Transactions

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Quickbooks Online (QBO)

Reconciling transactions

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Reconciling transactions

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