Summary Transaction

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Introduction

If you have several orders a day, Cloud Cart Connector can summarize them into a single order. Cloud Cart Connector can create summaries for each store.

What are the benefits of creating a single transaction?

There are many benefits:

  1. Save space: Instead of several hundred, you have a handful of orders.
  2. Track inventory: Inventory will decrease. The COGS account for each item is debited and the inventory asset account is debited.
  3. Track Income: The sales account is credited and the undeposited funds are debited.
  4. 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. Cloud Cart Connector will group invoices by the deposit account, so you can track sales by payment method.
  5. Automatic: Our software creates this invoice automatically for you, once a day, every day.  

How do I download a day to summarize?

Here are the steps:

  1. On the Settings page, open the Transaction tab.  Select summary transaction.
  2. Open the Sync Manually to Quickbooks tab.
  3. Choose a date range to summarize. We recommend a twenty-four hour period like 6/11/2016 to 6/11/2016 11:59 PM.
  4. By default, Cloud Cart syncs orders by their creation date. You can sync orders with a certain status, though you might have issues reconciling.  In the Order Statuses to Export field, enter some statuses.
  5. Click Sync Now.
  6. The Transaction Log, in the Settings gear, will show you the sync.

How do I set-up the sync to run daily?

Here are the steps:

  1. On the Settings page, open the Transaction tab and select summary invoice as the transaction type.
  2. Open the Sync Manually to QuickBooks tab.
  3. Adjust the Export Orders After to 12:00 AM yesterday.

 

4. Adjust the Export Orders Before to 11:59 PM yesterday.

5.

5. Click Sync Now.

6.Cloud Cart will automatically reset the timers to tomorrow at the same time.

Do you support multiple currencies in the same selling channel?

Cloud Cart can group orders by their currency code and deposit account. Each currency needs its own deposit account. In this example, we will summarize four orders. Two of them belong to Amazon FBA, but they use Euros instead of Canadian Dollars. Here is the set-up:

QuickBooks

You must create deposit account:

  1. In QuickBooks, go to the gear box and click chart of accounts.
  2. Click new.
  3. Select other current asset for the type and subtype. Add the currency: 

Cloud Cart Connector

  1. Hover over the Settings gear and click Rules Engine.
  2. Add a rule to map deposit accounts for each currency. If you are creating a summary invoice, choose map deposit account to invoice:
     dep_acct.png

On the Cloud Cart Settings page, open the Customer tab and choose Store Name and Currency as the customer mode. Cloud Cart will append the currency code to the selling channel name in QuickBooks:

  1. Open the Sync Manually to QuickBooks tab and change the sync dates under export settings to a one-day range, such as August 13th to August 13th 11:59 PM.
  2. Open the New Order and Product Accounts tab and choose a default deposit account for your home currency. In this case, we will use undeposited funds.
  3. Click Sync Now.

How does Cloud Cart calculate sales tax?

Cloud Cart adds a line item called SalesTax that credits sales tax payable. Cloud Cart adds tax as a line item for several reasons:

  • A summary order can contain orders with different tax rates from different states. A QuickBooks tax code only applies a single tax rate.
  • When Cloud Cart adds a QuickBooks tax code, Cloud Cart must remove tax and recalculate it. Since you want the total tax from for the day, you want a line item.

Here is the sales tax item that Cloud Cart creates.

What if I only charge tax in one state?

Cloud Cart can add a default sales tax code if the order contains tax and the shipping address state matches no existing mapping. Here are the steps:

  1. On the Cloud Cart Settings page, open the Sales Tax tab.
  2. Check the box Map QuickBooks tax codes.
  3. Select the Action button and click Map Tax Codes
  4. Choose a tax code and enter US. Leave the state field blank.

Here is an example transaction with Massachusetts sales tax that ships to New York.

Sample

Here is an example transaction.

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