5 Ways SyncBooks Simplifies Accounting for E-Commerce Businesses
Orders from every channel in one list, inventory that posts to the books, US sales tax by state, several currencies, and payouts matched to the bank.
Selling online means more than one of everything: several sales channels, several warehouses, often several currencies and sometimes several companies. Every sale touches stock, sales tax, a payout and the books. Keeping all of that in step by hand takes hours and lets errors in.
SyncBooks is accounting and inventory built for sellers. Here are five ways it takes that work off your plate.
1. Orders from every channel in one list
SyncBooks is built to bring orders from Shopify, Amazon, eBay, Walmart and Newegg into one list, next to the sales you enter yourself. Shipments and stock counts go back to each channel. Each order belongs to the company that sells it, so it posts to the right books.
You can also record a sale directly, with the invoice, payment and shipping on one page. Invoices carry your company’s branding, and each one has a pay link where the customer can pay by card.
Sales figures on Home and Analytics use Shopify’s definitions, so they match what you see in the Shopify admin. Spend from Google Ads, Microsoft Advertising and Meta Ads can be read in too, so you see what you made after advertising.
Some channel connections open as each platform approves SyncBooks. Contact us to check which ones you can connect today.
2. Inventory that lives in the books
Stock is tracked by warehouse, aisle and bin. When an order ships, its cost of goods sold posts to the journal on its own, at FIFO, specific lot or moving average cost, whichever you choose. Freight and duty on a supplier’s bill can be spread into the cost of the stock as landed cost, so your margins are real.
Set a reorder point on an item and SyncBooks alerts you when available stock reaches it. The reorder list turns the lines you choose into draft purchase orders, one per supplier, for you to check and send. Kits and bundles are only as available as their scarcest item, so you don’t sell what you can’t ship.
3. US sales tax, state by state
Sales tax in the US depends on where an order ships, what you sell and who is buying. SyncBooks loads the rate and boundary files the states publish through the Streamlined Sales Tax program and keeps them current every day. Tax is worked out line by line from the ship-to address, using each product’s tax category and any exemption certificate the customer has on file. When there is no rate, SyncBooks says so instead of charging zero.
Tax on store and marketplace orders is assigned to the state the order ships to. The sales tax liability report shows taxable, non-taxable and exempt sales and the tax collected and owed for each state and period, reconciled to the books. SyncBooks prepares the figures; you file the return with the state and mark the period as filed, which locks it.
4. Several currencies, each at its own rate
Customers, suppliers, bank accounts, sales, bills and payments can be in any currency. Each document posts at its rate, either one you type or the European Central Bank’s reference rate, read daily, and keeps the foreign amount beside your own. When a customer pays at a different rate than the invoice, the realized exchange gain or loss posts on its own.
If your companies keep their books in different currencies, Home and the group report total in the reporting currency you choose.
5. Payouts that match the bank
Customers can pay invoices by card through Stripe, and the money goes straight to your own Stripe account. Stripe payouts are read with their fees. Shopify Payments and other payouts can be recorded from their payout files. Each payout posts from a clearing account and is matched to the deposit in your bank, so the sales, the fees and the net amount all land in the books.
Bring in your bank activity by importing a statement from any bank (CSV, OFX or QFX). Bank rules suggest how to record each line, and you reconcile each account against its statement. Daily bank feeds from US and Canadian banks through Plaid open soon.
Built for sellers with more than one company
Many sellers run more than one business: a brand per company, a holding company that owns the stock, a company for each market. SyncBooks keeps each company’s books separate under one login, lets stock belong to one company while it sits in another’s warehouse, and records sales between your companies on both sides.
If that sounds like your business, see how multi-company works.