Published by Sascha Kruesi
This will make it possible to easily connect your online shop (Shopify, Magento, WooCommerce, Shopware, PrestaShop, OpenCart, etc), for which we already supply shop plug-ins today and facilitate and automate your accounting for the sales in your shop and transfer them to your accounting software like bexio.
As already mentioned in the previous blogpost, there are several ways how you can transfer the turnover of your online shop to the accounting. Depending on the chosen integration option, you must ensure that you have a corresponding connection between your online shop and the accounting software.
We believe that accounting with a subledger is sufficient for merchants. This has the advantage for you as a merchant that wallee creates each transaction and corresponding posting records in the subledger. Then, you need to transfer the balance of the accounts from the subledger to your Bexio accounting system on a regular basis (liek once a months). There is no technical connection to your Magento, WooCommerce, Shopify shops to Bexio needed. In addition, you massively reduce your booking effort, as you only have to transfer one booking record per month. All the details records are stored in wallee.
For revision and transparency purposes, you can access the individual posting records of the subsidiary ledger at any time and export them as a CSV at the push of a button.
Important: The Reconciliation feature is not available for all payment methods. We are working at full speed to add more payment methods. We currently offer the feature for the following payment methods:
No technical integration is required to connect wallee's accounting to Bexio. Nevertheless, you should ensure that the necessary accounts in Bexio exist in the chart of accounts. For more information, see the Bexio help pages.
In our concrete case, I have created the following accounts:
We have thus created the necessary accounts in the general ledger, which we can now feed periodically with the entries from the subledger.
The Reconciliation feature must be activated for the posting records to be generated. You can activate this by pressing a button in your space. To do this, navigate to the list Features > Reconciliation and click on activate.
Once activated all necessary posting records will be generated automatically. We now regularly receive the payment information for that means of payment.
Each of the payment methods provides different sources here. No further configuration steps are necessary on your side. When you activate the payment type and the reconciliation feature, the configurations are set up automatically:
If you require further information on other payment methods for your accounting, please contact us.
Since we have all the relevant information (VAT, Turnover, line-items), we can process this data for you and create the necessary booking records for you based on the payout information.
As can be seen in the image, the correct journal entries are written for each order (including VAT bookings). Examples of such booking records can also be found in the blogpost on credit card accounting.
The automatically created open receivables are now automatically closed as soon as we receive the information corresponding to the payment methods, which are usually imported automatically and without configuration on your part. In the payment information of the payment methods we have the following information:
At the end of the period (usually at the end of the month) or at the end of the working day, you can create a so-called summary in wallee. This report contains a summary of the accounts posted to and their changes.
This means that wallee automatically aggregates all information about outstanding receivables and paid amounts in the period you specify. Please ensure that there are no gaps in that chosen time frame. We therefore recommend that you create the reports monthly.
Thanks to the reconciliation data of the acquirers and payment types, we now have all the information we need to make the corresponding transfer posting in Bexio from the subledger to the general ledger. To do this, first create a report for the desired period. In this example, we would like to have all transactions from 1.1.2019 - 31.1.2019 processed in Swiss francs.
Now transfer this data to the general ledger in Bexio using a manual posting.
Please note, in this case, the sales revenue entered was the gross sum; meaning the total sales revenue incl. VAT. With the selection of the value added tax elimination directly by Bexio. Of course, it is also possible to manually control the entry accordingly. However, this leads to problems with the balance tax, which is unfortunately not displayed in wallee but is ensured correctly by Bexio in your VAT forms.
Due to exchange rate differences, each currency must be exported separately. We therefore recommend that you maintain accounts with the acquirer and your bank for each currency you offer in the shop. In this case, we recommend that you transfer the amount to the general ledger using the average monthly exchange rate of the FTA.
Now we need to clarify how we deal with incoming payments to bank accounts. If you have connected your Bexio to the bank, these payments will be read regularly for reconciliation. Depending on the payment agreement with the acquirer or the payment method, these payments will arrive regularly in your account.
These payments are actually nothing more than payments, which are in your account at the acquirer, transferred to the merchant. These payments should be treated in the same way in the bookkeeping. In other words, we debit these payments from the 1022 - Bank Account SIX Acquiring Account we created above to act as "Durchlaufkonto". This allows us also to verify if all the payments came through as there should be no remaining balance on the Account 1022 - Bank Account SIX Acquiring Account.
The fees for the payment method can be ignored, as these have been taken into account, mentioned above in the context of transferring.
We see ourselves as a payment platform for a number of reasons. We do not consider ourselves responsible for the integration of all other data such as customer data and product data. Depending on the shopping carts, there are already existing interfaces for this. Synceria is an interesting alternative for the integration of WooCommerce, Magento, ECWID and other shopping carts with Bexio.
When Synceria is used in conjunction with wallee, customer information and products are synchronized with Bexio. Whether an invoice is generated or not can already be set in Synceria. In our case, the subledger is kept in wallee, so it is not necessary for Synceria to generate the invoices. Synceria is however helpful in synchronizing the products (for WooCommerce), as well as the contact details of your customers,if these are used again in later orders or if you want to use the CRM functions in Bexio and make evaluations based on them.
For the sake of completeness, wallee already provides comprehensive information and evaluations from your shop customers.
More information on this will follow soon.
Synceria you can be activated directly in Bexio for 25 CHF / month.
The automated accounting integration of wallee offers an interesting and easy possibility for e-commerce merchants of all sizes to save a lot of time and money with the accounting of their shop turn over. A connection to Bexio and any alternative accounting system can be easily implemented. At regular intervals, sales are transferred from wallee's subledger to the general ledger of Bexio or any other accounting tool using the reconciliation report. This eliminates the need for time-consuming booking of individual orders in Bexio's general ledger. In addition, the integration of wallee with the acquirers and payment methods ensures that the correct payment fees are always displayed and chargebacks, as well as, bad debt losses are identified.
As already mentioned several times, this method is completely independent of the accounting program and accounting regulations used. In the coming weeks, we will create similar tutorials for other systems such as Banana Accounting, Sage, Abacus, etc. If you have any outstanding questions regarding accounting in wallee, our support is of course available at any time.
If you have any remaining questions, do not hesitate to contact us.