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Given the complexity of businesses with their many sales channels, we explore entities with multiple sources of data
At Bookkeep, we automate accounting entries that previously required manual data entry which is time consuming and error prone. With the complexity of business today, it is common for a business to be selling via multiple sales channels as well as buy now pay later providers. This leads to a business' financial data residing in multiple systems which requires you to understand where your data is coming from and connect the necessary apps.
Let me provide an example as you setup your Bookkeep account.
In the image above, this customer has a Shopify store where they are using Shopify and PayPal for payment processing. This means that this customer would have sales data from Shopify, and would have deposit data and payment processing fees from both PayPal and Shopify. Additionally, since the customer has PayPal processing some of their sales, there would be additional processing fees from PayPal that would not be captured if they just connected Shopify.
Therefore, it is critical to understand where the financial data is coming from and connect the necessary Bookkeep apps to automate these postings. This customer would want to connect both our PayPal and Shopify apps.
With Shopify, they can automate posting their sales daily, COGS daily, and any deposits which were sales processed by Shopify.
When connecting PayPal, this customer would want to utilize the PayPal express checkout fees and the PayPal deposit journal entries. The Express Checkout Fees posting is necessary as the Shopify store is having some sales processed by PayPal, but Shopify does not know or capture the processing fees from PayPal. Additionally, the PayPal deposit posting captures any transfers of money from the customer's PayPal balance to their bank account.
As you can see, this can become quite complex with the various sales channels and payment processors offered in today's ecommerce world. If you need help understanding which apps to connect, please contact support@bookkeep.com.