How Bookkeep posts financial data to Sage Intacct
Bookkeep is about saving you time and avoiding manual data entry. Through various integrations, Bookkeep retrieves financial data and posts this data as a journal entry within Sage Intacct.
To better understand this, let's look at the common journal entry types we post to Sage Intacct. Depending on the specific integration e.g. Shopify, Stripe, Square, we offer various journal entries that we can post if you map them and set them to on.
The most common journal entries we post are described below:
- Sales Summary - for sales we post one journal entry in Sage Intacct that represents a day of sales. Instead of bringing in every single order as a unique journal entry, we post one summarized journal entry representing a day of sales. See below for an example journal entry in Intacct:
- Cost of Goods Sold (COGS) - the COGS entry is posted as a journal entry which represents the cost of goods that were sold for an entire day which increases the cost of goods account and decreases inventory since these items were sold. Again, we do not post each order as a separate journal entry, but we post one summarized COGS journal entry for a particular day. See below for an example:
- Deposits or Payouts - when it comes to deposits to your bank account, Bookkeep does not combine these into summarized journal entries. Bookkeep posts each deposit as its own journal entry to allow you to easily match the deposits to your bank statement or bank feed.
- Fees - Bookkeep posts fees as one summarized journal entry for a particular day. We do not post each fee transaction as a separate journal entry. Fee journal entries occur when you would like to book only fees related to payment processing. For example, if you have a Shopify store but Stripe processes these sales, you would have Shopify post the sales journal entries. However, Stripe would incur fees to you for processing those sales and that is what the fee journal entry accomplishes.
As always feel free to reach out if you have any questions!