Here we discuss the journal entry available for Sezzle
The journal entry postings we automate with Sezzle is Sezzle Fees
Sezzle is one of the many new “Buy Now, Pay Later”payment platforms that are taking over the ecommerce space, similar to Afterpay, Affirm, Klarna, etc. This means that you are being charged processing fees by these platforms for every payment you receive from your customers.
While the sales related to these payment transactions are actually being captured and recorded in your front-end system (e.g. Shopify, Woocomerce, etc.) - or at least they should be for proper accounting - those platforms will only show the gross funds you are expecting from the payment processors.
As an example if you record a sale of $100.00 worth of merchandise via Shopify and process a $100.00 payment via Sezzle, your Sezzle Balance (clearing account) will show $100.00 being owed to you, but in reality you will receive a payout net of the processing fees for that transaction.
This is where our integration comes into play, as we will post a daily summarized journal entry recording all the “Sezzle Fees”withheld from your proceeds and reducing your available Sezzle balance to the correct level (and keep in mind that you might have hundreds of transactions each day).
Note: we also give you the option to map individually the fees by subcategory, depending on your Sezzle settings and your accounting needs.
If you have any questions regarding our Sezzle journal entry template, feel free to reach out to firstname.lastname@example.org.