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Here we discuss the types of journal entries available for Squarespace
Bookkeep enables you to integrate your Squarespace account to automate journal entry postings.
The two journal entry postings we automate with Squarespace are:
- Sales Summary
- Payment Fees
The Sales Summary journal entry posts to your accounting platform on a daily basis the sales from the prior day. This aims to capture the gross sales down to the net sales including refunds, sales tax, gift cards sold and redeemed, etc., as well as payment tenders (Stripe, PayPal, or Other) See below for an example mapping.
Note: For Canadian customers we have the ability to map to specific QBO tax rates for Sales Tax reporting purposes.
The second journal entry we support for Squarespace is the Payment Fees. This journal entry captures the fees for all payment transactions processed on Squarespace via PayPal and Stripe for a specific day.
Note: If your Stripe and/or PayPal accounts process payments from other platforms in addition to Squarespace, this journal entry WILL NOT record those processing fees as this is based solely on data provided by Squarespace and not the payment processor. We recommend you assess your specific setup before turning this template on, to ensure that the fees posted to your accounting platform are not duplicated or incomplete, especially when using the Squarespace integration in conjunction with our other integrations for payment apps (Stripe and PayPal).
If you have any questions regarding our Squarespace journal entry templates or for any guidance on your specific setup, feel free to reach out to support@bookkeep.com.