Here we discuss the revenue accounting automation available for SumUp including sales and deposits as well as VAT support
Bookkeep offers a seamless integration with your SumUp accounts, allowing you to automate your revenue accounting processes. With this integration, you can easily track and manage your SumUp sales, processing fees, and deposits in one central place.
By syncing your SumUp accounts with Bookkeep, you can eliminate the need for manual data entry and ensure accurate and up-to-date financial records. The integration automates two crucial journal entry postings related to your SumUp transactions.
The first journal entry automates the recording of payouts or deposits made to your bank account from SumUp. This entry captures any new deposits received on a daily basis. By automating this process, Bookkeep helps you accurately track and reconcile your incoming funds. Below is an example deposit entry where the SumUp balance is decreasing and the bank account is increasing:
2. Sales Summary
The second journal entry automates the recording of your sales on a daily basis (one summarized entry per currency to ensure your books are not cluttered with each order). It captures the gross sales from the previous day and breaks them down to net sales, including any discounts or refunds. Additionally, this entry also includes the fees associated with processing these sales. By automating this process, Bookkeep ensures that you have a clear overview of your sales revenue and associated expenses. Below is an example sales summary entry. You will notice that the SumUp balance net of fees is 44.44 which reconciles with the earlier deposit journal entry. Bookkeep ensures that you can easily reconcile your books and verify that you have received the expected funds from your sales. This helps you maintain accurate financial records and have a clear understanding of your revenue:
QuickBooks Online VAT support with SumUp
Bookkeep also provides support for businesses using QuickBooks Online in the UK to streamline their VAT reporting for SumUp. By integrating with QuickBooks, Bookkeep allows you to map the tax rates from your QuickBooks to accurately report your VAT. This automation feature enables you to conveniently report your VAT within QuickBooks. Take a look at the following example to see how VAT reporting has been automated.
In this example, there was 2.00 of VAT collected under the sales tax collected line:
The corresponding entry in QuickBooks Online is visible below where you will see the 2.00 of VAT reported at the bottom:
For additional information on the Bookkeep QuickBooks VAT reporting feature, visit here.
With Bookkeep's integration with SumUp, you can streamline your revenue accounting processes and have a comprehensive view of your financial transactions. If you have any questions or need assistance with the SumUp revenue accounting automation, our support team is always available to help you. Simply reach out to us at email@example.com.