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Here we discuss the types of journal entries available for Walmart US
Bookkeep enables you to integrate your Walmart US Seller account to automate journal entry postings.
The two journal entry postings we automate with Walmart US are:
- Walmart Sales Summary
- Walmart Deposit
The Walmart Sales Summary journal entry posts to your accounting platform the sales from the prior day. This journal entry will appear anytime there is a new settlement report from Walmart. For example, each settlement contains 1 deposit and a number of associated sales days. When we see a new settlement report, we post the deposit and the associated sales days. The frequency of settlements varies per seller account. This aims to capture the gross sales down to the net sales including discounts, refunds, etc. Additionally, this journal entry captures the various fees from Walmart. See below for an example mapping:
For certain lines in this template we also provide the option to map subcategories, for example “adjustments” can be broken down and mapped to specific accounts as shown below:
Note: this is not a mandatory step, and each unmapped subcategory will post to the parent category/account)
*A couple things to note for Walmart US sales: you will see that we capture Sales Tax Collected and Withheld. In the USA, tax is withheld and paid by Walmart on your behalf so we recommend mapping these 2 lines to same accounts since they should net to zero.
The second journal entry we support for Walmart US is the Deposit journal entry. This journal entry captures any new deposits coming to your bank account from Walmart US. Your deposit frequency is typically every 1-2 weeks but we have encountered some accounts up to once per month or longer. Your Walmart Balance account captures any sales that were processed by Walmart resulting in an increase to your Walmart Balance. This Walmart balance is then decreased any time there is a deposit to your bank account which is captured in this journal entry. See below for an example mapping:
If you have any questions regarding our Walmart journal entry templates, feel free to reach out to support@bookkeep.com.