Reconciliation software

[RSR Fulfillment (FR & DE)]

When I started it was easy. I was only selling in one currency and country and each purchase transaction would show up either in the bank or on paypal, so I used Quickbooks and quickly assigned sales and purchases.

Then I starte selling in different countries. Quickbooks was not really the right software for this, so I switched to Xero. Reconciliation was again easy.

Then it got difficult because when I started selling on amazon, the purchase transactions did not present in my bank account. A bundle of transactions in a fortnightly payment showed up as one payment. So suddenly software became kind of redundant because I had to take the amazon list of transactions and manually split the amount paid to represent the transactions.

But this was not such a problem because amazon sales were low. But then as our shopify store got busy, the credit card payments were also bundled in to 3 day payments, so again I am manually splitting the payment into appropriate sales transactions by country.

Finally, ebay payments now does the same, so I am having to manually reconcile about 250 transactions a month. In summary, Xeron is now useless.

So what do online retailers selling internationally do to automate the sales reconciliation?

 

[fisicx]

So what do online retailers selling internationally do to automate the sales reconciliation?

Pay for specialist or custom software.

This one appears to do the job: https://tradebox.co.uk/ Starts at £750/year for 5 channels. £15/week isn't a lot to pay to fix your problems.

 

[LPB 123]

There's a lot of software that will do what you want. Just try some and see what works best for you. We tried OneSaas, Zapier and Sync with Connex. I don't think Tradebox works with Mac which is why we didn't try that one.

 

[Danny Whitaker-Leach]

I am similar sell on multiple marketplaces domestically and internationally.

Initially I started using Tradebox as fiscx suggested which allows you to import each transaction individually to Xero which works well until you hit xero api limit
so I started using Tradebox summaries which is essentially a Z report from a card machine
I run a weekly summary from each sales source and input them into xero
These transactions go into a holding account for each marketplace where I do my balancing before transferring to match the balance against my live currency accounts such as bank, world first, PayPal etc
Nice and easy and no need to reconcile individual transactions just the channels statement as it arrives

 

[RSR Fulfillment (FR & DE)]

I am similar sell on multiple marketplaces domestically and internationally.

Initially I started using Tradebox as fiscx suggested which allows you to import each transaction individually to Xero which works well until you hit xero api limit
so I started using Tradebox summaries which is essentially a Z report from a card machine
I run a weekly summary from each sales source and input them into xero
These transactions go into a holding account for each marketplace where I do my balancing before transferring to match the balance against my live currency accounts such as bank, world first, PayPal etc
Nice and easy and no need to reconcile individual transactions just the channels statement as it arrives

Danny, does it manage the vat for all the different countries? how many transactions are going through the api for you? i reckon we have about 700 per month, 500 sales, 200 purchases.

 

[RSR Fulfillment (FR & DE)]

and regarding card machines, we dont have one, its all paid for in the store.

 

[RSR Fulfillment (FR & DE)]

And do you know this? https://www.parextech.com

 

[Danny Whitaker-Leach]

Never heard of Parex but by the looks of it very similar to Tradebox. Peak months we can have a few thousand orders going through and the limit was becoming stretched. It was also starting to clog up the accounts and make life harder hence the move to monthly summaries which is much easier.