Summary Transaction

Introduction

If you have several orders a day, Connex can summarize them into a single order. 

What grouping options are available?

Login to Connex. Click configure at my connections. On the advanced tab, change the summary transaction group drop down.

Here are the options:

Option Notes
Store Name This is the default. For each selling channel, Connex will create one summary invoice with payment. If you use ShipStation or Magento with multiple stores, Connex would create one invoice and payment for each channel.
Payment Method Connex will create one invoice and payment per payment method. You would have one for Visa, one for Mastercard, and other payment methods.
Payment Method and Store Name Connex will group orders by payment method and selling channel. If you have one channel, ten orders were paid by Visa and five were paid by cash, Connex would create two invoices with payments.

Overview

Here is an overview:

What are the benefits of creating a single invoice?

There are many benefits:

  1. Save space: Instead of several hundred, you have a handful of orders.
  2. Track inventory: Inventory will decrease. The COGS account for each item is debited and the inventory asset account is debited.
  3. Track Income: The sales account is credited and the undeposited funds is debited.
  4. Easier reconciliation: You will get one invoice per day per sales channel. If you use ShipStation and you have three channels, then you would sync three invoice. Connex will group invoices by the deposit account, so you can track sales by payment method.
  5. Xero recommended: Xero has performance issues, if your company receives more than 1,000 invoices per month. Xero recommends creating a summary invoice.
  6. Automatic: Our software creates this invoice automatically for you, once a day, every day.  

How do I Set-Up the sync?

Here are the steps:

  1. On the configure page, select summary invoice from the transaction drop down.
  2. Scroll down to export settings.
  3. Adjust the export after to 12:00 am yesterday.
  4. Adjust the export before to 11:59 pm yesterday.
  5. Click save and sync.
  6. Connex will automatically reset the timers to tomorrow at the same time.

Do you support multiple currencies in the same selling channel?

Connex can group orders by their currency code and deposit account. Each currency needs its own deposit account. In this example, we will summarize four orders. Two of them belong to Amazon FBA, but they use Euros instead of Canadian Dollars. Here is the set-up:

Xero

You must create deposit account:

  1. In Xero, go to accounts.
  2. Click new.
  3. Select other current asset for the type and sub type. Add the currency. 

Connex

  1. Hover over the gear and click rules engine.
  2. Add a rule to map deposit accounts for each currency. Choose map deposit account for invoice and payment. Here is an example rule.
  3. On the Connex configure page, choose store name currency as the customer mode. Connex will append the currency code to the selling channel name in Xero.
  4. Change the sync dates under export settings to a one day range, like August 13th to August 13th 11:59 PM.
  5. Scroll to the bottom and choose a default deposit account for your home currency. In this case, we will use undeposited funds.
  6. Click submit.

What does the summary look like?

In this example, we sold four test item one and two test item two in a single day across six orders. To see a larger image, click here.

 

 

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