Automated accounting in your online shop with Bexio

The following article will show you how easy it is to transfer the accounting export from wallee into the accounting of Bexio. wallee offers the long-awaited possibility for merchants to automate the accounting in the online shop.wallee has already reported in detail about the challenges of the accounting of credit cards and other means of payment such as PayPal, PostFinance, TWINT in our blog PostCreditCard Accounting from 30 January 2019.the following article will show you how easy it is to transfer the accounting export from wallee into the accounting of Bexio.

This makes it possible to easily integrate your online shop (Shopify, Magento, WooCommerce, Shopware, PrestaShop, OpenCart, etc), for which we already provideready-made integrationsvia plugin.

Sub-ledger booking concept

As mentioned in the previous blog post, there are various ways in which you can transfer the sales of your online shop to the accounting system. Depending on the variant you choose, you must ensure that you have a corresponding connection between your online shop and the accounting software.

We are of the opinion that bookkeeping with a sub-ledger is sufficient for most traders. For you as a trader, this has the advantage that wallee creates every transaction and the corresponding booking records in the sub-ledger and can also export them for transparency purposes. All you have to do is regularly transfer the status of the accounts from the sub-ledger in wallee to your accounting department in Bexio. Shopify, etc. to Bexio is necessary. In addition, you massively reduce your booking effort, as you only have to transfer one booking record per month. You can view or export the detailed bookings in wallee at any time.

For auditing and transparency purposes, you can of course access the individual accounting records of the sub-ledger at any time and export them as CSV at the touch of a button.

Setup

In this example, I will show you how you can easily connectyour shop (in my example, a WooCommerce shop) to Bexioand transfer the payments made / to the general ledger at Bexio at regular intervals.

Important: The Reconciliation feature is not available for all payment methods. We are working at full speed to add more payment methods. We currently offer the feature for the following payment methods:

• Credit cards processed directly via wallee.
• ESR invoices via orange payment slip.
• Invoices via MF Group.
• PostFinance Card / e-finance.
• TWINT.
• PayPal.

Setup in Bexio

No technical integration is necessary to connect wallee's accounting to Bexio.Nevertheless, you should ensure that the necessary accounts exist in Bexio's chart of accounts.You can find information on this in theBexio help pages.

In our concrete case, I have created the following accounts:

• 1022 - Bank account SIX Acquiring account.
• 1021 - PostFinance bank account for payments via ISR.
• 6941 - SIX credit card fees.
• 1101 - Debtors Webshop.
• 3201 - Sales proceeds shop 0 % VAT.

With this we have created the necessary accounts in the general ledger, which we can now post periodically with the entries from the sub-ledger.

Generating the booking records in wallee

In order for wallee to generate the booking records, the reconciliation feature must be activated. This can be activated directly by pressing a button in the Space. To do this, navigate to the list Features > Reconciliation and click on Activate.

Activate the Reconciliation Feature

From now on, all necessary booking records are generated automatically. We now regularly receive the payout information of the means of payment (credit card, PayPal, ISR, TWINT, PostFinance, etc). In the case of Acquiring viaSIX or Concardis, we automatically fetch the corresponding disbursement information (EPA files / MRX files) automatically. The same applies to other means of payment such as ISR payment slips where we read out the corresponding turnover and fee data from the CAMT 054.

Reconciliation Files / Disbursement Information

Each of the payment types provides different sources here. On your side, no further configuration steps are necessary. With the activation of the payment type and the reconciliation feature, the configurations are set up automatically:

• Credit cards (Visa / MasterCard): Depending on the acquirer, we receive the reconciliation information in the payout data. This includes information on chargeback, amounts paid out and commission rates applied. The formats differ depending on the acquirer. Examples are MRX for SIX Payment Services or EPA for Concardis.
• ISR Invoices: Here the payment information is automatically created based on the information in the CAMT. Any transfer fees are automatically posted.
• MF Group (Invoice): If you are factoring via MF Group, we will receive the disbursement information regularly from MF Group.
• PostFinance (PostFinance Card / e-finance): We receive all relevant fees and remuneration information as part of the CAMT files.
• TWINT: In the case of TWINT, we receive the payouts via the API of TWINT, which are imported automatically.
• PayPal: The payment information from your PayPal account is automatically reported to wallee. Corresponding webhooks are automatically set up with the installation of the payment method.

If you need further information on other payment methods for your accounting, please contact us.

Accounting Summary / Statement of the Sub-ledger

As we have all the relevant information for the allocation, we can process this data for you and create the necessary booking records based on the disbursement information.

Accounting summary in wallee

As you can see in the picture, the correct journal entries are written for each order (including VAT entries). Examples of such entries can also be found in the blog post oncredit card accounting.

The automatically created open claims are now automatically closed as soon as we receive the corresponding information from the payment types, which is usually imported automatically and without configuration on your part. In the payment information of the payment types, we have the following information, among others:

• Which amount was paid to which account and when.
• How much were the fees.
• Any charge-backs because your clients have contested the payout.

Carry forward of the sub-ledger

At the end of the period (usually at the end of the month) or at the end of the working day, you can generate a so-called summary in wallee. This report contains a summary of the posted accounts and their changes.

This means that wallee automatically aggregates all information about open claims and paid amounts in the period you specify. You should make sure that there are no gaps in the time frames, which is why we recommend that you create the reports monthly.

Thanks to the reconciliation data of the acquirers and payment types, we now have all the information we need to make the corresponding transfer entry from the sub-ledger to the general ledger in Bexio. To do this, I first create a report for the desired period. In my example, I would like to have all transactions from 1.1.2019 - 31.1.2019 that were processed in Swiss francs.

Create a report for the desired period

I now transfer this data to the general ledger in Bexio using a manual booking.

Data transfer to the general ledger in Bexio via a manual booking

Note that in this case the sales revenue was entered gross. This means the total sales revenue including VAT (gross). With the selection of the VAT elimination directly by Bexio. Of course, it would also have been possible to control the entry manually, but this leads to problems with the balance tax, which is not shown in this way in wallee and also ensures in this procedure that Bexio fills out the VAT forms correctly for you.

Booking of payments from the acquirer or means of payment

Due to exchange rate differences, each currency must be exported separately. We therefore recommend that you keep corresponding accounts with the acquirer and your bank for each currency you offer in the shop. In this case, we recommend that you transfer to the general ledger using the respective monthly average exchange rate of theFTA.

Posting of regular incoming payments to your account from the means of payment

If you have connected Bexio to the bank, these payments are regularly read in for reconciliation. Depending on the acquirer and means of payment, these payments regularly arrive on your account.

With most acquirers / payment methods you have an account in which the payments for the individual payment types are booked.The daily balance is paid out to your account at regular intervals, minus the agreed fees.In other words, we book these payments as an asset swap from the acquirer's bank account to the respective payment account at the bank in Bexio.This means we use the previously created pass-through account 1022 SIX Bank account and book the incoming payments from the acquirer against this account, which we use as a pass-through account. You can ignore the fees, as we will then transfer them in the collective posting.

Booking of payments from the acquirer or means of payment

Synchronisation of customers (Synceria)

We do not see ourselves responsible for the integration of all other data such as customer data and product data. Depending on the system, there are already existing interfaces for this. Synceria is an interesting alternative for integration in Bexio.

Synchronisation of customers (Synceria)

Synchronisation between Bexio and magento

Synchronisation between Bexio and magento

Synceria provides a representation of the synchronised orders.

Interaction between Synceria and wallee Accounting

When using Synceria in connection with wallee, the customer information and products are synchronised with Bexio. Whether an invoice is generated or not can already be set in Synceria. In our case, the sub-ledger is kept in wallee, so it is not necessary to generate invoices through Syncerian. However, Synceria is helpful in synchronising the products (for WooCommerce) as well as the contact data of your customers, if these are used for later orders or if you want to use the CRM functions in Bexio and make evaluations based on them.

For the sake of completeness, it should be mentioned here that wallee already provides comprehensive information and evaluations of your shop customers.

Synchronisation of customer information in Bexio with Synceria

We will provide more information on this at a later date.

Setup

You can activate Synceria directly in Bexio for CHF 25 per month.

Conclusion

The accounting integration of wallee offers an interesting possibility for traders of all sizes to save time and money. A connection to Bexio and any alternative accounting system can be easily implemented. At regular intervals, the sales are transferred from the sub-ledger of wallee to the general ledger using the reconciliation report. This makes the time-consuming posting of individual orders in the Bexio general ledger superfluous. In addition, the integration of wallee with the acquirers and payment methods ensures that the correct payment fees are always shown and charge backs and debtor defaults are detected.

As already mentioned several times, this method is completely independent of the accounting programme and accounting rule used. We will be creating similar tutorials for other systems such as Banana Accounting, Sage, Abacus etc. in the coming weeks. If you still have any questions about accounting with wallee, please do not hesitate to contact our support team.

Support

If you have any further questions, please do not hesitate to contact us.

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