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NEWS AND HELPFUL INFORMATION ABOUT ACCOUNTING AUTOMATION
Reconciling a balance account is an essential process for businesses to ensure accurate financial reporting. This involves comparing the account balance reported by a third-party platform, such as an ecommerce platform or point of sale (POS) system, with the general ledger of the business. However, it is not uncommon for
A balance is an amount in an asset account. So, if you think about your bank account, it has a balance at any given time. A Bank type account in QuickBooks or Xero is a balance account. Now, let’s take that thinking to Square. You transact using Square in your retail
Accountants often find Shopify and PayPal to be a headache, finding issues with: Sales payouts spanning multiple deposits Orders coming from sources beyond your sales channels, such as returns providers (e.g., Returnly) Orders with edits, which can result in sales impacts across multiple days Orders with sales tax withheld,
Thanks to the pandemic, traditional brick-and-mortar retailers and restaurants are embracing ecommerce and digital payment systems like never before. But while these technologies enable businesses to significantly expand their reach and revenue potential, they exponentially increase the complexity of their owners’ accounting responsibilities. In the past, most sales were generated