Synder Revenue Recognition module integrates directly with Stripe, however, what if your business or your client’s subscription management does not use Stripe?
Businesses may use PayPal or other subscription management tools, or simply enter invoices in QuickBooks manually, but still need a revenue recognition solution. If this is your case, Synder revenue recognition module could be the perfect fit. Learn more about how to import invoices with Excel spreadsheet for revenue recognition with Synder.
Overview:
How to upload an Excel sheet with invoices and refunds?
In order to import your list of invoices or refunds to revenue recognition module in Synder, follow the steps below:
- Go to Revenue Recognition → Subscriptions, click Import data.
- In the dropdown, select Import Excel.
- Download the Excel template file and fill it out.
- Once you have filled out the template Excel sheet with your data, make sure you upload it using the Browse option to find it on your computer or simply drag and drop it in the import area shown on the screenshot above. Then, click Import Excel to start the process and wait for the import to complete.
- You can view your import history and check the results or any ongoing imports on the Excel import history page.
Go to Subscription → Import data → See Excel import history. - Click See details to access the log of the specific Excel file you imported.
- You will be able to see the log of what was imported and the status of each import line in the table.
Filling out the template file
The columns marked with asterisks are required to be filled out.
| Transaction type* | Specify what kind of transaction you import. Supported values: Invoice, Refund. |
| Transaction Id* | Specify the unique ID of the transaction. If the transaction with the same ID is found, it will be updated according to the information in the imported Excel file. |
| Subscription Id | Specify the subscription ID. Use the same ID for multiple transactions if you want to link them to a single subscription. Note: If left blank, the Transaction ID will be used as a subscription ID. |
| Customer name* | Specify the customer name. |
| Line item name* | Specify the line item (product) name. |
| Line subtotal* | Specify the amount associated with the product. |
| Discount amount | Specify any discounts associated with this item line. |
| Tax amount | Specify any taxes associated with this item line. |
| Tax inclusive | Specify the tax application mode. Possible values: True, False. |
| Source currency | Specify the currency of your transaction. |
| Exchange rate | Specify the exchange rate if the currency of your transaction is different from the home currency. |
| Transaction Date* | Specify the transaction date (e.g. invoice, refund date). Note: Make sure the date is after the revenue recognition start date set in your Revenue Recognition configurations. |
| Recognition start date* | Specify the service period start date. |
| Recognition end date* | Specify the service period end date. Note: The last day of the service period will be excluded, since for recurring invoices, the next invoice might fall on that date. The best way to specify the recognition start and end dates is: start – 1 May 2023 end – 1 May 2024 (not 30 April 2024). |
| Linked invoice ID | Specify the transaction ID of the invoice that the refund is related to. |
How to edit imported data?
You can easily edit imported data by correcting it in the import file and re-uploading the Excel file.
Important: To ensure the update works correctly, specify the transaction ID of the transaction you want to edit. As soon as the transaction with the same ID is found, it will be updated.
This is how you can do that:
- Prepare your file and make sure it contains the correct data this time.
- Double-check that the transaction ID matches the transaction you want to update.
- If Synder also syncs entries to your books, be sure to roll back the synced journal entries.
- Import the file again.
Note: You cannot update the transactions or subscriptions imported from Stripe if you use Excel integration. For these subscriptions, Stripe is the source of truth.
Configure the invoices synchronization
If you use not only Revenue Recognition module of Synder, but you also sync data to a connected accounting you may choose if your uploaded invoices should or shouldn’t be synced to the books. Learn below why would you need then to be synced/not synced.
Use case 1:
You already sync invoices to your books, so you want Synder RevRec to only recognize revenue and post recognition entries.
Example:
You have an external integration, that is syncing invoices to your accounting platform. Or you have Synder syncing your invoices directly to your books. This case comes up when for example you have Shopify store, with all your invoices. You integrated Shopify to QuickBooks with Synder, but invoices are coming in on cash basis. So you want to upload the list of invoices from Shopify to Synder RevRec module, so Synder also does the recognition for you.
Setup steps:
- Make sure, that invoices that are getting to your books are not going to revenue account in your Profit and Loos, but instead they are posted to Deferred Revenue in your Balance Sheet. In order to do that link proper account for the products used in the invoices (more details)
- Create your Excel provider in Synder RevRec (according to the above described steps)
- Make sure the setting to sync excel invoices to your accounting is disabled
- Upload the same list of invoices to Synder Revenue Recognition module (so that Synder can see how much Deferred Revenue should be recognized)
- Once you do the mapping of items to your books in Synder RevRec make sure you map an item linked to the same Deferred Revenue account and the income account you want to be credited during the recognition. Learn more about mapping (or under Mapping list if you use Synder Summaries Sync)
- Wait for the Recognition entries to appear under Platform Transactions (or under your Summaries List)
As a result: Synder will generate your recognition journal entries at the end of every month to Debit your Deferred Revenue and credit Revenue accounts mapped. No excel uploaded Invoices will be synced to books.
Use case 2:
You want Synder to sync and recognize invoices uploaded via excel
Example:
You have an external integration, that is not supported by Synder and is not integrated to your books. So you need Synder to both create invoices in your books as well as recognize them.
Setup steps:
- Create your excel provider in Synder RevRec (according to the above described steps)
- Make sure the setting to sync excel invoices to your accounting is enabled
- Upload the list of invoices to Synder Revenue Recognition module
- Do the mapping of items to your books in Synder RevRec. Learn more about mapping
- Wait for the Recognition entries and Invoices to appear under Platform Transactions (or under your Summaries List)
As a result: Synder will generate your recognition journal entries at the end of every month to Debit your Deferred Revenue and credit Revenue accounts mapped. Excel uploaded Invoices will be synced to books as of the invoice date along with the invoice payments to close invoices and will credit Deferred Revenue.
You can configure invoice synchronization under ‘Settings’ tab in the main left hand menu of Synder.
Reach out to the Synder Team via online support chat, phone, or email with any questions you have – we’re always happy to help you!