Everyone wants to avoid manual work and simplify their lives if that is possible and looking for a perfect finance app for easy cash flow management. Synder is an accounting solution for small businesses and enterprises. In this article, you will learn all the Synder must-know things, so when it comes to utilizing this accounting app, you will be up in arms. Stay tuned and find out what the Synder app can do for you: 

  • Synder can automate the bookkeeping for the most popular e-commerce and payments platforms like Shopify, Amazon, Stripe, etc., (with regard to Amazon, eBay, and Shopify – all payment gateways through which transactions are processed in these systems should be connected to Synder); 
  • close open invoices;
  • import Data from Excel to your accounting company if you have any unsupported providers that you would like to sync to your accounting system;
  • makes the one-click reconciliation of the online sales and expenses a breeze;
  • Smart Rules that work on the basis of if-then conditions – you can create flows and make the app adapt to your needs (and not just that!).

So let’s stick to the point.

Overview:

  1. How does it work?

  2. What objects are created on the QuickBooks Online side after the sync?

  3. How does it help with reconciliation?

  4. Send Invoices to your clients with Synder.

How does it work?

Synder takes all the transaction info from your payment platform and transfers it to QuickBooks Online company, thus eliminating a need for manual entries and simplifying the reconciliation process. Here are the main points to know:

  • The app creates aSales Receipt/Invoice’ for the total amount of the sale and the Expense’ for the payment processor fee. This works for each Sales transaction.
  • Discounts, taxes, tips, shipping costs are captured as well.
  • To ‘match’ and reconcile synced transactions with your Bank Feed, make sure you have ‘Payouts’ synced, as only they can be reflected in your banking section.
  • Products information is being brought over to your accounting company. 
  • The process is the same with Customers – if Synder finds a matching Customer in QuickBooks Online, it applies a transaction to this Customer.

How does it work with new Customers and Products that are missing in your company?

  • If no matching Customer is found in your QuickBooks Online, Synder creates a new Customer based on the settings.
  • If no matching Product is found in your QuickBooks Online, Synder also creates a new Product based on the settings.

What objects are created on the QuickBooks Online side after the sync?

It depends on the type of transaction being synced and a payment processor, as we create:

  • ‘Sales Receipts/Invoice’+’Payment’ (based on what was an initial transaction on the payment processor side);
  • ‘Expenses’ (Fees you pay to Stripe/PayPal/Square + PayPal expenses);
  • ‘Payments’ (if you need them to be matched up with existing open invoices, otherwise they will go in as ‘Sales Receipts’);
  • ‘Refunds’;
  • ‘Transfers’ (Payouts).

Just a few examples for you:

Types of the transaction from your payment platform before the syncEntity in your Accounting Company after the sync
1. Payment (Stripe)
2. Order Payment (Stripe)
3. Charge (Stripe)
4. Money transfer (PayPal)
5. Recurring payment (PayPal)
6. Payment (PayPal)
7. Payment (Square)
8. Order Payment (Square)
9. Online Store Payment (Square) 
Sales Receipt+Expense
1. Invoice Payment (Stripe/PayPal)
2. Subscription Payment (Stripe)
Invoice+Receive Payment+Expense

See Images 1-4 below as an example of objects created after the sync of Stripe payment:

an example of objects created after the sync of Stripe payment

Image 1 – Sync log in Synder app reflecting objects that were created during sync.

Expense (Stripe Fees) recorded on QuickBooks Online side

Image 2 – Expense (Stripe Fees) recorded on QuickBooks Online side.

Sales Receipt created on Quickbooks Online side

Image 3 – Sales Receipt created on Quickbooks Online side.

example of how customer is created during sync

Image 4 – Customer created during sync (customer from Stripe transaction didn’t exist in QuickBooks Online company at the moment of sync and was created automatically by Synder).

How does it help with reconciliation?

Reconciliation is a matching of two sets of records: your books (all the transactions created on a particular bank account in QBO/Xero) vs. a Bank Statement to see if there are any differences. 

In QuickBooks/Xero, Synder mirrors the actual money flow happening in your payment platform or eCommerce.

Once you receive payments from your clients – money first goes to your payment processor and accumulates there, and a payment processor makes a transfer (payout) to your real bank account (at the end of the day or at your customized payouts frequency). Synder syncs all individual sales and expense transactions into the Clearing account initially. Once the payout happens, the app creates the transfer from the clearing to your checking account, reflecting the actual money flow. So all you need to do for reconciliation is to open the Banking section in QuickBooks and match the info synced by Synder with real money transfers to your bank (matches are found automatically by QuickBooks). 

* Payouts reflect the bulk money transfers from your payment processor or eCommerce to the bank. Payouts synchronization is needed to make the reconciliation process easier for you – by syncing sales transactions (and expenses) along with the payouts, Synder mirrors the actual money flow happening in your payment platform or eCommerce. 

Note: if the payouts setting is disabled in Synder, you will not see any payouts in the transactions list, and they will not be synchronized to your accounting company.

What are the possibilities for transaction categorization?

  1. You may set up an automatic income categorization of your transactions with the help of Synder and make sure that your P&L report is correct. 

There are two ways of automatic categorization:

  • your transactions are categorized into different income accounts based on the product names. Note, please, the names in your payment processor and in your accounting company should be 100% the same. Suppose a Product name from your Stripe\PayPal\Square transaction matches the product name in your QuickBooks. In that case, the transaction will be applied to this product and its income account and thus will be categorized automatically.
  • Your income transactions are categorized into one income account. Enable in the settings the ‘Generic product’ feature – and a generic product name would be assigned to all of your transactions.
    Note: you may use this feature if there are some problems with native names (specific symbols) or if you want all income from the payment processor to be categorized into a single income category. 
  1. By using Smart Rules, you can automate applying a class to a product in QuickBooks and make sure there is nothing to edit manually. Synder will get your books accurate and detailed. Everything you need is to create & customize the Smart Rule once – and enjoy the results.
  2. In addition, you can apply categories to expenses and fees automatically during synchronization, the category needed can be specified in Synder settings. 

Suppose you need more sophisticated categorization with different categories applied to Fees/Expenses based on info in them. In that case, you can set up Smart rules that do all the work for you: you carefully examine on what principle you should build the rule – a special condition to differentiate between the expenses, and what will serve as the trigger for the needed category to be applied.

Send Invoices to your clients with Synder

Perhaps, you have thought about moving your business into an online format?

All the mentioned above is possible using Invoicing & Payment links features. 

Now, as you know all the Synder must-know things and the full potential of the app, it’s time to see it in action!

Challenge our support and get in touch with the Synder team via online support chat, phone, or email with any questions you might have so far – we are always happy to help you!


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Comments

    1. Lizzie

      Hello Sarah,
      Thank you for your question.
      Yes. You can do class & location for a transaction. For that you need:
      1) Create and apply a rule according to which a particular clas will be applied to sales transactions. (You can find a step-by-step guide for Stripe processor here: https://synder.com/help/add-classes-to-stripe-transactions-in-quickbooks-automatically/ ). Please double-check with the support if this feature is supported for your payment processor.
      2) Enable the “apply location” function and specify the location you want to be applied to any synchronized transaction. (Gear icon –> General tab–> Apply location–> Choose the location from the dropdown –> Update)
      3) Sync the needed transaction with class and location.

      In case of any more specific questions, please contact our support team via live chat for instant assistance. Thank you!

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