Welcome to the world of Synder, where syncing your financial data is easy and efficient. In this guide, we will delve into the concept of synchronization within the Synder ecosystem. Whether you’re a business owner seeking streamlined financial management or an accounting professional aiming for accurate record-keeping, Synder will help you to harmonize your e-commerce platform transactions with your accounting company. No more manual data entry, no more discrepancies — just seamless synchronization that ensures your financial records are always accurate and up-to-date.
Overview:
2. Exploring the “Summary” and “Per-Transaction” options
3. Understanding the Sync Credit
- How to sync credits consumed in different scenarios
- Estimating sync credit needs based on transaction volume
4. The Rollback Feature Explained
5. Auto vs. Manual import for tailored control
Unveiling the Synder Sync
The synchronization process, often referred to as “sync,” involves the transfer of financial data between the data source where the original data is generated: e-commerce platforms (such as Stripe, PayPal, Shopify, etc.) and the target system: accounting company (such as QuickBooks Online, QuickBooks Desktop, Xero, or Synder Accounting).
The sync can be initiated automatically, or you can trigger it yourself manually. After the synchronization process is finalized, you will receive email reports confirming the successful transfer and integration of the data.
Functionality and Purpose
Synder Sync orchestrates a one-way journey: from the payment platform to your accounting company. Its purpose is crystal clear — to automate the transfer of financial data across different systems, eliminating manual input errors and discrepancies.
Features and Benefits
Synder Sync is your financial data’s best friend, offering multiple integrations and synchronization modes (“Per Transaction” or “Summary”) to cater to diverse business and accounting needs. Businesses and accountants alike benefit from its streamlined approach, enabling efficient management of financial data across platforms and accounting software.
Targeted at businesses and accounting professionals who value accurate financial data synchronization and recording.
Sync Results Check
Accurate records not only facilitate informed decision-making but also ensure compliance with tax regulations and financial reporting standards. Through this step-by-step guide, we emphasize the significance of reviewing synchronization results to guarantee the integrity of your financial records.
In order to review the synchronization results, let’s take a look at a particular use case of the Stripe Subscription Payment synced to the QuickBooks Online company, following these simple steps.
Begin by accessing the “Platform transactions” tab located on the left side menu. Here, you will find a comprehensive table displaying essential information about the synced transactions.
For instance, under the “Transaction Info” column, you will encounter details such as the Customer’s name (Vanessa Mary Blake) and the Transaction ID (ch_3Nj5WNIVStoHBgKD031UDMGp).
The “Transaction Type” will be labeled as “Subscription Payment,” and the corresponding “Amount” will be specified, for instance, 3,330.00 USD. The “Transaction Date” will also be provided, indicating the date and time (12:18 25 Aug 2023) of the transaction.
To ascertain the synchronization status, locate the “Sync Status” column; successfully synced transactions will be marked as “Synced.”
For further insights, clicking the “Explain” button will direct you to sync logs specific to that transaction. If you wish to delve deeper into the results, selecting the “Show in QB” button will redirect you to the QuickBooks entity created, enabling you to thoroughly examine the synchronization outcomes.
By following the steps outlined in this guide, you can streamline the synchronization review process, mitigate potential issues, and gain valuable insights into your financial operations.
If you are not satisfied with the synchronization results based on the original data provided by the payment platform and do not wish to make manual corrections, Smart Rules Designed for accountants and business owners can come to your rescue. These rules offer advanced data entry customization and can fill in gaps with missing data in QuickBooks Online/Desktop.
Here are some of the use cases it covers:
- Assigning classes and locations;
- Tracking inventory;
- Categorizing income, expenses, and fees;
- Simplifying tax filing;
- Updating linked items, customers, and payment methods;
- Setting up reminders;
- Sending thank-you and marketing emails to your customers during the payment synchronization process.
Exploring the “Summary” and “Per-Transaction” options
Synder offers a variety of integrations and synchronization modes to cater to your unique business and accounting needs. These two modes, “Summary” and “Per-Transaction,” serve as the foundation of your synchronization journey, allowing you to tailor your approach according to your preferences. More info {here}.
Summary
Imagine a daily digest of your transactions, neatly summarized and ready for integration. The “Summary” sync mode aggregates your transactions on a daily or per payout basis, simplifying the data transfer process. This mode is ideal for high transaction volumes and situations where aggregated financial data suffices. Accountants managing multiple clients can benefit greatly from the efficiency and simplicity of this mode, as only financial data is transferred—leaving out customer and product details.
This mode suits those who prioritize aggregated financial data, rely on their accounting company for reconciliation and tax reporting, and do not require extensive reporting and analytics within their accounting software.
Per-Transaction
For a more detailed and granular approach, the “Per-Transaction” sync mode emerges as the hero. This mode meticulously transfers individual transactions, maintaining a high level of accuracy. Accountants gain comprehensive insights into their clients’ financial activities, as each transaction carries its customer information, product details, quantities, discounts, and taxes. Transactions are updated almost instantly, typically on an hourly basis or daily (depending on the subscription plan) ensuring that your financial records remain true to every transaction’s essence.
Per transaction sync empowers you with the ability to meticulously track every financial interaction, making it a preferred choice for those who require thorough reporting, analytics, and real-time updates.
Understanding the Sync Credit
In the realm of Synder, sync credits are the currency of synchronization. Each sync credit represents the synchronization of a transaction. Whether you’re syncing a payment, an invoice, or any other transaction type (excluding non-transaction fees), it only consumes a single sync credit. For example, even if a single sync involves multiple actions — such as generating a sales receipt plus an expense or an invoice payment — it still accounts for just one sync credit.
How to sync credits are consumed in different scenarios: Summary vs. Per-Transaction
Both sync modes — “Summary” and “Per Transaction” — consume sync credits consistently. Syncing a single transaction deducts one sync credit from your balance. However, when syncing a summary, which might encapsulate multiple transactions, the number of sync credits deducted matches the count of transactions within that summary.
Estimating sync credit needs based on transaction volume
To determine your sync needs, generate a report detailing total transactions, excluding non-transaction fees. This will help you gauge the volume that your subscription can accommodate.
The Rollback Feature Explained
Mistakes happen, but with Synder’s rollback function, rectifying synchronization errors is a breeze. The rollback feature removes the transaction entirely from your QuickBooks or Xero, leaving your accounting data unscathed. Your financial records remain harmonious, even in the face of the occasional misstep.
Auto vs. Manual import for tailored control
Synder understands the importance of choice. With auto-import enabled, ongoing transactions seamlessly synchronize as they enter the system. If you prefer a hands-on approach, you can toggle auto-import off and manually select transactions for synchronization using the historical data import feature. Flexibility and control — Synder delivers both.
As you journey through the world of Synder, synchronization evolves from a complex task to a symphony of simplicity. Whether you’re embracing the efficiency of “Summary” or reveling in the granularity of “Per-Transaction,” Synder empowers you to synchronize your financial data with grace and precision. With sync credits, rollback functionality, and auto-import options, the system places you in the conductor’s seat, orchestrating a harmonious financial performance like never before.
Support and Resources
At Synder, we’re dedicated to fueling your success with an array of resources and tools. As you embark on your path to achievement, our treasure trove of valuable information awaits at your fingertips. Dive into our curated tutorials library for step-by-step guides and expert tips to conquer challenges. Our knowledge-base articles are tailored to your needs.
We know success’s road may have hurdles, but you’re not alone. Our support team is a click away, offering personalized assistance.
Our exceptional tools are backed by devoted experts, providing 24/7 support across channels. At Synder, you’ve got a dedicated partner ready to overcome any hurdle.
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Thank you for choosing Synder as your bookkeeping solution. Here’s to your ongoing success in all your endeavors!
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