48 posts tagged with "Accounting"

Until now, a bill in SKU.io had to hang off a purchase order: freight, duty and other landed costs. Everything else your suppliers send, like the warehouse rent, the ad agency or the monthly 3PL fee, had to be entered in your accounting system, and again in SKU.io if you wanted it in your profit numbers. Bills now handles any supplier cost. Enter an expense bill with no purchase order, read it from the invoice, send it to Xero or QuickBooks, and track its cost against the products it relates to. If your team prefers to keep entering bills in Xero or QuickBooks, a new review finds the bills SKU.io doesn't know about yet and brings them in without changing anything in your accounting system.

Paying a supplier used to mean two systems. You approved the bill in SKU.io, opened your bank, retyped the payee, the amount and the invoice numbers, then came back to SKU.io to record the payment by hand. Wires you sent straight from the bank, like a deposit to start production, never reached the purchase order at all. Mercury bill pay connects your Mercury business account to SKU.io. Pay a purchase invoice, a freight or duty bill, or a vendor deposit with a few clicks. Every payment is approved before any money moves, and SKU.io records it on the bill the day it leaves the bank.

A demand plan tells you what you need. It doesn't tell you what you can pay for. When stock ties up most of your cash, the real question is "what should I buy with the money I actually have this week, and what can wait?" Until now you answered it in a spreadsheet, supplier by supplier, guessing which bills land when. Buy within your cash answers it inside Demand Planning. Tell SKU.io your cash, your credit line and the balance you never plan below. It works out what you can spend each week after the bills you already owe. Then it ranks every reorder line from every supplier and shows where the money runs out.

A torn seam at the register, a crushed box on the shelf: damaged items are small, constant and easy to lose track of. Creating an RMA for every one is too much work, so they get binned, the stock count drifts, and the money the supplier owes you is never claimed. Damage capture records a damaged item in one step. It moves the unit to a blemished SKU so it stops counting as sellable stock and records the loss in your books. If the supplier should pay for it, it raises a draft credit claim with them in the same step.

In the US, Amazon, Walmart, eBay, Etsy, Temu, TikTok Shop and Faire collect sales tax from your buyers and pay it to the states themselves. That tax was never yours. Your books didn't always know that: some channels imported it onto the order and credited it to your Sales Tax account, so the balance kept growing and someone had to write it off by hand each month. Settlement tax lines were just more codes to map, and they sometimes landed in revenue or fees. Marketplace facilitator tax fixes this. Tax a marketplace collects and pays for you now posts through its own Marketplace Facilitator Tax account, which nets to zero on every order and never reaches your Sales Tax.

Every shipment you import into the United States gets a customs entry, and it already lists everything your duty setup needs. For each line it gives the HTS code, the value, the base rate, every Section 301, IEEPA or Section 122 duty stacked on top, and the duty actually charged. Until now that data sat in a PDF from your broker. You typed rates and product codes in by hand, and the broker's duty bill was split across products by cost. Customs entries reads the entry for you. Import a broker's 7501 or your ACE ES-003 report, and SKU.io matches each line to your purchase order. It proposes the duty rates and product codes the entry proves, and lets you split the duty bill by what each product was actually charged.

A general-purpose chart of accounts doesn't fit how an online seller makes money. Shipping you charge lands in Sales, marketplace fees, fulfillment fees and storage fees pile into one line, and anything a payout can't place falls back to a catch-all you have to clean up at month end. Fixing it by hand means creating a dozen accounts and pointing every mapping at the right one. The ecommerce standard chart of accounts does that for you. New accounts start with it, and if you're already set up, Apply ecommerce standard shows you exactly what's missing and adds only that, leaving everything you've already set exactly as it is.

Marketplaces don't pay out on the 1st of the month. An Amazon settlement deposited on August 11 can carry two weeks of July sales, so July's revenue, fees and refunds land in your August books, and every month-end close needs a manual adjustment. Month-end split fixes that for Amazon, Walmart, eBay and TikTok Shop. When a settlement or payout runs across a month end, SKU.io posts one set of documents per month: each month's lines are booked in that month, and together they still add up to the deposit.

TikTok Shop pays you about once a week, and each payment covers a week of daily statements full of sales, refunds, referral and transaction fees, shipping labels, affiliate commissions and ads charges. Booking each order as its own invoice never matches what lands in your bank, and TikTok's reserve and negative balance make it worse: money TikTok holds back, or takes back from a later payout, ends up looking like a fee or a shortfall. TikTok Shop payouts fixes that. SKU.io reads every payment straight from TikTok and posts it as one sales invoice and one fee bill that add up to the deposit to the cent. It works like Shopify, eBay, Walmart and Temu payouts, so every channel now reconciles the same way.

In July we added fulfillment-based revenue recognition: sales wait in Deferred Revenue and count as revenue when they ship, in the same entry as their cost of goods. It had one big gap. If your Amazon, eBay, Shopify or Walmart sales are accounted for through their payouts, as most multichannel stores' are, switching on would have counted that revenue twice: once at shipment and again on the payout. Those stores had to stay on order-date revenue. Now they don't. And before anyone switches, SKU.io shows you exactly what would change, month by month, using your own recent orders.