As part of our recent rollout of expanded support for balance sheet accounts, we’ve also made it possible to hide old connected accounts from the dashboard.
For those users who may have switched bank accounts, or had new credit cards issued, you likely want to keep all of the transaction history in those accounts (deleting the account would delete all of the transactions as well,) but may no longer wish to see them listed on your dashboard. Changing that is now simple.
Just go to Settings -> Accounts, where you will see the list of all of your balance sheet accounts.
Click the edit/pencil to the far right of the account you’d like to hide and you will see a checkbox to “Show on dashboard.”
Simply uncheck that box and click the Save button. That’s it. Your account, and all of it’s underlying transactions, will remain in Seller Ledger, but you won’t see it listed on your dashboard any more.
While it is important for Seller Ledger to remain simple to use, we have just rolled out some more powerful accounting features that were previously under the hood. Please note, they are all in open Beta, so please send us any feedback you have at [email protected].
Balance sheet accounts
From the beginning, Seller Ledger let you categorize your income and expenses, including the ability to add sub-categories. Now, we have provided the same functionality for balance sheet account, which you can find under Settings, in the new “Accounts” Tab,
As you will see, any connected accounts that you have will already show up there, as well as internal accounts we created behind the scenes, like Sales Tax Due and Owners Equity.
There are a number of possible accounts you might want to add, but here are some of the more common ones we have heard:
Cash accounts for tracking cash you withdraw and spend
Sales channel accounts that we do not yet support directly
Equipment tracking accounts, for depreciable assets like computers
Liability accounts for tracking outstanding loans
Balance sheet report
In addition to exposing and letting you customize your balance sheet, we’ve also just rolled out a new Balance Sheet report, which you can find in a new sub-tab under the Reports tab.
Journal entries
And finally, the ultimate accounting utility, the journal entry, has been introduced. This feature lets you create any accounting transaction across multiple accounts/categories.
It is also the first place you will see the use of the dreaded accounting terms “debit” and “credit.” But, we assume those who intend to use this feature are familiar enough with accounting to understand these terms.
Now, remember, with great power comes great responsibility. Journal entries allow you to change your account balances in many different ways. But it is also easy to mess up your books. If you are not familiar with the use of journal entries, we recommend learning more before using this feature too much.
One caveat: we do not yet let you make journal entries that affect directly connected sales channels, as we try to keep the raw data from those channels as accurate as possible.
Now that we’re through another tax season (for those that didn’t file extensions,) we’ve released a few minor enhancements around sorting. Specifically, around sorting columns in the Income and Expense views, as well as Inventory.
Under both the Income an Expense tabs, you can now sort values based on the Amount column. Just click on the icon to the right of the column header.
Under the Inventory tab, we have also adde the ability to sort results by a number of different columns. In the Purchases sub-tab, you can now sort by Date, Purchased from and Total Amount columns:
In addition, you can also now sort by every column in the “In Stock” sub-tab and the Date and Total Amount columns under the Sold sub-tab.
Keep those customer suggestions coming and we’ll keep cranking out the improvements. Just email us at [email protected]
While we’ve had the ability to search for transactions in the Income and Expense tabs for a while now, we just expanded that functionality to connected marketplaces like eBay, Amazon, Etsy, Shopify, etc. as well as bank and credit card accounts.
Just type in the value that you are looking for. You can also combine the search with other filters like date range.
In our continued efforts to make it easier to get data out of Seller Ledger, we just added the ability to export both the Profit and Loss report and the Schedule C tax report.
Just click the “Export” button in the upper right of the Filters section and Seller Ledger will generate a comma-separate (CSV) file containing the values. You will then be taken to the Exports page under Settings (which we announced a few months ago) where you can download the file you just requested:
As always, we look forward to more customer suggestions. Keep them coming by emailing us at [email protected].
To make it easier to see trends in your business profit or loss, as well as what’s driving it, we are excited to add a new chart to the top of your Profit and Loss report, above the traditional table:
Mouse over any color on the chart to see the amount for that category, for that period.
One fun feature – if you click a category name in the legend, it will toggle that category on and off, so you can choose to isolate certain categories.
In our ongoing efforts to streamline eCommerce accounting and bookkeeping, we’ve just rolled out the ability to invite an accounting professional to access your books in Seller Ledger.
If you work with an accountant, bookkeeper, enrolled agent, or anyone else who helps you with your accounting, it’s now quite simple to grant them access to your Seller Ledger account. Just go to newly redesigned Settings -> Business page and you’ll see a new option to invite an accounting pro:
Just click on that button, enter the email address of your accounting professional, and they will receive an invitation to link to your account. Clicking on that invitation will allow your accounting pro to create their own Seller Ledger account, with their own login details.
What will my accounting pro have access to?
Once your accounting pro has accepted your invitation s/he will be able to view all of your financial data, categorize transactions and run reports. S/he won’t be able to do the following:
Add or remove connected accounts, banks or credit cards
Change your billing information
Change your business name
Can I revoke access?
You certainly can, at any time.
Does this feature cost extra?
Nope. Not only does it not cost you anything, but as of right now, accounting professionals can use Seller Ledger for free. Think of them as your first “extra” user on your Seller Ledger account.
As with all new features we roll out, we welcome any and all feedback to help us improve over time. Please encourage your accounting professional to also send us feedback at [email protected].
Seller Ledger is pleased to announce the launch of our direct integration with Walmart Marketplace, allowing us to provide automated accounting for Walmart sellers.
Like our other automated connections, Seller Ledger will import your sales, commissions and payouts each night, automatically categorize them for tax purposes, and match payouts to your linked bank account.
Note: where several other marketplaces allow us to get a year’s worth of transaction history or more, Walmart only offers 180 days of sales and commission history. So it’s a good idea not to wait too long into a tax year to connect your account.
If you’d like to give selling on Walmart a try, you can sign up here. As you add more channels, feel confident knowing that Seller Ledger will organize your finances as you do.
New to Seller Ledger?
If you are a Walmart seller who’s looking to automate your accounting, you’ve come to the right place. Seller Ledger offers a 30-day free trial, no credit card required.
To help our multi-channel sellers compare metrics across sales channels, we have just released (in open beta,) a new “Channel Breakdown” report. Now you can see your sales and expenses by channel.
Sales and expense information that we import directly from each channel will show up in the proper categories. And don’t forget, we allow you to customize how all of those transactions get categorized, by channel.
In the future, we hope to make it easier to add additional channel cost information from other sources, like credit cards.
When we first launched our Poshmark integration, the only option was to download sales history reports in CSV file format and upload them to Seller Ledger. While this provides an accurate view of your Poshmark financial performance, it required ongoing effort on your part to keep your finances up to date.
Fortunately, now users have a more automated choice. By using the Chrome browser and Seller Ledger’s custom-built Browser Extension, Poshmark sellers can now see their sales history import into Seller Ledger on a daily basis. Not only that, but we also now import your payout information (which is not included in the downloadable Sales Reports from Poshmark.)
To learn more about how to automate your Poshmark accounting, view this support article.
