Seller Ledger’s integration count has hit a baker’s dozen – thirteen! We are pleased to announce another direct integration with TikTok to allow you to automate your TikTok Shop accounting.
How do I link my TikTok Shop account?
From your Seller Ledger dashboard, just click the “Add Channels, Banks and Accounts” button and select the TikTok badge. Follow the steps to log into your shop and we’ll immediately start importing your sales history, as well as commissions and fees.
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Perhaps the most important financial metric for any eCommerce business, and one of the hardest to calculate at scale, is the net profit you make on every item sold.
Well, Seller Ledger has just rolled out the “holy grail” of eCommerce reports – the ability to see your profit on each item sale.
Do you know which products are actually making you money?
Net profit per item sale is what you’re left with after subtracting all directly-linked expenses from the income you produce by selling an item. It’s the ultimate bottom line.
But figuring out this number is incredibly difficult, particularly if you sell on more than one channel. You need to account for so many potential numbers, which vary widely by channel:
Sales price
Any discounts offered
Shipping charges you may collect from the buyer
Sales commissions paid to the listing platform
Potential payment processing fees
Advertising/promotion/boosting fees
Potential inventory storage fees
and many more
And while each platform provides these numbers, they are not always presented together in a single view.
Then, there’s what is often the single biggest determination of your profit – cost of goods sold. Most platforms don’t know this, and a lot of sellers prefer not to share it (for good reason – given concerns about platforms using that data against them.)
The classic solution—spreadsheets!
Sellers have been using spreadsheets to try to figure this out for decades. In fact, there are lots of experienced sellers and influencers across the web offering spreadsheet templates to help sellers track these numbers.
Does this look familiar?
While very good at calculating the numbers you want to see, there is one massive limitation in these spreadsheets: the amount of time to keep them up to date. If only these spreadsheets could update themselves.
Actual profit, for every product, by channel—all in one place
If you go to the Reports tab, you will see a new sub-tab called “Gross and Net Profit”. This replaces and expands the prior “Gross Profit” report. Click into it to see your full profit picture by product.
You can view by individual channel or by all of them. If you have sold the same product in multiple channels, you’ll be able to expand that row and see and compare the profit numbers between those channels.
In addition, for those sellers with a LOT of inventory, you can search both by product name and SKU.
What you can do with this information
Knowing how much you make on each item, on each channel, gives you the power to make smarter decisions in your business:
Source better products: You are now armed with the most accurate information on which items generate the most profit. Find more of them.
Spend your ad dollars better: Make sure your advertising/promotional spend is paying off for you
Change your pricing on each channel: You can now factor in all costs from a channel to see if pricing needs to be adjusted.
Allocate inventory differently: Prioritize the channel/product combinations that make you the most profit.
Stop losing money: Identify any products on any specific channels and stop selling them.
How to get the most from this report
In order to get set up to have this information at your fingertips, there a few things that will help tremendously when using Seller Ledger.
Connect your sales channels: first, you need to connect your sales channel/platform to Seller Ledger. You can find our most current list here, and know that it is likely to continue growing.
Turn on inventory tracking: If you are just writing off “cost of goods sold” as you buy inventory, this level of insight won’t be available to you. But if you’d like to get this report, go to the Inventory tab and change your method to “Inventory Tracking.” We’ve also made it very easy to switch back if you prefer not to continue.
Load your item costs into Seller Ledger: Make sure you include unique SKUs for each item. As a reminder, you can add them individually, upload a receipt or even a CSV file.
Include SKU when listing your item: most platforms make this pretty obvious when listing, while others may require an extra step.
Not all platforms support automatic SKU matching
The following connected platforms don’t provide support for SKU fields: Mercari, Depop, Manapool
However, we do provide the ability to match sold items to inventory after-the-fact, so you can still get the insights you need.
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Have you been tracking business expenses in a spreadsheet for a while? Does the leap to traditional accounting software feel like more work than it’s worth? Well, no more.
In our never-ending quest to save sellers time, we’ve added the ability to upload expenses (and income transactions, if you so desire) in bulk, using CSV formatted files. Seller Ledger lets you keep all of that hard work and gives you a leg up when you want to try automating your accounting and bookkeeping.
How to upload your expenses
Just go to the Expenses tab, and you will now see a tab that says “Expense Uploads”. This is also where you can find the ability to upload many mileage trips at once.
Just follow the formatting guidelines on the screen (or take a look at our sample CSV template) and load your transactions. Plus, as an added bonus, you can include category names in there which, if they are the same as the ones you have in Seller Ledger, will group and total up your expenses and ensure they show up in the correct line of your tax report.
For income transactions, just do the same thing from the Income tab.
Simplify cost of goods sold if you don’t track inventory
If you don’t track inventory, but do have a running list of your cost of goods sold purchases, just include the “category” column and make sure to label those transactions as “Cost of Goods Sold.” Then check out how much more accurate your numbers look, including seeing your overall gross profit.
As you may have seen in our recent efforts to help card sellers via our TCGplayer integration, we are pleased to announce that you can now automate accounting for Mana Pool sellers as well.
Connecting your Mana Pool account
To link your Mana Pool account, simply click the “Add Channels, Banks and Accounts” button on your dashboard. Then, click the Mana Pool logo:
On the next screen, you’ll need to enter the email address you use with your Mana Pool account, as well as your API Key. This allows Seller Ledger to connect directly to your account and pull in your sales and fee history.
Once you do this, Seller Ledger will start importing your sales and fee history from Mana Pool, and will continue to update each and every day.
Ready to automate your eCommerce bookkeeping?
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Mercari customers have been able to upload their sales history into Seller Ledger via CSV files for a while. But we are pleased to announce that you can now further automate your Mercari accounting.
Using the Chrome browser and Seller Ledger’s custom-built Browser Extension, Mercari sellers can now get their sales and fee history imported into Seller Ledger on a nightly basis. Not only that, but we also now import your payout information (which is not included in the downloadable sales reports from Mercari).
How to automate your Mercari accounting
In order to fully automate your Mercari accounting within Seller Ledger, you only need two things:
1. You should use the Chrome browser when accessing Seller Ledger so that you can also make use of the second tool (below).
2. Once you are using Chrome, you will want to install Seller Ledger’s custom-built Browser Extension. This extension allows Seller Ledger to automatically pull down and import the proper transaction details.
To learn more about how to automate Mercari accounting, view this support article.
Once you are properly set up, Seller Ledger will regularly access your Mercari account and retrieve the order, coupon, shipping, and fee information.
Ready to automate your eCommerce bookkeeping?
Join thousands of sellers who save hours every month with Seller Ledger.
We have had the ability to upload Depop sales history into Seller Ledger for a little while now. However, today we are excited to announce that you can now automate your Depop accounting even further.
Using the Chrome browser and Seller Ledger’s custom-built Browser Extension, Depop sellers can now get their sales and fee history imported into Seller Ledger on a nightly basis.
How to automate your Depop accounting
In order to fully automate your Depop accounting within Seller Ledger, you only need two things:
1. You should use the Chrome browser when accessing Seller Ledger so that you can also make use of the second tool (below).
2. Once you are using Chrome, you will want to install Seller Ledger’s custom-built Browser Extension. This extension allows Seller Ledger to automatically pull down and import the proper transaction details.
To learn more about how to automate Depop accounting, view this support article.
Once you are properly set up, Seller Ledger will regularly access your Depop account and retrieve the order, coupon, shipping, and fee information.
Ready to automate your eCommerce bookkeeping?
Join thousands of sellers who save hours every month with Seller Ledger.
To better help you manage the products you sell, Seller Ledger has added a new view under the Inventory tab. In addition, for those of you who are not tracking inventory (i.e. using a “cash-based” approach) and writing off cost of goods sold directly, you’ll notice that the Inventory tab now has more useful features.
Finding your products
Clicking into the Inventory tab, you will see a new sub-tab called “Products”. For those of you already tracking inventory, it will show to the right of the other tabs.
For those of you writing off cost of goods directly, you’ll also have access to the new Products tab, just without the extra Inventory tabs:
Editing your products
Click into your products tab to a see a list of every product that you have either sold or loaded purchase/cost information for. We show you each product’s name, SKU, how much has been sold and on what channels.
You can sort by product name, by SKU, number sold or revenue.
If you have multiple copies of the same product that use slightly different names, now you can correct that. The same holds for cases where you are missing SKUs or using the same SKU for different items. Correcting those makes it possible to fully automate your cost of goods sold and see your profit per order.
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Join thousands of sellers who save hours every month with Seller Ledger.
Do you sell cards from top games like Magic: The Gathering, Pokémon, Yu-Gi-Oh!, One Piece and Disney Lorcana? Well, now there’s an easier way to track your sales and determine your profits. Using our updated Chrome browser extension, Seller Ledger will regularly import the key information you need to determine the profitability and taxes owed for your business, including:
Card and pack item prices
Shipping collected
Commissions
Transaction fees
Item fees
Payouts
Plus, if you track your inventory costs with unique SKUs, Seller Ledger will automatically tie those sales back to the item costs, reduce your inventory and update cost of goods sold.
Seller Ledger matches payouts to your bank deposits
Seller Ledger does something pretty powerful when we import your sales, fee and payout history from TCGplayer. We compare all imported transactions from TCGplayer to the payouts we receive and make sure the sum total of all of the transactions in the payout match the amount of each payout.
We even organize your transactions into two sections when you click into your TCGplayer account: “Not paid out” transactions and “Paid out” transactions. In fact, from the TCGplayer account summary view, you can click into any payout to see every single transaction that makes up that payout. This makes sure that your financial amounts from TCGplayer are accurate.
Lastly, if you choose to link your bank account to Seller Ledger, we will also automatically match the payouts that come from TCGplayer to the deposits when they show up in Seller Ledger. These are properly treated as transfers, so you avoid any risk of double counting.
How to automate your TCGplayer accounting
In order to link your TCGplayer account to Seller Ledger, you need only do the following:
1. You should use the Chrome browser when accessing Seller Ledger so that you can also make use of the second tool (below).
2. Once you are using Chrome, you will want to install Seller Ledger’s custom-built Browser Extension. This extension allows Seller Ledger to automatically pull down and import the proper transaction details.
Once you are properly set up, Seller Ledger will regularly access your TCGplayer account and retrieve the order, shipping, commission, fee, and payout information.
Ready to automate your eCommerce bookkeeping?
Join thousands of sellers who save hours every month with Seller Ledger.
Seller Ledger recently announced the ability to help eCommerce sellers track and report on their sales tax obligations. To make that possible, we built out a full sales tax engine, complete with state and local jurisdiction-level breakdowns. Now we are making that functionality available to developers and potential partners through the release of a sales tax calculations endpoint in our API.
How to calculate sales tax
To accurately calculate the sales tax on an eCommerce order, you need to know a number of things:
The amount of each item within an order
Whether shipping was collected from the customer and whether it is taxable
The shipping address of the purchasing customer
The states where you have nexus (physical or economic)
The sourcing rules for a given order
Whether the specific item is subject to any special tax rules or exemptions
Fortunately, Seller Ledger makes all of that simple. We automatically track nexus for you based on your account. And we make it very easy to submit the necessary information to our API to get the right amount to collect. If you collect enough information to properly fulfill an order, you will have enough information to tell Seller Ledger what it needs to know.
Coming soon: Product taxability
As of the date of this post, we are still working on a comprehensive set of product taxability rules. Stay tuned for that release.
Get the full breakdown
Because we have a pretty extensive history in sales tax (our founders ran product and engineering for TaxJar,) we know that a single tax amount isn’t sufficient for all clients. So, our API returns not only the total amount of sales tax due on an order, but we also break it down by how much is owed to each jurisdiction, including:
State amount collected
County amount collected
City amount collected
Special district amount collected
To learn more about our new sales tax calculations endpoint, visit our API documentation.
Pricing for sales tax calculations is the exact same as it is for Seller Ledger. We simply charge you based on the number of monthly transactions you have flow through our system. Plans start at $10 per month with a 30-day free trial.
Ready to automate your eCommerce bookkeeping?
Join thousands of sellers who save hours every month with Seller Ledger.
In our continued efforts to simply eCommerce accounting, we’re pleased to announce the ability to sync your Square account with Seller Ledger. This provides the biggest step to better automate accounting for Square sellers.
As we did before with our Shopify integration, we allow Square sellers to bring in both online and point-of-sale transactions.
To link your Square account, simply click the “Add Channels, Banks and Accounts” button on your dashboard. Then, click the Square logo:
Log in to Square and, once you are returned to Seller Ledger, we will begin importing you transaction history. Doing so will allow us to bring in sales, returns, fees and even sales tax that you may have collected – all broken out in detail and summarized to help you with tax filing.
And as with any new functionality, we’d love to hear any constructive feedback you might have. Email us at [email protected].
Ready to automate your eCommerce bookkeeping?
Join thousands of sellers who save hours every month with Seller Ledger.
