Switching from QuickBooks to Seller Ledger: Mileage

Are you thinking of switching from QuickBooks to Seller Ledger but are worried about losing historical data? Well, it turns out that we have started making it easy to take your QuickBooks transaction information and bring it over.

Mileage trips

We just built a simple tool to import all of your QuickBooks mileage history into Seller Ledger. All you need to do is export your trip history in a CSV format. Working with a customer recently, we found that the QuickBooks mileage file contains the following columns:

  • Date
  • Type
  • Trip Purpose
  • Vehicle
  • Start Address
  • End Address
  • Distance
  • Deduction
  • Logging Method

Now, because Seller Ledger is designed for small businesses who file a Schedule C, we don’t require as much information to be tracked. For example, we only care about “Business” trips, so don’t ask for a “Type” value (e.g. Business or Personal.) We also don’t ask you which vehicle you’re using. In fact, we only require the minimum information necessary to calculate your IRS standard mileage deduction:

  • Trip date
  • Description
  • Distance

Seller Ledger knows the right mileage rate based on your trip date, and we let you decide how you wish to calculate the distance drive.

In fact, if you send us a CSV file that includes value for just those 3 columns, we’ll be happy to help upload the data for you.

Is this a feature?

At the moment, we don’t have this functionality as a customer-facing feature within the application. In fact, our customer support team built a simple tool using our recently introduced API (which stands for “application programming interface.) For any technical users who might be interested, we published a step-by-step tutorial on exactly how to build such a tool.

So if your want to switch from QuickBooks to Seller Ledger, and could use help with your mileage information, shoot us an email at [email protected] and we’ll be happy to help.

And stay tuned for future updates on other ways to help you switch:)

View your top selling products across all channels

Want to know which products sell the most across all of your eCommerce channels? With Seller Ledger’s new “Product Sales” report, you’re just a couple of clicks away. Simply go to the Reports tab and click the “Product Sales” sub-tab and, voila:

Stay tuned for more updates as we continue to work on providing better insight into your eCommerce business. And please keep passing along suggestions on how we can do better.

Understand your eCommerce Gross Margin with Seller Ledger

Seller Ledger is very pleased to announce the release of new functionality to help you track the gross margin in your eCommerce business.

What is Gross Margin and why is it important?

Gross margin, to put it simply, is how much profit you make on top the cost to create or acquire your products. This is before deducting other expenses needed to run your business. And it’s defined as a percentage of your overall revenue.

To use a super simple example:

  • It costs you $6 to make or buy something you intend to sell
  • You are able to sell that item for $10.

Your gross profit on that order would be $4, which would equate to a gross margin of 40%.

As for why gross margin is an important number to watch, let’s just say that it’s the starting point for any successful eCommerce business. If you aren’t making enough profit on each and every item you sell, you won’t be able to cover the additional expenses to run your business.

For a more in-depth explanation, and some benchmarks on what a “good” gross margin looks like, check out this overview of eCommerce gross margin.

How do I find my gross margin?

Seller Ledger’s gross margin functionality only works for customers who are tracking costs on a per-item basis. You don’t need to track every single item cost, but the more you do, the more accurate your gross margin calculation will be.

If you click into the Inventory -> Sold view, you will now see a summary at the top of the screen that shows you the gross margin value and the percentage of transactions on which it’s based. To increase that percentage, you can enter more cost information for more orders.

In addition, there is a new dashboard tile that shows your gross margin for the current month. We have replaced the old “Cost of Goods” tile for inventory trackers, as this new information contains more detail – not only how much cost information you’ve entered, but also how much profit you’re generating.

Stay tuned for more updates in this direction, as we continue to look for ways to provide more insight into your business.

Better insights from eCommerce data with improved filtering.

The Seller Ledger team has released a number of enhancements to help you get more insights from your eCommerce financial data.

View Profit or Loss by Sales Channel

Are you a multi-channel seller? Have you wanted to view the sales and expenses specifically for one of those channels? Well, now you can. We have added a new “filter” under the Profit and Loss report:

You may also notice in that screenshot above, a new report for “Expenses by Vendor.” If you missed our previous blog post announcing that, you can learn more about it here.

Select a date range in Account views

While we have had this available in the Income and Expense tabs for a little while, we also recently rolled out the ability to select a custom date range when you click into any account view from your Dashboard:

More forgiving date selector

We have heard from a number of users that the date selector can be finicky, especially when trying to type in dates (the final value, year, often reacted too quickly.) This has now been improved. If you try typing in the start or end date rather than selecting from clicking the calendar icon, you should see a significant improvement.

See more of the important information on your screen

We’ve made several changes over the past few weeks to make it easier to see the most important information on your Seller Ledger screen.

Account balance details

When clicking into an account view from your Dashboard, we had previously shown the balance details at the top (including totals funds, available funds, etc.) by default. However, because customers tend not to rely on these details every time they click into the account, we have moved them under a new “Balance” button:

Click to expand

Click the green “Balance” button to see the balance detail information:

Click on the same button to hide these details. This reduces valuable vertical screen real estate and fits more transactions on the screen.

Rapidly categorizing transactions

Again, in an effort to make better use of vertical screen real estate, we’ve also changed the interaction for bulk editing of uncategorized transactions, pleasing everything on the same row:

Changing category of individual transactions

In an effort to make each transaction row more readable, and to save space, we have combined the visual cue for changing a transaction category with the category name, especially for uncategorized transactions:

Please let us know what you think of these changes by contacting us at [email protected]

View expenses by vendor

As we all work our way through the 2023 tax season, the team at Seller Ledger has begun working on improvements to help give you better insight into your business.

Expenses by vendor

You will notice a new report under the “Reports” tab – one called “Expenses by Vendor”:

This report is made possible because of some important functionality we’ve added to transaction tracking. As you can see from the following example, there is now a new “contact” field in Seller Ledger account views, labeled as “Transacted with”:

This field allows Seller Ledger to group spending amounts by the name of each “contact”.

Now, you may notice that the information coming in from banks and credit cards is hard to group unless the names here make sense. This can be due to a variety of reasons:

  • Paper checks – In those cases where you must write a paper check to a vendor, most banks simply provide a description about the check itself, not the name of the vendor.
  • Very long, hard to decipher descriptions – Sometimes we just can’t tell who the vendor or customer is. In those cases, we default to “Unassigned.”
  • Similar, but not quite identical names – This varies by bank, but sometimes they use very small variations in vendor names that can make it hard to group transactions together

Fortunately, Seller Ledger has implemented a number of features to help you quickly edit these contact names.

Editing Contacts

Next to each “Transacted with” name, you’ll now see an edit icon. Click that to either choose a “contact” that’s already in the system, or add a new one:

Now, editing each transaction one at a time might make sense for paper checks, but for most imported transactions, you’re going to want to edit them in bulk. And for that, we’ve added each of the following capabilities:

  1. Multiple select: choose multiple transactions and edit them in one step.
  2. Filter by “unassigned”: to see all of your transaction where we are unable to guess at a contact name, choose “unassigned” from the list of filter options.
  3. Sort by “Transacted with” and by “Description” fields: for those pesky, small variations of the same name, it sometimes helps to sort so that similar names are grouped together.

Hopefully, this helps provide a bit more insight into how your business is doing. Stay tuned for more updates along these lines, as we have big pans for 2024.

Upload inventory into Seller Ledger

For eCommerce merchants who want to track their inventory stock levels and per-item gross profit, we’ve now made it easier for higher volume sellers to load their inventory information into Seller Ledger.

If you make large purchases from certain vendors, and don’t want to type all of those items into Seller Ledger, there’s now an easy way to upload your items (and cost information) via a CSV file. Simply generate a comma-separated file that contains columns with headings of “sku“, “product name“, “quantity” and “total cost” and upload it inside of any of your inventory purchase transactions.

Not only can this help you save time when entering purchase information, but it comes in particularly handy if you want to start the year off fresh, or import inventory from another platform.

Read more about how it all works in our knowledge base article.

Better match 1099-K amounts with US time zone support

To help eCommerce sellers better match the 1099-Ks that get filed by online payment providers, Seller Ledger today announced support for local US based time zones.

Why is this important?

When Seller Ledger imports your transaction history from different online sales channels and banks, we receive them with timestamps (which, if you’re curious, might look something like “Tue, 26 Dec 2023 15:14:01.753000000 UTC +00:00”) You may notice the “UTC” in there – that stands for Universal Time Coordinated (it used to be called Greenwich Mean Time) and it’s 5 hours ahead of EST (or 4 hours ahead during daylight savings.)

However, online marketplaces, when providing transaction totals and reports, tend to use the customer’s local time zone to calculate those totals. So, to help make sure you can match the numbers that online marketplaces are reporting (and be consistent with the IRS from year to year,) we have now added the same time zone support.

How do I change my time zone?

To change your time zone, simply go to Settings -> Business and change the time zone like you see below:

That’s it. From now on, Seller Ledger will use your local time zone when reporting transactions.

Search transactions

Seller Ledger now allows you to search among your income and expense transactions. In addition to filtering transactions by date range or category, you can also now search using specific words that show up in your transaction descriptions.

For example, let’s take a look at a full list of “Income” transactions below:

Now let’s say I wanted to see just the sales of Hess Trucks with the “Dragster” included. Simply type “Dragster” into the “Search” box, hit return and voila:

We know folks have also requested similar search capability within Inventory, and that is on the list. In the meantime, please let us know what you think of this functionality, especially any ways that we can make it better by emailing us at [email protected].

Import Bank and Credit Card transactions via CSV

To help reduce data entry for poorly support banks and credit cards, Seller Ledger has now added the ability to import transaction history via CSV formatted files.

This will come in handy in a couple of scenarios:

Poorly supported banks

While we do have great coverage of most banks and credit cards through our banking partner, Plaid, we have learned of a few cases where a certain bank or account type isn’t well supported (often from small regional credit unions.) In these cases, if your bank or credit card account is not well supported via direct integration, you can add a new account that supports CSV-formatted files.

Just click “Add an account” from your dashboard, and on the right-hand side of your screen, you will see a new link under the Add Bank… button.

Clicking that link brings you to a new screen where you can choose the type and name of your bank or credit card account:

Choose the type of account, give it a name and click “Create Account.” Doing so will add a new account to your dashboard and allow you to upload a CSV file of your transaction history, much like you can do for Poshmark and Mercari.

Then go to your bank or credit card’s website and download transaction history using the CSV (aka “comma-separated”) format.

Because CSV files are less flexible than direct integrations, ensuring proper formatting is critical. We have outlined some guidance in this support article.

Also note: for any customers still in their trial period, Seller Ledger still applies the same 90-day history window, and will ignore transactions outside that range.

Banks with limited transaction history

As a policy, we ask customers to commit to an annual plan in order to go back and get more than 90 days of transaction history. While we have a good track record with online sales channels and many banks, some banks simply do not provide more than 60 or 90 days. Fortunately, this new CSV file support allows you to go back and upload older transaction history. Just click into your connected bank or credit card account, choose the Upload History tab (as seen above,) and upload the CSV file you downloaded from your bank.

We continue to make this new CSV feature more flexible, so if you come across an issue, please let us know at [email protected] and we’ll work to improve it.