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 support 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 ride 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.