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How Bookkeep Posts to Xero

Bookkeep saves you time by avoiding manual data entry. It retrieves financial data through various integrations and posts it as either a Manual Journal (for some journal entries) or a Receive Money Transaction (for bank deposits) within Xero.

To better understand this, let's look at the common journal entry types we post to Xero. Depending on the specific integration (e.g., Shopify, Stripe, Square), we offer various journal entries that we can post if you map them and enable them.

The most common journal entries we post are described below, along with whether they are posted as a Manual Journal or a Receive Money Transaction in Xero.

Sales Summary​

For sales, we post one Manual Journal in Xero representing a day of sales. Instead of bringing in every single order as a unique journal entry, we post one summarized Manual Journal representing a day of sales. See below for an example journal entry in Xero.

Sales summary

Cost of Goods Sold (COGS)​

The COGS entry is posted as a Manual Journal, representing the cost of goods sold for an entire day. This increases the cost of goods account and decreases inventory since these items were sold. Again, we do not post each order as a separate Manual Journal; instead, we post one summarized COGS Manual Journal for a particular day.

Deposits or Payouts​

For deposits to your bank account, Bookkeep does not combine these into summarized journal entries. Each deposit is posted as its own Receive Money Transaction, allowing you to easily match the deposits to your bank statement or bank feed.

Deposits or payouts

Fees​

Bookkeep posts fees as one summarized Manual Journal for a particular day. We do not post each fee transaction as a separate Manual Journal. Fee journal entries occur when you book only fees related to payment processing. For example, if you have a Shopify store but Stripe processes the sales, Shopify would post the sales journal entries. However, Stripe would incur fees for processing those sales, which are recorded in the fee Manual Journal records.

Fees

Please write to us at [email protected] if you have any questions.