Accounting reports cover a 24 hour time block, starting and finishing at 5pm PST. The reason for this is that Stripe is a global payments company based on UTC time, and 5pm PST equals 12am UTC.
As a starting point, the Accounting Reports - Sales By Channel section will show options to review “All” orders or review orders by the the default “Order Channels” in Figure (Web, Club, Admin, POS, etc), plus the additional channels you create on the Settings>Configure page.
By clicking on the “All” Order Channel, and setting a time frame in the “Select a Date” drop down menu, any order that has been processed through your Figure account will be compiled in the results. If you would like to see reports for one of the channels (Web, Club, Admin, POS, etc) you just click on that option and Figure will provide the same process to set a time frame in the “Select a Date” drop down menu.
You will notice next to each channel in the top row called “Select Order Type”, there can be (numbers) displayed, which is a reference to how many orders were placed during the selected time frame.
The reports generated will show totals in relation to the time frame you have selected:
The product name, how many were sold, the average price, and the total price for that line item.
Below that list of products, a Subtotal will be shown.
The following section compiles all the taxes by state, which is based on the sales tax rates you have entered for each state on the Settings>Shipping States & Taxes page. If you are using ShipCompliant for packages going outside of California, there will be no tax rates entered into the Shipping States & Taxes page as those get assessed by ShipCompliant and then repopulated into your Figure account through the API setup.
A Tax Subtotal will also be shown.
A total for all your shipping dollars received will be next in line.
If any discounts were applied to orders that number will shown next.
“Mismatched Inventory to Payment Transactions” is related to orders processed as Not Paid and refunds. See below**
Customer Credit relates to any orders that used funds that had been credited to a customer account. You can read more about that process in this article, Customer account details page.
Chargebacks tracks orders that have been reversed by the customer when they contact their credit card company to dispute the charge.
Processing fees are the funds Stripe receives at the rates posted on your Settings>Payments page.
Total is the final amount deposited into your bank account for that time frame.
On the right side is a box titled “Actions” which will allow you to download a spreadsheet of all the details presented on the screen, called “Export Report”. You will also be able to download a spreadsheet of the transactions using the “Credit Transactions” export.
**On the Accounting Report, Sales by Channel, All - The “Mismatched Inventory to Payment Transactions” line item is a not a running total of how many “Not Paid” orders you have outstanding. It is a tally of how many orders you processed as “Offline/Pay by Check” overall during the time frame you have selected, in combination with any refunds that were processed where inventory remains on the order.
For example, in January, if you process $2000 in “Not Paid” orders that line item will show $2000 in the report if you set your time frame as the month of January. Then in February, if you process no orders as “Offline/Pay by Check” and you select the date range as the month of February, the report will show $0 under the “Mismatched Inventory to Payment Transactions” line item...even if your January “Not Paid” order for $2000 is still outstanding.
To learn more, read the article titled - Mismatched inventory to payment transactions.
**Very Important**—With that, we recommend that you don’t use the “Offline/Pay by Check” feature when processing orders. Figure was designed as a credit card based DTC platform. Orders that are to be paid by cash or check should be created right into your Quickbooks account as an invoice that you can track with your accounting team. You would then just remove inventory manually from the SKU. Same with promo/comp orders. Read more in the article, Accepting cash or check payments and discuss proper accounting principles with your company accountant.
Some examples to be aware of with Accounting report results:
If you sell only 24 bottles of one wine in a month and refund an order with 6 bottles in that same month, the total sold for the month will show 18 bottles.
If you sell only 24 bottles of one wine to one customer in January, the numbers sold will stay static once you move on to the next month. If you then refund the order completely in the month of February, and don’t sell any other wines, the February numbers will show negatives.
Therefore, if you sell no bottles of a wine during a month, and have to refund an order for 6 bottles, it will show -6 quantity and negative dollars. Essentially you had to pay out of your bank account to the customer and no other orders came in to offset that payment out.
The same functionality will occur with sales tax. Refunds to orders will back out sales tax from the totals in the Accounting Report. Therefore, if you process an order for a client in Oregon in January, yet refund that same order in February, and that is the only order processed going to Oregon that month, you will see a negative number of dollars in the Oregon sales tax line item.