We use Xero that’s synced with our Inventory Management Software DEAR Systems. This is our workflow for reconciling Lazada sales with our bank statements.
- All sales in Lazada are created as invoices in DEAR. The report that we use from Lazada can be found under Finance -> Account Statements -> Transaction Overview
- Select the date range and export the report. Filter out for items under “Item Price Credit”. Note to self: invoiced value = selling price after discounts
- We use an invoice template and upload the details into DEAR
- This in turn is synced to Xero
- Once the monthly bank statements have been uploaded, that’s when the reconciliation states.
- In the Xero reconcile screen, find all the invoices that falls within that payment period
- The total amount from the invoices should be more than the amount paid out. This is correct.
- The difference between the invoiced value and the amount paid is attributed to the following:
- Lazmall Commission (inc. GST)
- Shipping (inc. GST)
- Payment fees (inc. GST)
- Other price/invoice/refund discrepancies
- While still in Xero, simply enter the difference under Adjustments -> Bank Fee
- We have an account called “Merchant Fees” to park all these expenses under.