The Summaries module in Tradebox allows users to summarise sales from a specific channel over a given period and provides a full breakdown of the VAT on each sale group within the summary.
By running periodic summary entries (e.g. daily or monthly) you can amalgamate hundreds or thousands of order item lines down into a handful of transaction lines by grouping like with like; if you run your bookkeeping or accounts package as 'financials-only', you can use summaries to create as few ledger transactions as possible while keeping a trail back to the original orders in Tradebox.
Each summary line is calculated as:
Total value of items from orders or carriage from orders:
- That have been downloaded through the selected sales channel
- Where the order date is within the selected date range
- That share a payment method
- That share a tax code
Total value of items or carriage from sales credits:
- Raised via fully- or part-refunding orders that were downloaded through the selected sales channel
- Where the credit date is within the selected date range, regardless of the original order date
- That share a tax code
VAT Calculation Method
VAT on summary entries can be calculated on either Item Prices or on Total Prices. This setting is established in Configuration > Accounting. Different systems calculate VAT slightly differently where there are multiple items sold; there's no strict right or wrong answer whether a net/tax split should be calculated on the order total or per unit sold. Rounding of part-pence results can lead to discrepancies, so we offer two different calculation methods.
Items: VAT calculation on items (default method) reflects the total combined VAT charged on each transaction within all transactions in the summary but may not reflect the exact VAT level ratio because of rounding on large volumes of data.
Total: calculation on the total will reflect the exact VAT level ratio of the combined transactions in the summary but may not reflect the the exact VAT charged on each transaction combined.
What is not summarised?
Orders with a status of query will always be excluded from summaries as Tradebox cannot guarantee that a query order has the correct tax rate, so queries should be resolved prior to creating a summary.
A user can opt to exclude unpaid orders from a summary by selecting an option during summary creation to do this. Any individual order can also be opted out by de-selecting it during the summary creation process.
Any unsummarised orders can be summarised at a later date by creating a second summary for the same date range. Orders can only be included in a summary once, so this doesn't come with any risk of duplicating values.
Creating A Summary
To create a new summary, click on the New button and then choose the sales channel and date range you want to create the summary for. Show Values In allows you to choose whether to view foreign currency orders in their native currency or convert to GBP. It may be greyed out depending on whether you're integrating with an accounts package or not. For Sage 50 users, this setting will be automatically set to the currency you've set the channel up to post in. For Xero users, it will be automatically set to GBP. We are currently working on foreign currency support for Xero, but at the present time this has not been added. If you are not linking to an accounts package you can choose whether to create your summary in GBP or in the native currency of the channel.
Unpaid orders are included by default, but ticking the Exclude Unpaid Orders box will remove them from the summary.
If any orders prior to your selected date range have not been summarised, Tradebox will pop up this warning:
You can include the previous orders in the summary you're currently running, or click No here and run another summary with an adjusted date range to pick up the remaining unsummarised orders.
The next screen will provide a list of all the individual orders included in the summary. These can be included or excluded using the tick box in the Select column. When you're happy with the selection, choose the Calculate Summary button to have Tradebox total up the order values.
Sales are grouped by:
- Income Type - Sale or Carriage
- Payment Method - PayPal, Sage Pay etc
- Tax Code - Standard Rated, Zero Rated etc
Selecting Mark as Summarised will finalise the summary and add it to your summary list.
Completed Summaries: viewing the data and posting to Accounts packages
The Summaries module displays a single entry for each summary that has been created. Each summary has a summary reference number and a description that is made up of the:
- Ref Number
- Channel Name
- Date Range
The overview entry will also display:
- the total Net amount
- the total VAT amount
- the total Gross amount
- an indication of whether the entry has been posted to an accounts package
- the date the entry was posted to an accounts package
To drill into the summary information simply double click on the entry, or select it from the list and choose the View button.
The summary screen displays a full breakdown of each summarised entry. Every transaction within the summary can be sent to a CSV file by choosing the View Breakdown button. This will create a line in a CSV file for every transaction in every order contained in the summary and will display the following information:
- Type - SO (Sales Order) or SC (Sales Credit from refund)
- Order Date
- Channel Name
- Tradebox Order Number
- Marketplace Order Number
- Payment Method
- Tax Code
- Net Amount
- Tax Amount
- Gross Amount
This file is by default saved within Tradebox's Summaries folder, alongside the Data Folder. If you're doing any further manipulation of this data, we strongly recommend first using Save As to save a copy somewhere else such as your Documents folder or your Desktop.
Posting Summaries to your accounts package
When viewing any summary, if an accounts link has been set up for that channel to Sage or Xero, you'll also see a Post to Accounts button. When you select this, Tradebox will post the summary information to your accounts package using the preferences you set up in your accounts link.
In Sage, summaries will be created as outstanding SI (batch invoice) transactions, which are visible in the customer account activity and the Transactions screen. You'll then need to pay these off using the Customer Receipts function. The Reference on each SI will show as 'TBx' where x is the Tradebox summary number. Sage will report the audit trail transaction number back to Tradebox which will be stored as the Trans. No against each summary line.
For foreign currency sales, the accounts link will have been set up as either foreign-to-foreign (which requires the Foreign Trader module in Sage) or as foreign-to-GBP. You can check this by opening each sales channel and clicking on the Sage 50 tab > Postings tab; Sales Currency shows the currency orders are downloaded in and Posting Currency shows the currency that will be used for the summary transactions in Sage.
- If you're set foreign-to-foreign, the exchange rate used is shown in the summary screen at the point you click Post To Accounts, and you can edit this before posting. This rate is passed to Sage with the transactions and you'll later be able to see it as the Exchange Rate against the SIs in the Transactions screen. We recommend you use this same exchange rate when raising the Customer Receipts in Sage.
- If you're set foreign-to-GBP, the exchange rate used will be the one tied to each order when the order downloaded. This is taken from Configuration > Currencies within Tradebox; the default setting is to automatically update from an online service prior to every download so it should reflect the real-life rate as it was when the order downloaded to Tradebox. You won't see this in Sage, as the conversion takes place entirely within Tradebox.
In Xero, each summary creates a single Awaiting Payment sales invoice, with one item line per line in the summary. The Reference on an invoice created from a Tradebox summary entry will show as 'TB_Summary_x' where x is the Tradebox summary number. The Xero invoice number will report back to Tradebox and be stored as the Trans. No against each line in the summary.
For foreign currency sales, the accounts link will have been set up as foreign-to-GBP. The exchange rate used will be the one tied to each order when the order downloaded. This is taken from Configuration > Currencies within Tradebox; the default setting is to automatically update from an online service prior to every download so it should reflect the real-life rate as it was when the order downloaded to Tradebox. You won't see this in Xero, as the conversion takes place entirely within Tradebox.