Accounting

Bucky Box currently does not support any integrations with accounting software, we do plan an integration with Xero, but this work has yet to be started so we cannot give a timeframe regarding its availability. Until then, use this section as a guide to entering your financial data into Xero (or adapt as necessary for other accounting software).

Setup

  • Setting up a bank account for customer payments
    We recommend setting up a separate bank account with your bank and using this account solely to accept customer payments. By separating customer payments into a different back account, we can separate the reconciling of customer payments which is done efficiently inside Bucky Box, from the reconciling of transactions relating to other business operations which is done by Xero. For the sake of this example, we’ll call this bank account the customer payments bank account.

  • Setting up your journals in Xero
    Set up journals inside Xero with the following names:

    • Customer payments bank account
      This journal tracks the amount of money in your customer payments bank account. Set this up as a “Current Asset” journal. Do NOT set this up “Bank Account” which is the normal procedure, otherwise Xero will pull in the bank feed, and you will be required to reconcile every transaction line by line which will be tedious. Instead we will be entering a summary journal entry each month manually to track this bank account.
    • Customer current accounts
      This journal tracks the aggregate total in your customer’s current accounts i.e. the sum of all of your customer’s balances. Set this up as a “Current Liability” journal type.
    • Sales
      This journal tracks sales. It will be a “Revenue” journal type. Okay that was obvious.

Monthly Journaling

At the end of each month, you can enter the summary of the business activity into Xero using manual journal entries. Here’s how to get the summary totals:

  1. Export your transactions from Bucky Box
    Settings Reporting
    Go to the reporting section of Bucky Box (top right of the screen) and export all of the transactions from the past month.

  2. Finding your payments and deliveries totals for the month
    Open the previously exported file using a spreadsheet application and sort by the transaction description column. You are after 2 totals:

    • Monthly Deliveries Total
      Here you want to calculate the total sum of deliveries made minus cancellations / delivery reversals. Do this by summing all the transactions starting with “Delivery of” and subtracting the transactions starting with “[REVERSAL] Delivery of”
    • Monthly Payments Total
      Here you want to calculate the total amount of funds paid by customers. Do this by summing all the transactions starting with “Payment made by” and subtracting payment reversals transactions which start with “[REVERSAL] Payment made by”. If you have made any manual transactions against customer accounts, you should also correct for these into the total.

  3. Entering into Xero
    Now that you have your deliveries and payments totals for the month you can enter these into Xero as manual journal entries.

    • Monthly Deliveries Total
      Debit – Customer current accounts
      Credit – Sales
    • Monthly Payments Total
      Debit – Customer payments bank account
      Credit – Customer current accounts