- With the Lump Sync export option, your CoreBridge financial data is exported in lump sum amounts including Sales, Payments, A/R, Taxes, Assets, Liabilities, and Sales Tax. The amounts are exported to your accounting application as Journal Entries. Each Reconciliation in CoreBridge is used to create a Journal Entry in your accounting application. The lump sum amounts from Page 2 of each Reconciliation will be used to create individual lines on the Journal Entry.
- In Xero the export will create a Manual Journal in Draft status.
Example CoreBridge Reconciliation
Example QuickBooks Desktop Journal Entry
Example Xero Journal (the values are different than the above examples since a different Reconciliation was used)
- If a location is open 6 days per week you will have 20-25 Reconciliations in CoreBridge per month for that location which will give you 20-25 Journal Entries in your accounting application. (Xero: Journals)
- Customer specific information is not synced. The information that syncs is purely financial in nature. Individual customers are managed in CoreBridge. Examples of records that won't exist in your accounting application:
- Individual customers
- Individual invoices
- Individual payments
- Payments also sync in Lump Sync format. For example, if 5 checks were captured on the reconciliation. those individual payments do not appear on the journal entry. When recording a deposit, the lump amount and not each individual payment will be deposited.
- The sync is one direction, from CoreBridge to your accounting application.
Example Journal Entry
When a CoreBridge Reconciliation is performed, the financial that is captured will be used to create the Journal Entry. These lump sum amounts are the numbers that get posted to individual lines on the Journal Entry.
For this example, these transactions occurred during the CoreBridge Reconciliation Period (which should be a day)
- Sales: 10 Completed orders from various customers totaling $5,500.00
- Sales Tax: Accrued $500.00 on Completed Orders
- Check Payments: 5 checks totaling $1,075.00.
- Deposits: 1 of the 5 checks was a $75.00 order deposit
- Cash Payments: 2 cash payments totaling $500.00
- A/R: Increased by $4,000.00
- In-Store Credit: Gave a customer $250.00 In-Store Credit for a barter arrangement
Digital Signage Income
Sales Tax Payable
In-Store Credit Expense
In-Store Credit Liability
- Since the Lump Sync provides financial data, you will run financial reports in your accounting software: Profit & Loss, Balance Sheet, etc.
- A/R, various sales reports, and other customer-related reports will be run in CoreBridge.
Supported Accounting Software
Please refer to this article: Accounting Export Options
- How Lump Sync Works - QuickBooks Example
- Reconciliations In CoreBridge
- QuickBooks Desktop – Lump Sync: Syncing PO's
- Xero Lump Sync – Processing After a Sync