We highly recommend the Lump Sync for most clients. It is straightforward and effective. The lump method of exporting accounting data is widely used and should be familiar to any accountant.


With the Lump Sync, all financial data is exported in lump sum amounts including Sales, A/R, Sales Taxes, Assets, Liabilities, and Payments. Customer specific information is NOT synced. Lump sum amounts are synced to your accounting application as Journal Entries. Each Reconciliation in CoreBridge is represented by a single Journal Entry in your accounting application.


There are two steps to sync your financial data to your accounting application:

  1. Perform a CoreBridge Reconciliation.
  2. Sync or Export the CoreBridge Reconciliation to your accounting software which will create the corresponding Journal Entry.


Example Journal Entry

When a CoreBridge Reconciliation is performed, all financial data is summarized by lump sum amounts. These lump sum amounts are the numbers that get posted to individual lines on the Journal Entry. 


These transactions occurred during the CoreBridge Reconciliation Period

  • 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 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


Journal Entry:

ACCOUNT
DEBIT
CREDIT
MEMO
Acrylic Income

$2000.00

Banner Income

$500.00

Digital Signage Income

$1500.00

Vinyl Income

$1000.00

Sales Tax Payable

$500.00

Undeposited Funds
$1075.00

Checks
Undeposited Funds
$500.00

Cash
Accounts Receivable
$4000.00


In-Store Credit Expense
$250.00


In-Store Credit Liability

$250.00

Deposit Liabilities

$75.00


For additional information, review the How Lump Sync Works - QuickBooks Example article.


Supported Platforms

Please refer to the  Accounting Export Options article.


Reporting

  • 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.