A frequently asked question is: ‘How can accounting and Buckaroo reporting cooperate properly? Since there’s a multitude of accounting packages, the answer to this question could be quite elaborate, listing the specific details of each particular package. The explanation provided below however is a basic explanation of an accounting system which applies to every single accounting package. The Buckaroo Payment Plaza already offers many formats for the different accounting packages. The Rabobank format is normative with regard to MT940 statements. Hence the numerous versions of that specific format. Should you however require even more different formats, please let us know. The statements can also be provided automatically via the Buckaroo SFTP server. If so, it’s possible to install automated processing of the ledgers. When it comes to the processing in accounting packages that can only work with already paid orders, such as Exact and SAP, it applies that reconciliation of the invoices with the Buckaroo statements is easily performed for invoice numbers in closed ranges by using the order number as a key in the execution chain.
In the Buckaroo Payment Plaza, bank statements can be downloaded in two formats: the bank format or the CSV (comma-separated values) format.
Because each line is given a transaction type, it is possible to differentiate the lines in the statements and CSVs per type of mutation. This way, the revenue of for example iDEAL (transaction type C C021) can be differentiated from the revenue of authorisations (for example transaction type C004). In addition, the costs involved with the payment transactions are registered under a different transaction type. These can be registered in the general ledger ‘Buckaroo payment transactions costs’. Each month, the costs on this general ledger can be reconciled with the invoice sent to the Merchants by Buckaroo. Collected administrative costs can be registered with their own transaction type (Axxx), so that these can be processed separately from revenue in accounting.
With regard to the integration of the Merchant’s accounting package with the Buckaroo reports, it is important to make a distinction between collecting payment methods and processing payment methods.
The transaction types on the Buckaroo statements/reports (green section) determine in which general ledger the journal entries should be included. For the collecting payment methods, the items provided by the front end or back end (blue section) are the cross-entry on the general ledger accounts. For the processing payment methods, the statement lines of the third-party accounts are used as the items for cross-entry on the general ledgers.
|Journal entry||States which general ledger acounts are debited and credited|
|General ledger||The master set of all general ledger accounts|
|General ledger account||A collection of equal expenditure and revenue items. There are two types of general ledger accounts: balance sheet accounts and income statement accounts.|
|Balance sheet account||The amounts mentioned on a company’s balance sheet, such as: buildings, inventory, equipment, equity capital, loans, bank, debtors, creditors and company cash|
|Income statement account||A financial statement of a business, showing the details of purchases, sales, travel expenses, salaries, computer costs, advertising expenses and interest|