Below is a list of the standard General Ledger transactions that get created in Versa when a Shopify order is processed and when you issues POs for inventory.

Sales Order to Cash Cycle

Versa use a customer deposit account to record the revenue that is generated from new orders. The amount is held in customer deposit account until it is shipped and invoiced,  then booked as revenue.  For order that is already fulfilled in Shopify, Versa will also first book the revenue in customer deposit account first and then move to revenue.

Order imported from Shopify

• The following GL Entry is created when an order is imported (prepaid orders). Each customer in Versa has a sub-account under the default account Customer Deposit.

When Order is Shipped

• The following GL Entry is created when an order is Shipped:

CR - Asset Account: Inventory Finished Goods
(Detailed Explanation of how the specific accounts are selected)

• Your inventory will decrease, based on the line item quantities that were part of the shipment.

When Invoice is created from Order

• The following GL Entry is created when an Invoice is Posted (not on creation):

CR - Revenue Account: Revenue
( Detailed Explanation  of how the specific accounts are selected)
Receiving Payment on the Invoice

• The following GL Entry is created when a Invoice Payment is Posted for order that is already paid in Shopify

CR - Asset Account: Accounts Receivable
(Detailed Explanation of how the specific accounts are selected)

Purchase Order to Bill Cycle

Creating a Purchase Order

• No GL Entries are made when a Purchase Order is created. Until the order is received no inventory changes are made either. The Purchase Order quantities will show on the parts reports (indicating that there are quantities against a non received Purchase Order).

Posting a Shipment Receipt

• The following GL Entry is created when a Shipment Receipt is Posted (not on creation):

CR - Liability Account: Accounts Payable
(Detailed Explanation of how the specific accounts are selected)

• Your inventory will increase, based on the line item quantities that were part of the shipment receipt.

Creating a Bill

• The following GL Entry is created when a bill is created and use linked to shipment receipt to link to the POs

CR - Liability Account: Accounts Payable for the supplier