Accounting for Ecomsync

Setup:

1. Create new GL Code for the following:
   a. Lazada (Current Asset) - this GL also serves as Contra GL for payment side
   b. Lazada Supplier - this GL also serves as Contra GL for the AP side
   b. Lazada Commission (Expenses)
   c. Lazada Shipping Fee (Expenses)

Open

2. Create new cashbook for Lazada and link it to Lazada GL

Open

Transactions:

3. EMP will auto-create SO and RCT based on the syncing from Ecomsync.

4. The RCT should auto-select Lazada Cashbook.

5. Next, user need to convert SO to INV.

6. The following are the Journal entries for INV and RCT

7. When receive the report from Lazada for the deduction, user need to create SINV and PV to offset the amount.

8. The following are the Journal entries for INV and RCT

9. The amount has been offset for Lazada Cashbook and Lazada (supplier). The balance amount at Lazada cashbook is RM 80, after deduct the commission and the shipping fee.

10. The following is the Profit and Loss and Balance Sheet report.