Transaction Reports Overview
Transaction reports are product-based reports that itemize transactions, such as payments and refunds, that occurred with your product.
There are 2 types of transactions:
Debit - Increases an asset or expense account, or decreases a liability or equity account.
Examples: Payment, fees, item cost.
Credit - Increases a liability or equity account, or decreases an asset or expense account.
Examples : Sales refund, fee refund.
Important! Debits and credits can have both positive and negative values, based on the type of account they impact:
- Positive debit - Customer payment to you debits, or increases, your bank account
- Negative debit - Your payment to a channel debits, or increases, your accounts payable account
- Positive credit - Refunding a customer credits, or decreases, your bank account
- Negative credit - Obtaining a refund from a channel credits, or decreases, your accounts payable account
Transaction reports vs. product profit reports
While product profit reports show payments and refunds per products, transaction reports break these down to itemize them at the transaction level.
Transaction reports vs. sales reports
Accounting departments prefer transaction reports over sales reports because the former reports true per-month/time period income and expenditure.
For example, you sold $100,000 of orders in December, but processed $5000 worth of returns in January:
Product profit and sales reports:
Apply returns of ($5000) to the orders, and recalculate December's P&L to sales of $95,000.
Retain $100,000 for calculating December's P&L, and add ($5000) to the month of January.
SellerCloud transaction reports
SellerCloud's Reports module offers all of the following transaction reports:
- Product by Profit Summary
- Product by Profit Details
- Profit by Order Summary
- Profit by Order Details
- Transaction Summary
- Payments & Refunds by Date
- Refund Details
- Transaction Ledger
- Returns and Reimbursement Summary
- Returns and Reimbursement Detail
- Tax Collection By Transaction