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Transaction Reports

The Transaction Reports are product-based reports that itemizes the transactions, like payments and refunds, that occurred with your product.

Transaction Reports vs. Product Profit Reports
While Product Profit reports show the payments and refunds per products, the Transaction reports breaks it down and itemizes it at the transaction level. 

Transaction Reports vs Sales Reports
Transaction reports are preferred by accounting departments over Sales Reports as the true per-month/time period income and expenditure are reported.

For example, lets say that in December you sold $100,000 of orders. Then in January you processed $5000 worth of returns. 

Product Profit and Sales Reports Transaction Reports
 Applies returns of (5000) to the orders, and recalculates P&L of December to  sales of $95,000 Retains the $100,000 of for calculating P&L of December, and adds ($5000) to the month of January

Transactions are identified by 2 types:
 DefinitionIncreases an asset or expense account, or decreases a liability or equity account Increases a liability or equity account, or decreases an asset or expense account
 Example  Payment, Fees, Item CostSales Refund, Fee Refund 

Important: Debits and credits can have both positive and negative values depending on the type of account they are impacting:
  • 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 - Getting a refund from the channel credits, or decreases, your accounts payable account. 

Transaction Reports