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Navigating the Settlement Settings Page

An overview of the Settlement Settings page

Daniel Little avatar
Written by Daniel Little
Updated this week

Many settings in Link My Books are done via the Accounts & Taxes Wizard but occasionally you may want to make more advanced updates to your setup. You do this on the Settlement Settings page, via the Settings menu.

On this page you can change 5 different setting types:
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​Transaction grouping

Transaction grouping

On this tab, you can update your Product Group and Fulfilment Type settings.

A screenshot of the "Settlement Settings" page in Link My Books. The "Transaction Grouping" tab is active. The page displays options for "Product Grouping" and "Fulfilment Type Grouping," each with checkboxes to turn on or off various grouping settings. "Turn on Product Groups" and "Turn on Fulfilment Type Grouping" are checked.

πŸ‘‰ Tip: If you want to use product groups because you sell a mixture of Standard, Reduced and Zero-rated goods, it's best to update this setting via the Accounts & Taxes wizard.

However, if you want to split your sales and refunds into groups of products and have each group be assigned its own account in your chart of accounts then you would change that here and create your own product groups.

For Amazon accounts you can also choose to split your Sales, Refunds, Sales Tax and Seller Fees by fulfilment type. The fulfilment types are:

  1. FBA - Orders placed on amazon and fulfilled by Amazon.

  2. MFN - Orders placed on Amazon but fulfilled by you the merchant directly.

  3. Other - Fulfilled by Amazon but not an Amazon order (manual fulfilment orders etc.)

Cost of Goods Sold tracking

We have a whole article covering COGS so it's best to read that first, then you can turn that on using the Cost of Goods Sold tab as shown below.

πŸ‘‰ For Amazon accounts, you will set a credit and debit account for each different fulfilment type:

A screenshot of the "Settlement Settings" page in Link My Books. The "Cost of Goods Sold" tab is selected. The page shows options to "Turn on Cost of Goods Sold" (which is checked) and allows the user to select Debit & Credit Accounts for different Fulfillment Types (FBA, MFN, Other). Each fulfillment type has dropdowns for "CREDIT ACCOUNT (ASSET ACCOUNT)" and "DEBIT ACCOUNT (EXPENSE ACCOUNT)."

πŸ‘‰ For eBay, Shopify & Etsy accounts you will only need to set one credit and debit account:

A screenshot of the "Settlement Settings" page in Link My Books for an eBay demo account. The "Cost of Goods Sold" tab is selected. The page shows an option to "Turn on Cost of Goods Sold" (which is checked) and allows selection of "CREDIT ACCOUNT (ASSET ACCOUNT)" and "DEBIT ACCOUNT (EXPENSE ACCOUNT)" for the "All" fulfillment type. A "SAVE SETTINGS" button is at the bottom.

Status to send invoices (Xero users only)

If your bookkeeping platform is Xero you can choose how you want us to send your invoices. Our default setting is to send them as approved, meaning they are ready to reconcile on your bank statement but you can change that on this tab should you wish to.

A screenshot of the "Settlement Settings" page in Link My Books. The "Status to send Settlements to Xero" tab is selected. The page presents three radio button options for settlement status: "Draft," "Submitted for Approval," and "Approved (Default)." "Approved (Default)" is checked. A "SAVE SETTINGS" button is visible at the bottom.

Automation

When you turn on Auto Post, each time Link My Books processes a new payout from a sales channel and it is ready to send, it will be sent immediately to your bookkeeping platform.

You can also backdate auto-posting so that all settlements from a certain date onwards are auto-posted, or use both the start and end date in order to auto-post a specific period:

A screenshot of the "Settlement Settings" page in Link My Books. The "Automation" tab is selected. The page shows a checkbox labeled "Auto Post Settlements," which is checked. Below it, a field displays "Backdate Auto Posting Date" with the date "2022-01-31." A "SAVE SETTINGS" button is at the bottom.

Tracking codes (Xero users only)

If you're using Xero you can also assign a tracking category option to each marketplace or sales channel. If you have not previously set up tracking categories in Xero then you can do so with one click via the link shown below:

A screenshot of the "Settlement Settings" page in Link My Books. The "Tracking Codes" tab is selected. The page explains how tracking codes work with Xero and displays a list of Amazon marketplaces (e.g., Amazon.co.uk, Amazon.it) each with a dropdown menu for "LMB Marketplace." A red arrow points to the "Click Here" link in the introductory text. A "SAVE SETTINGS" button is at the bottom.

If you have any questions about this article or feedback on how we could make it better please reach out to the support team via the blue chat icon on the bottom right of the page or via email to [email protected].

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