Most settings in Link My Books are done via the Accounts & Taxes Wizard but occasionally you may want to make further, 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:
Transaction grouping
Status to send invoices (Xero users only)
Tracking codes (Xero users only)
Transaction grouping
On this tab, you can update your Product Group setting.
👉 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.
If however, 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:
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.
👉 Tip: For Amazon accounts, you will set a credit and debit account for each different fulfilment type:
👉Tip: For eBay, Shopify & Etsy accounts you will only need to set one credit and debit account:
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.
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:
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:
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].