If you're comparing data processed by Link My Books with figures from your accounting software (like Xero or QuickBooks) or directly from your sales channel reports (like Amazon), you might occasionally notice differences. This article provides a checklist of common reasons why these figures may not align perfectly and guides you to solutions.
Before you begin, it's crucial to ensure you are methodical in your checks.
Troubleshooting Checklist for Data Discrepancies:
Here are several common areas to investigate:
Here's the rewritten help article, structured as a troubleshooting checklist with clear formatting and language, based on your previous preferences.
1. Are You Comparing the Correct Reports (Like-for-Like Data)?
Different reports often serve distinct purposes and may be generated using different data points, calculation methods (e.g., cash vs. accrual basis), or time zone considerations.
Common Pitfall: For instance, comparing data sent by Link My Books to your accounting software (which is typically based on settlement reports) directly against summary "business reports" from a sales channel like Amazon is unlikely to result in an exact match without understanding the source of each.
Action:
To understand these differences better, especially concerning Amazon, please refer to our guide: Why Amazon Business Reports May Not Match Link My Books Data. The principles discussed often apply to other sales channels too.
2. Have All Settlements Been Sent from Link My Books?
If not all relevant settlements have been processed and sent by Link My Books to your accounting software, your figures will naturally differ.
Action:
Navigate to your Link My Books settlement dashboard.
Verify that all relevant settlements have a status of 'Sent'. If any are pending or failed, address those first.
3. Are There Duplicated or Voided/Deleted Settlements in Your Accounting Software?
Accidentally sending a settlement more than once, or voiding/deleting a previously sent settlement in your accounting software without doing so in Link My Books (if applicable), can cause imbalances.
Action:
Review your Xero or QuickBooks for any settlement invoices or journal entries that might have been inadvertently duplicated or were perhaps voided or deleted.
For detailed guidance, see Voided or Duplicated Settlement Invoices/Journals in Xero/QuickBooks
4. Xero Users: Are Invoices Awaiting Approval?
If you are using Xero, invoices sent from Link My Books might be awaiting approval. Unapproved invoices are typically not included in many financial reports until they are approved.
Actions:
In Xero, go to your 'Invoices' list (often under 'Business' > 'Invoices'). Check the 'Awaiting Approval' tab for any invoices sent by Link My Books.
To ensure invoices are automatically approved upon being sent from Link My Books to Xero in the future, review your 'Settlement Settings' within your Link My Books account.
5. Have Bank Deposits Been Correctly Matched to Invoices/Journals?
The final step in the accounting process is matching the actual bank deposit from your sales channel to the corresponding invoice or journal entry created by Link My Books. If this matching is incorrect, or not done, your reconciled bank balance and related income figures will be off.
Action:
Verify that each deposit from your sales channels (e.g., Amazon) in your bank feed within Xero or QuickBooks has been correctly matched to the corresponding summary invoice or journal entry created by Link My Books.
If you're having trouble with this step, please refer to our help article: Unable to Reconcile in Xero/QuickBooks.
Still Seeing Differences?
If you've worked through this checklist and reviewed the linked articles but are still unable to identify the cause of the discrepancy, please don't hesitate to contact our support team. We'll be happy to help you investigate further.
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].