Daily Summary

In Acodei's paid accounts, users can choose between two data syncing frequencies. For businesses with a high number of monthly transactions (over 500), the "Daily Summary" feature is recommended.

What is Daily Summary?

• Purpose: Unlike the Real-time Sync option, which updates each transaction individually, Daily Summary consolidates the data into daily summaries.
• Advantage: This approach reduces the amount of data processed in both your system and QuickBooks.
• Features: It supports various functions like product mapping, sales, refunds, and fees.

Key Points to Consider with Daily Summary:

• Invoice Syncing: Daily Summary does not support syncing individual invoices from Stripe to QuickBooks. If this is a requirement, Real-time Sync is the better choice.
• Customer Names: In Daily Summary, customer names are not included because it aggregates daily transaction data. This is typically not an issue for businesses with a large number of customers.

Using Daily Summary in Different Contexts:

1. With an Undeposited Funds Account:
   • How it Works: For example, if you receive a Stripe payout on January 5th that includes transactions from January 2nd to 4th, Daily Summary will create three separate sales (or refund receipts if negative) for each of these days, summarizing all transactions and fees.
   • Automatic Deposit Creation: These receipts are then automatically grouped into a deposit in QuickBooks.

2. With Other Stripe Holding Accounts:
   • Simplified Process: If you choose a different Stripe holding account other than Undeposited Funds, the Daily Summary becomes even more straightforward for tracking and reconciliation.
   • Functionality: Acodei generates a daily sales or refund receipt connected to your chosen holding account, mirroring the daily Stripe Balance Report, which can be accessed via Stripe’s dashboard at https://dashboard.stripe.com/reports/balance and select the day you want to review.
   • Transfer Representation: In this setup, Stripe payouts are represented as transfers in QuickBooks rather than deposits.

Reconciling and Financial Tracking:

• Stripe Balance Report: Acodei aims to replicate the "Balance change from activity" section from the Stripe report in QuickBooks, showing gross sales, fees, and refunds.

• Reconciliation: It's important to reconcile your QuickBooks Holding Account using the Stripe Balance Report for accurate financial tracking.

Daily Summary in Acodei offers a streamlined and efficient method for businesses with high transaction volumes to manage and sync their financial data, reducing the workload on QuickBooks and providing a clearer financial overview.