Content of the article
Complete video walkthrough of how to set up integrations
A step-by-step guide
General advice and tips
Our vocabulary
Currently our e-conomic integration is in private beta, which means you have to contact us to have the integration activated on your account.
Step by Step guide
Create a connection between Understory and your e-conomic account.
You need administrator logins to both your Understory and e-conomic accounts.
Go to Settings in Understory and Integrations
Click the "Connect" button next to "Visma e-conomic Integration"
You'll be sent to e-conomic and asked to login
Press the "Add app" button and you'll be sent back to Understory
The "Connect" button in Understory should change to "Connected" after a few minute
Setting up chart of accounts
Before the integration is ready to be used, your Chart of Accounts needs to be set up correctly, and configured within Understory.
Currently, the configuration has to be handled by Understory, as we do not currently have a screen to handle this.
Generally speaking, we require certain accounts to be set up:
Account | Type | Description |
Revenue, {with/without VAT} | Profit and Loss | Allocation of revenue from both gift cards and completed bookings. |
Receivables, {Gateway} | Balance Sheet | Distribution account for each of your active Payment Gateways, like Stripe or PayPal |
Payable, Customer Prepayments, Bookings | Balance Sheet | Prepayments for bookings are allocated to a payable account, until the booking has been completed |
Payable, Gift Cards | Balance Sheet | Gift card values are allocated to this account before they are used, or before expiration |
Fee, {Gateway} | Profit and Loss | Payment Gateway fees are allocated to these accounts, at the time of the transaction |
Fee, Understory | Profit and Loss | The Understory fee will be allocated here, at the time of the transaction |
We do have the ability to set up specific Profit/Loss accounts for individual experiences as well.
Bookkeeping Journal
Other than the Chart of Accounts, it is also possible to add the entries to a specific Journal. If no specific Journal is configured, the integration will automatically add all entries to the "Daily Journal", which in e-conomic has the ID Number 1.
Accounting flows
The accounting handled through the integration, can be split up into several flows, that are all triggered based on certain actions happening within Understory.
Below, you'll find an outline of the different flows which Understory handle.
Note that for each flow, on the right-most side, we have defined the individual resulting entries in the Journal. See an example at the bottom of the post.
New Bookings
We handle bookings differently, depending on the transaction associated with the booking. Generally, we split it into three variations: Bookings paid with cash, gift card or a combination.
In this context, "cash" means any transaction through a Payment Gateway like Stripe, PayPal etc.
Changed bookings
Changes to the state of bookings include completion of the booking, refunding a booking or cancellation of a booking without a refund.
The flows and resulting accounting actions can be seen in the flow below:
Purchased gift cards
The gift card accounting differs depending on the VAT handling in your business. While handling accounting of purchased gift cards, we've implemented a solution in accordance with the EU VAT Directive.
Changed gift cards
Changes in gift cards generally happen either when a gift card is used, either fully or partially, if it is refunded or if it has expired.
Each of these cases, are handled in the accounting integration.
Example
We first look at an example, which is set up with the following Chars of Accounts:
Number | Description | Type |
1010 | Revenue with VAT | Profit and Loss |
1030 | Revenue without VAT | Profit and Loss |
3631 | Fee, Stripe | Profit and Loss |
3632 | Fee, Understory | Profit and Loss |
5530 | Receivable, Stripe | Balance sheet |
6620 | Payable, Gift Cards | Balance sheet |
6630 | Payable, Bookings | Balance sheet |
Note that this is a very basic setup, and might differ from your Chart of Accounts.
As an example we look at how the journaling entries would look, for a new booking paid with card through Stripe. For simplicity's sake, we've chosen to be a business with VAT exempt experiences.
Date | Id | Amount | Account |
2024-04-01 | 1 | 2,00 | 3631 |
2024-04-01 | 1 | 8,30 | 3632 |
2024-04-01 | 1 | 189,70 | 5530 |
2024-04-01 | 1 | -200,00 | 6630 |
The next day, the guest attends the event, and the booking is then completed, which will result in the following entries:
Date | Id | Amount | Account |
2024-04-02 | 2 | 200,00 | 6630 |
2024-04-02 | 2 | -200,00 | 1030 |
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