About
Many of our customers sell on Faire and successfully track their sales, inventory, and COGS (cost of goods sold) using our platform.
While Finaloop doesn't have a direct integration with Faire, we'll explain how Finaloop syncs your Faire data in two common scenarios: 1. When Faire is connected to Shopify 2. When Faire is not connected to Shopify
Each setup works a bit differently, so we'll walk through how your sales and COGS are handled in both cases.
1. Scenario 1: When Faire is connected to Shopify
Many brands connect Faire to Shopify using an app or direct integration. In this case, Finaloop syncs data from Shopify, and we offer granular control over which parts of Faire's data to include in your books.
How it works
In your Finaloop settings, you have flexibility on whether we should include sales, COGS, both, or neither for Faire orders synced through Shopify.
Here are the available sync statuses:
Status | Includes sales? | Includes COGS? |
Included | Yes | Yes |
Excluded | No | No |
COGS only | No | Yes |
Sales only | Yes | No |
Giveaway | No | No. Products are recorded as giveaway expenses (marketing) instead of COGS. |
You can view the status of Faire by: 1. Going to Customers → Orders 2. Clicking the Settings tab 3. Clicking the Sales channels tab
You should be able to see the status of Faire in the Applied status column. You can type "Faire" in Search by sales channel to find it. You can learn more about our Shopify integration and how these connections work in Finaloop's Shopify Integration Deep-Dive.
Changing the status of Faire
On the Sales channels tab, click the Faire row.
Click Add period.
Choose the start date under Period. Leave From date onward on to apply the status from that date going forward.
Choose the new Status and click Apply.
Click Save. You'll see "Changes successfully saved", and the new status shows in Applied status.
Note: Periods in closed books can't be changed here. If you need to change a status for a closed period, contact our team at [email protected].
Sales if set to "Included" or "Sales only"
You can view your orders on the Orders page.
Finaloop will sync Faire orders from Shopify on an order-by-order basis.
Sales will appear in your P&L as: "Sales - Faire (via Shopify)"
Shipping income and discounts will also be included.
Sales if set to "Excluded" or "COGS only"
We'll skip syncing Faire orders from Shopify.
Instead, we'll use bank payouts to recognize sales by categorizing the net Faire payouts into sales.
This ensures there is no overinflation or double counting of sales.
COGS if set to "Included" or "COGS only"
Finaloop syncs the sales quantity from Shopify to calculate the COGS.
We'll automatically calculate real-time COGS per order.
You can view your orders on the Orders page.
Works for both sales-based and InventoryIQ COGS methods.
COGS if set to "Sales only" or "Excluded"
With sales-based COGS or InventoryIQ, you'll need to manually enter COGS. With purchase-based COGS, no action is needed.
You can manually enter COGS by sales channel (sales-based COGS only) or by SKU/product (both sales-based COGS and InventoryIQ (unit-based COGS)). See the steps in section 3, Manually entering COGS for Faire, below.
2. Scenario 2: When Faire is not connected to Shopify
How it works
If you don't connect Faire to Shopify, Finaloop still tracks your Faire sales using your bank transactions.
Sales
If Faire is not connected to Shopify, we'll recognize your Faire sales based on the bank transactions on the Transactions page by categorizing the net Faire payouts into sales without the breakdown of the expenses, i.e. on a net basis.
The net impact on the P&L report is the same so it is up-to-date, 100% accurate, and ready for taxes.
COGS
How your COGS are handled depends on your COGS setup. See How to choose your COGS tracking method in Finaloop.
Purchase-based COGS: No action needed. We calculate your COGS from your inventory bills and payments. See Purchase based COGS: Everything you need to know.
Sales-based COGS: You'll need to manually enter the COGS either by sales channel or by SKU. See Sales based COGS: Everything you need to know.
InventoryIQ: You'll need to manually enter the COGS by SKU. See Inventory IQ: Everything you need to know.
3. Manually entering COGS for Faire
You can manually enter COGS by sales channel (sales-based COGS only) or by SKU/product (both sales-based COGS and InventoryIQ (unit-based COGS)).
To enter COGS by sales channel (sales-based only)
Go to Inventory
Click COGS
Click Report per channel
Enter the COGS for the Faire sales
To enter COGS by SKU/product (Sales-based or InventoryIQ)
Enter the COGS by SKU/product and Finaloop will calculate COGS automatically by multiplying the number of units sold x cost per unit. 1. Go to Inventory 2. Go to your Products page 3. Click the product sold on Faire 4. Inside the product page, click the COGS tab, then Add to COGS 5. Select Sales channel 6. Choose "Faire" from the dropdown 7. Click the edit icon to enter Units fulfilled and Units restocked
Alternatively, you can also bulk upload units sold on Faire: on the Products page, click Actions → Bulk unit edit.
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Need help?
Contact our team at [email protected].