QuickBooks Online + Commerce

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Accounting for eCommerce with QuickBooks Online Advanced

when we're talking about e-commerce,businesses,of course we're talking about companies,that sell products online that's what we,think of typically which from the,accounting side of things means we're,going to be focused on,tracking and managing inventory for your,e-commerce company that's really the,crux of,what the challenge is in terms of the,accounting it's tracking all of it,especially because in most e-commerce,cases,you have sales happening on different,sales channels we sell on amazon we sell,on our website we might sell on ebay,walmart groupon there's a million places,where you can be selling your products,online and if you read the write up,you'll see my commentary,on why i feel it's important to sell on,more places than,just amazon but for now i want to focus,on the actual accounting,which means i want to walk you through,quickbooks online advanced and how,inventory works,in quickbooks online advanced first,thing i want to do is bust the myth that,quickbooks online can't handle inventory,if somebody tells you that it means they,haven't looked at quickbooks online in,probably well over five years,it handles it and handles it well and,it's important also i think to,understand,how the inventory valuation is,calculated so that's what i want to walk,through here,actually we're going to record these,three purchases of inventory,we're going to create a generic item,here called something i sell,and we're going to purchase it in three,different lots because quickbooks online,calculates your inventory on what's,called a first in first out basis,when you run reports to show the,inventory valuation you'll see the cost,averaged,per unit but when it calculates the,actual cost gets sold on a sale,it actually calculates it based on first,and first out so i'm going to show you,exactly what that means,and how that works so that it's really,clear when you're running your inventory,reports in quickbooks online,exactly how your inventory valuation is,calculated,especially on the actual sale of your,products okay,so first let's go in and we're going to,record some bills,all right and i don't even know what i,have in here for vendors let's,just call it i supply,okay just quickly add i don't need any,details on that and i'm just going to,enter these purchases and exactly i've,got them laid out so january 15,2019 i don't care about the due dates or,any of that stuff,and then notice here we're in the,category details this is often where we,go to enter information on a bill,but since we're purchasing products we,need to go down here,to the item details and it may be a,little bit subtle to the eye especially,if you're not used to this screen so,this is what you want to look for,and look for this little right pointing,arrow that means it's currently zipped,up,when you click on it it will expand and,now we can actually enter,our products right so we're going to,take a product called something i sell,i'm going to set it up real quick when,you're setting up a new prod

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QuickBooks Commerce In the Know Webinar - October 2020

QuickBooks Commerce In the Know Webinar - October 2020

so with that i'm going to,start us off with quickbooks commerce we,announced quickbooks commerce a few,weeks ago,uh it's brand new it's only available to,new customers and it's still around the,beta level of functionality,we've received a lot of interest and,questions from accountants as we've,introduced quickbooks commerce,so this is a little bit premature for,like the broad offering bringing it to,you guys but we wanted to keep the theme,of,in the know and make sure that this is,something that you guys have,time to answer questions about ask,questions about find out more,functionality,ahead of this going out to a full-scale,launch,to talk about quickbooks commerce i have,mayhem with me welcome mayhah,thanks jessica awesome,so thank you everyone for joining i've,been with intuit about,six years i'm in the small business,segment and i will be talking to you,about quickbooks commerce,quickbooks commerce is our single,platform for online,businesses to manage uh their business,across all the different channels they,may have,so to get us started i wanted to ask you,guys a poll question,which is what percentage of omnichannel,product based businesses,reconcile inventory using pen and paper,or spreadsheets,i'll give you guys a minute to get,through that,i love that we're kicking off with,something that helps everyone engage and,see where we're at,uh we usually give about a minute for,these polls and it's really just a,baseline for us,uh is it something that we need to tell,you like the in-depth background of,or is it something that like y'all are,already doing today and we can keep it,super high level,sometimes we'll also ask these for,help prioritizing uh we know that,there's a million things that you'd love,our products to do and we try to,prioritize like what's the most critical,and key for,the most of our customers we can solve,those really really well,and those are all the ways we use these,pull data throughout this,so it looks like we've got some good,responses coming in but we'll give you,guys,a little bit more time um you know i'm,going to take the opportunity while you,have well we have you because there's a,lot of questions coming in about omni,channel just,can you give us like a 10 second like,what is omnichannel product,commerce sure so omni channel is,basically selling on more than one,channel it could be an online and an,offline channel like,a a marketplace like an amazon,versus your retail store or your website,um so it's a combination of more than,two channels,either online or offline,awesome all right,here we go looks like we have a pretty,even split,uh on what our customers are using,so you've gotta yeah this is a really,shocking one because the one that has,the lowest responses is actually the,right answer so it's,84 which is very shocking because as you,start selling on more than one channel,it becomes really complicated if you,don't have a software that automatically,updates and keeping track of inventory,across different channels

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E-Commerce Accounting Workflows 101

E-Commerce Accounting Workflows 101

hi folks i'm hector garcia cpa and small,business consultant this video is called,ecommerce accounting workflow automation,101. i know the title is a mouthful but,trust me every word of that title,actually matters this video is to help,small business owners of e-commerce,based businesses or anyone really,working in the accounting or bookkeeping,function of an e-commerce business that,wants to figure out how to set up the,workflows to get information from,multiple,sales channels into your accounting,system in order to speed up and improve,the accuracy of your accounting and,bookkeeping this requires from a,strategic level for you to think about,what are all the moving parts how you're,going to connect them and make really,important decisions at the very,beginning before you start doing any of,the accounting work,this video is done in partnership with,cinder who's one of the leaders of,e-commerce automation,okay let's walk to the table of contents,first we're going to define some common,e-commerce accounting terms just to make,sure we're all sort of in the same level,as we get into the weeds of the details,that you need to understand about,e-commerce accounting automation then,we're going to discuss how to devise how,to put together a high level strategy to,start automating some of these processes,then we're going to discuss what are,some of the big decisions you need to,make because you,through your setup will decide how that,data comes into your accounting system,and depending on the level of detail,that you need whether or not you need to,manage inventory those sort of things,we're going to make these decisions from,the beginning to make sure that we get,the right amount of data the right,detail level of data so our accounting,system has enough data to get the,reports that you need but not too much,that it becomes overwhelming that it,basically becomes unworkable,now i want to talk about cinder the,sponsor of this video we're going to,discuss when cinder is the right app the,right solution for you and when it's not,we're going to do a quick demo of how,cinder works so you get an idea of how,the workflow of your accounting data,comes in when you use cinder and then,we're going to discuss a contest that,cinder has where they're going to give,away two things one year subscription to,the cinder platform and a free two-hour,consultation to do a strategy session,with me to help you figure out how to,attack your e-commerce workflow,automation now that has a 750,value that's how much i currently charge,for a two-hour consultation just to,discuss strategy for accounting,workflows so stay tuned to the end of,the video to discuss how you can,enter the contest to win that,all right let's start with some,definitions you're gonna hear me use the,term channel when i say the word channel,i'm referring to maybe your website,the platform inside your website the,marketplace in which all sales initiate,from,now,there are sort of two types of channels,we're gonna ha

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Setting Up Chart of Accounts in QuickBooks Online | For Online Sellers

Setting Up Chart of Accounts in QuickBooks Online | For Online Sellers

hey commerce sellers today we're going,to talk about setting up a chart of,accounts and how to do that correctly,inside quickbooks,by the end of this video you'll know,what a chart of accounts is,how to set one up correctly inside,quickbooks what your different options,are when setting up chart accounts the,kind of things you should think through,and tips and tricks on how to make your,chart of accounts great now this is,really,important because great financial,statements are built upon well-designed,chart of accounts so if i catch you,storing i'm going to come through that,computer,and shake you well i am totally aware,that sometimes talking financials can be,a dredge i promise you it's well worth,the effort you make to,learn and wrap your head around one,before i dive in if you'd like more of,the best ecommerce accounting advice,please make sure to subscribe to our,channel here,here at ledger gurus we understand that,financial statements are often,misunderstood and undervalued,we understand the questions they answer,the insights they give you as business,owners and why it's so important to,understand what they say,again good financials are often built,upon solidly well-designed chart of,accounts all right so let's dive right,into this discussion on how to set up,your chart of accounts for your,e-commerce business,so what is a chart of accounts and why,is it so important um this is the,things we're going to cover today what,makes up a chart of accounts what,problems can you have with,creating your chart of accounts and how,to avoid them and how to actually set up,your chart of accounts so we're actually,going to go into quickbooks and show you,how this process works,so first of all what is a chart of,accounts um you'll also see this,sometimes abbreviated as coa,really it's a way for you to kind of,take all the financial transactions of,your business and sort them out,like laundry into baskets or like beans,into all kinds of different buckets,we're bean counters so like think,take beans and divide them all out into,different buckets that's really what,you're doing when you create,the chart of your accounts doing this,with so,a chart of accounts is basically a list,of all of the different,types of major categories that a,business has and it's a way to take all,of this activity,identify it and break it out into these,different buckets,so the first thing you need to know when,setting up the chart of accounts is that,there are five major,types of accounts assets liabilities,equity,revenue and expenses when you're,actually in quickbooks and you're,setting up your chart of accounts it,gives you a lot more options than that,for example it'll say,is this a bank account a credit card,short-term loan long-term liability,current asset even though it gives you a,lot more options every single one of,those still falls into one of those five,major categories,and the reason why that's important is,because depending on which type of these,major categories you cho

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Xero v QuickBooks for Your Ecommerce Store

Xero v QuickBooks for Your Ecommerce Store

Hey, it's Patti Scharf, CPA and Co-Founder of Catching Clouds, the leader,in e-commerce accounting, and today i'm going to help you decide between Xero,and Quickbooks Online (or some other alternative method of keeping track of,your bookkeeping). Make sure that you stay until the end, especially if you're an,Amazon seller, and I'll give you some more tips unique to you. Okay, so let's,get started by talking about spreadsheets. I know a lot of people,start on spreadsheets. I totally get it. It's cheap, free in a lot of cases, and it,feels like you can just keep track of everything there. My concern for you is,that it's not really an accounting system. There's not a closed loop -,like you can't tell if you're missing a transaction or not, and you can tell that,if you have a proper accounting system, so I would discourage you from using,spreadsheets for very long if at all. Ok, the next method is using one of what I,would consider "the little guys." There are a whole bunch of systems out there:,Freshbooks, Kashoo, Wave, Zoho Books. There are other systems that aren't little but,I'm still not recommending, like Sage or Reckon or MYOB. MYOB and Reckon are, I,think, unique to other countries. I don't see them in the US, I don't think I've,ever seen anybody using them, so that might not be part of this discussion. But,in any case, these other guys - some of them may not have a,balance sheet, so that closed system that I was talking about, they don't have that.,For other ones, my concern is just that they're not really a building block.,QuickBooks Online and Xero, they allow for add-ons, and not only do they allow for,it, they have hundreds of them. They have hundreds of systems that integrate with,them that helps you do more with less and helps you have a complete system to,keep track of payroll or paying bills or other things. And I think that's really,great, especially in this growing cloud accounting economy. The other big thing,is that your accountants know how to work with Xero and QuickBooks Online. I,would not under value that. You really want to make,sure that the systems that you're using translate well to your accountant who's,helping you out and filing your taxes at the end of the year and that sort of,thing. Now that we've narrowed it down to,QuickBooks Online and Xero, I want to help you decide what's right for you. Now,I'm gonna say, this is not a paid advertisement. I have my own preference.,I'm just going to kind of tell you the history and tell you the things that,you should be looking at. I don't care which one you choose. But you may care,which one you choose if you see an accountant out there that you're,going to want to be working with. If they only use one system you may want to look,into that one a little bit heavier than maybe some of the other systems. So,let me just back up a little bit and give you a little bit of history.,QuickBooks Online started in some absurdly early year like I want to say,2002. I tried to look it up but

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QuickBooks eCommerce Integration - Fully Sync Your QuickBooks and eCommerce Store

QuickBooks eCommerce Integration - Fully Sync Your QuickBooks and eCommerce Store

hey there folks do you have quickbooks,and you've been thinking about launching,into e-commerce selling,have you been toying with the idea for,years but never really found time to,actually get going,what if you could push your quickbooks,items online with the click of a button,how about if you could receive and,fulfill online orders without lifting a,finger,what if the quantities in your,quickbooks were fully synchronized with,your webstore,all the time hi my name is peter i'm an,intuit certified quickbooks solution,provider,and these are questions i used to ask,myself as well just imagine if you had,the ability to sell your quickbooks,inventory list,online what would you do how would that,instantly change your life and business,for the better,unfortunately you have been overwhelmed,with the realization that selling on the,web store with quickbooks,isn't as easy as you originally thought,you have to print out the online order,find the product pick it then pack it up,next you log into your shipping account,type in all of your customer information,again,put in shipping measurements and get a,shipment label finally you go to your,quickbooks and,enter the sale while entering the,customer information all over again,talk about menial busy work overload,while you might try to use some cobble,together paper system or spreadsheets to,speed up the process,you quickly get bogged down and it's,almost impossible to scale up once your,sales start increasing,if you've ever felt that frustration,from selling online with quickbooks,then i can relate to you perfectly just,like you i struggled with selling online,using quickbooks,until i found the secret one day i was,discussing a client's needs with my,manager at intuit,he made mention of a little-known,integration well i tried it out for,myself and i was able to handle my own,online orders with,just a few button clicks i started,telling my friends colleagues and,clients about these results,what happened next it shocked me some,people were begging me,to show them how i could sync inventory,automatically and process orders from a,web store in a few clicks,others were really skeptical that it was,even possible so i gave them a challenge,the same challenge that i'm gonna give,you right now schedule a personal,on-screen demonstration,i guarantee you'll be more impressed,with the ease at which you push items,from your quickbooks,to your webstore sync inventory,automatically and process,every part of a web store order in just,a couple clicks,from that point forward for the rest of,your life it'll be like you have a 24,7 employee who works tirelessly all,month long,with the cost of just a couple of hours,of a regular employee,most people using this integration start,off at only forty dollars a month,and if you're skeptical don't worry,we'll let you take the forty dollars,back into your pocket,after we've trained you to easily push,the products into your web store,and you know how to process every part,of an order in just

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How to Integrate E-commerce with QuickBooks Online using Synder

How to Integrate E-commerce with QuickBooks Online using Synder

hi folks in this video i'm going to talk,about,how to manage your e-commerce,transactions in quickbooks,and i'm specifically going to show you,how to do that with an,app called cinder sy ndr.com,and the reason why you're gonna need to,use a third-party app,like cinder especially when you have,multiple channels amazon shopify,etsy ebay paypal square,stripe whatever you have you want that,information to come,in a uniform fashion into quickbooks,if you don't use an app like cinder,you're going to have transactions,integrated into quickbooks in all,different funky ways,and it's going to be nearly impossible,to reconcile,after you download those transactions so,in order to have,the data in a uniform way so you can,reconcile in the future and have,a tight set of books you want to use,cinder,trust me about that now i'm going to,click here under the integrations button,so you can see all the channels that,center the cinder integrates with,we have shopify amazon ebay,woocommerce bigcommerce walmart home,depot best buy,etc so if you are selling through any of,these channels,you can use cinder to aggregate all the,data in there,also if you're selling through other,channels not listed here,but they're using payment processors,like stripe,square paypal and others you can also,integrate that data one really cool,thing about,cinder is there's the ability to,integrate your excel data,so if your channel is not listed here,but you happen to be able to export,a spreadsheet worth the transactions you,can import and,import them through cinder and have one,unique place,where all the transactions are all right,so i'm gonna go,into quickbooks online and show you how,you can add,the sim their app into your quickbooks,online,accounting software so once you log into,quickbooks online you're gonna click on,apps,on the left hand side and you're going,to search cinder syndr,once you find cinder in there you're,going to click on where it says get,app now and then it's going to take you,through the authorization process,for you to connect the app then you're,going to click on connect,and then you will see your cinder app,open up and then i already have an,account set up,but in your setting when you do that,it's going to ask you for a whole bunch,of information,that you need to walk through while the,account is set up but after you set up,the account,and your quickbooks online is connected,now it's going to be time to connect,your channels so i'm going to click here,where it says add payment platform,and i'm going to click on the drop down,menu and then i'm going to click on,paypal,and then i'm going to click on connect,then i'm going to login into paypal,click on login,and grant permission perfect i,successfully connected,my paypal account into cinder let me add,another platform here i'm going to click,on add payment platform,click on the drop down menu and now i'm,going to select shopify,click on connect,and once you log into shopify you'll be,able to just click on install app

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Quickbooks Commerce Accounting

Quickbooks Commerce Accounting

thank you,so welcome everyone,I'm glad you're all here,bye,yeah our friends are coming in,hi everybody so good to see you,oh it's a great conversation it is I'm,excited,excellent,yes we are we are officially live on,Facebook,thank you heather,oh my gosh you're so welcome that was a,little stressful I'm not gonna lie oh my,God make this work,well what would it be without a little,bit of anxiety it's kind of fun we got,it done I mean the outcome is all that,matters and we are live on Facebook so,there we go,so we have our friends here,so I want to go ahead and and say that,QuickBooks Commerce has been a bit of a,mystery to me I haven't,um dove into it until just recently so,in about October I really got my hands,in it and started to dive around check,it out and I've been able to work with,Keith and ask Keith some questions so we,have Keith that will be joining us today,thank you and helping us with a demo and,talking about some of the features of,QuickBooks Commerce and specifically the,quickest Commerce accounting,Heather you want to do an introduction,of yourself,I do I do my name is Heather satterly I,am a CPA and I am the Director of,Education and media at Woodard uh and,I'm really excited to be with all of you,today so thanks for joining us,well I'm glad you're here,and my name is Liz Scott and I'm like,many of you a practitioner and I've got,a firm with small business clients and I,specifically use QuickBooks Online which,means that the apps in the ecosystem is,something that I'm constantly paying,attention to,um and I enjoy connecting apps I listen,to a lot of the feedback that my,community gives me and then I go back to,those apps and talk to them about what,are some areas that they might be able,to improve or maybe even some training,offering different types of customer,service support,it's been a it's been a very very fun,Journey,Keith we are lucky to have you with us,today do you want to go ahead and,introduce yourself,yeah absolutely thank you for uh for,inviting me to join today my name is,Keith Crowther,um product manager on the the QuickBooks,uh Team,um so I've been with uh QuickBooks for,the past couple years uh previously I,came across actually from the trade,gecko acquisition,um which was around this time in in 2020,so,um spent really the last five years,um in this space building out solutions,from inventory and Order management and,then kind of focused on the,Commerce accounting space right now and,and happy to kind of share,um where we're at with the product today,that's quite a great journey you know I,worked with clients with trade Gecko and,that was a great product so whenever it,was acquired by QuickBooks I I've just,been curious what all has been happening,over there so it's it's awesome that,you've transitioned into that Journey,I'm sure that you know quite a bit about,what's being worked on and and the,features and the functionality of both,trade Gecko and then also with,QuickBooks Online,um and QuickBooks,uh e-commerce,y

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3 essentials every e-commerce seller should know about inventory, COGS & QuickBooks Online

3 essentials every e-commerce seller should know about inventory, COGS & QuickBooks Online

hey everyone this is Veronica watch like,with 5-minute bookkeeping and today I'm,talking to e-commerce sellers about the,three essentials every e-commerce seller,should know about inventory cost of,goods sold and QuickBooks Online I work,with a lot of e-commerce sellers on,their financial and accounting strategy,and one of the issues that I see a lot,is a lot of confusion around inventory,cost of goods sold and how you deal with,that in quickbooks online so i'll be,sharing with you three essentials that,you need to know in dealing with these,issues let's get started number one,inventory and quickbooks online in case,you don't know inventory are the,products that you haven't sold yet so,inventory is made up of the products,that you have purchased but not yet sold,and why is it important to track,inventory it's because your money is,tied up in inventory you haven't sold,yet and the IRS wants to know whether,your inventory is at the end of the year,so tracking inventory correctly does,really affect your profitability and it,make tax time a whole lot easier when it,comes to doing your tax return while,quickbooks online does have some,functionality for tracking inventory you,should know that it's actually made for,tracking inventory for a very simple,brick-and-mortar business not an,e-commerce business so it's really not,made to accommodate for a multi-channel,inventory for bundles for assemblies,it's just very very basic and it really,doesn't fit the e-commerce business,model so while you may want to track,your inventory in quickbooks online it's,probably not the best place to do that,number two be aware of app integrations,so many inventory tracking apps claim,that they will eliminate manual,processes by connecting directly to,quickbooks online what they're really,doing is sending over inven,Corie information over to QuickBooks,which I already said is not the best,place to track inventory and they're,also doing a huge data dump,so they'll most of the time be sending,over detailed transactions into,QuickBooks that you really don't need to,be tracking especially if you have,hundreds and thousands of orders that,are coming over into QuickBooks there's,no need to track all that detail into,QuickBooks so what you need to be aware,of is that even though your inventory,tracking app may say it integrates with,QuickBooks you really need to consider,what your specific business needs are,and whether it makes sense to bring over,a lot of data into your QuickBooks,whether that integration is actually a,good integration is it going to bring,data over to your QuickBooks but maybe,not map it to the right account and is,it ultimately going to save you time or,is it just causing more work on your,part or your accountants part because,they're having to now clean up all this,data that's being dumped into your,QuickBooks as a best practice I,recommend actually bringing over,summarized totals into your QuickBooks,that are not affecting individual,inventory transactions n

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New Updates for QuickBooks Online Nov 2022!

New Updates for QuickBooks Online Nov 2022!

Hi. I’m Katie Bunschoten, the President and  founder of Certum Solutions, here in Monroe, North  ,Carolina, and as a QuickBooks Solution Provider  practice, we are going to go over the newest  ,updates for QuickBooks Online Advanced. If any  of these update also apply to QuickBooks Online  ,Plus or Essentials, I’ll make sure to point that  out while we’re going through it. But for today,  ,we are in our QuickBooks Online Advanced demo.  Okay? Before I get started, you know what I’m  ,going to say, I say every time, if you like this  video, can you please like it down below because  ,I go off the Likes to decide what we’re going  to record next. If you like the content I have  ,to provide and the education we’re providing, (and  hopefully a little bit of entertainment, too) make  ,sure that you subscribe to our actual channel and  that way when new stuff comes out, you’re going  ,to be the first to know. With all that being  said, my little spiel being out of the way,  ,let’s go ahead and get started. Okay? The first  thing that we’re going to go over are the Custom  ,Reports functions. They have a couple new features  that are in QuickBooks Online Advanced. Now,  ,if you don’t see any of this, just hold tight. I  know that they’re going to be rolling it out to  ,you. What QuickBooks sometimes does is they roll  some of these features out to current customers  ,or to brand new customers and then they roll it  out to the rest of us in stages. Okay? So we’re  ,going to go over how to build or how to- some new  features with QuickBooks Online Advanced Custom  ,Reporting and that’s where I am here today. Okay?  What you’ll see, if you’re looking at the screen,  ,you’ll see here at the top, this blue button.  The reports that have the blue button next to  ,them are Custom Reports. Those are a different  kind of reports from you standard canned reports  ,that came with QuickBooks Online. Now you can  still go to your standard reports, memorize them,  ,and they’ll pop up below without the blue  button. So just to illustrate that point,  ,I’m going to go ahead and go here and I’m just  picking a balance sheet. This is a sample company  ,for those of you that don’t know and in order to  save our reports, (you’re going to get a little  ,bit of a lesson here too, hey) you just want to  hit this green button that says Save Customization  ,and I’ll- I can do a reporting video separately  but if you wanted to change the filters and  ,stuff you do that here. But for today, we’re just  doing Save Customization and this is going to be  ,Balance Sheet Test and I’m just going to save it  because I want you to see how this shows up. Okay?,So I go back here, back to reports, back to  reports, go back to Custom Reports, and you  ,see this Balance Sheet Test item is what I just  did. Note there is no blue button, okay? My blue  ,buttons are up here at the top. Those ones where  I said Create New Report here in the top right,  ,okay? And it says “Do you want to  start by

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