how to reconcile shopify in quickbooks

Reconciling Shopify transactions to QuickBooks Online hey everyone is Veronica MARSOC with,five-minu

5 Minute Bookkeeping

Updated on Jan 10,2023

Reconciling Shopify transactions to QuickBooks Online

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Reconciling Shopify transactions to QuickBooks Online

hey everyone is Veronica MARSOC with,five-minute bookkeeping and in this,video I'm going to talk about,reconciling Shopify transactions to,quickbooks online reconciling Shopify,transactions to quickbooks online can be,very tricky and in fact it's not,something that you can easily figure out,so let's go ahead and take a look at,some of the factors that you need to,consider and then we'll take a look at a,transaction and trace it from Shopify,into QuickBooks and explain what goes on,behind the scenes when we're looking at,Shopify sales and transactions and,QuickBooks Online we're looking to pick,up income returns and refunds and sales,taxes and what we see in QuickBooks,Online is generally that the posits and,really the net deposit made into your,bank account,by payment processor so it gets a bit,tricky because we see one set of numbers,in Shopify versus another set of numbers,in QuickBooks and those numbers don't,necessarily equal and so what you have,to do is to reconcile them and to know,how to reconcile them and there's a lot,of other factors that can affect that,reconciliation as I said your payment,processors types of transactions if you,have different locations you might be,using Shopify to sell online as well as,Shopify point-of-sale you may have other,apps integrated with Shopify and,capturing fees is also a challenge let's,go ahead and take a look at a day's,transactions in Shopify one makes up,those transactions and trace those,transactions into QuickBooks and see,that how they reconcile so let's go,ahead and do that,so I'm in Shopify and I have pulled up a,report of finances for a given date okay,so I went to analytics and reports and I,chose finances and I filter the report,for a specific date we're seeing that,you have gross sales discounts returns,so that equals your net sales then in,this case we have taxes that were,collected and it's showing us our total,sales there's also a hundred dollars for,the sale of a gift card so basically the,total payments that we are receiving,from Shopify payments for all of these,transactions is right here one thousand,four hundred twenty seven dollars and 33,cents now let's go ahead and take a look,at the payout report also from Shopify,the parent report is telling us what was,actually deposited in the bank account,and you'll notice that the amount paid,out this one thousand three hundred,ninety one dollars and twenty five cents,it's less than the amount shown in the,finances report it's showing one,thousand four hundred twenty seven,dollars and thirty three sets the,difference is it's actually fees and,it's also adjustments,so if we take is 1004 2733 and we,subtract 36 37 for fees and we add 29,cents for adjustments and we get one,thousand three hundred ninety one,dollars and twenty five cents deposited,in the bank account okay so now let's go,ahead and take a look at quickbooks,online and see how this shows up in,quickbooks,i am looking at the sales transactions,for this particular client they happen,to have Shopify integrated with quake,box it is bringing in every transaction,and we can see the total of all the,sales and the total of all the sales,receipts that have been stinking,if I into QuickBooks is 1004 2733 now,let's go back again to Shopify to the,finances report and we can see that we,have one thousand four 27:33 so,everything's great okay everything equal,so far now let's look at the bank feeds,from the left navigation bar,- like banking I've selected the bank,account where Shopify deposits other,payouts and for the same date I will,find that payout it's right here now if,you notice this is 1,000 391 25 okay now,let's look at the payout and it equals,exactly one thousand 391 25 so just to,review from Shopify we will run the,finances report for the specific date or,date range that we're working with we'll,have all of the sales broken out and,when we look at the Shopify payments,we'll have an amount this is the total,of everything that happened in this date,okay from gross sales to discount,returns taxes gift cards that's the,total,that is what gets recorded into,QuickBooks here and then the amount,deposited in the bank account which we,also see in the bank feeds in QuickBooks,is net of fees so that's a smaller,amount and we can verify this by looking,at the payout report in Shopify and,verifying the same amount and the,difference again is fees and adjustments,I hope this helps you to understand how,to reconcile Shopify transactions with,QuickBooks Online,check out the description box below for,all of my free goodies and also the link,to join my facebook group if this,content is helping you make sure that,you comment like share and subscribe to,this channel so you can get all of my,latest videos I'm Veronica Wasik with,five minute but keeping

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