how to record shopify sales in quickbooks

How to record Shopify sales in QuickBooks Online hey everyone this is Veronica MARSOC,with 5-minute

5 Minute Bookkeeping

Updated on Jan 12,2023

How to record Shopify sales in QuickBooks Online

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How to record Shopify sales in QuickBooks Online

hey everyone this is Veronica MARSOC,with 5-minute bookkeeping and in this,video I'm going to show you how to,record Shopify sales into QuickBooks,Online Shopify sales and QuickBooks,Online can be quite tricky I already did,a video discussing some of the,differences and the ways in which you,can reconcile Shopify and QuickBooks,Online and today I'm going to show you,the manual way in which you might record,your Shopify sales into QBO so let's go,ahead and get started,from the Shopify home screen you will,look for payouts you'll have to scroll,down and then look to the right and find,the payout schedule and then select view,all payouts then you'll see a list of,all of the payouts of that Shopify ipace,you and you'll see them by date and then,what you want to do is to select a,specific date then you view the specific,payout for that date and you'll notice,that you see a total this is the amount,that was recorded into your bank account,you'll see charges you'll see growth,you'll see fees and you'll see a total,you might see refunds you might see,adjustments and then at the bottom,you'll see all of the different,transactions that make up that payout,next from Shopify go to reports scroll,down till you see finances and then,click on finances summary the finances,window will open so in our case even,though the payout was dated August 27th,the transactions were dated from August,23rd to August 25th so what we want to,make sure then is that we enter those,dates enter that date range so we can,get the correct report,after entering the dates then we'll see,this report and it will show you sales,liabilities and payments in this,particular case this company received,payments from Amazon payments as well as,Shopify payments and they're showing,total payments of nine seventeen sixty,two and their Shopify payments were,eight fifty four thirty now keep in mind,that the amount that was received in the,bank account from Shopify was eight 3206,which is different from the finances,report showing us eight fifty four,thirty now I did discuss this in the,previous video but just as a refresher,the amount of the Shopify payout is the,total Shopify payments less fees plus or,minus adjustments and that's what you,actually see as your payout in your bank,account let's go ahead and take a look,now at the journal entry that we would,enter in QuickBooks I have picked up the,first group of transactions from the,finances report so that sales income,discounts shipping income and sales tax,payable then I picked up the Shopify,clearing amount from the payout report,so this is the amount that was actually,deposited in the bank account from,Shopify clearing I'm going to skip over,Amazon for the moment I'll discuss that,in just a second and then I have picked,up Shopify fees also from the finances,report now let's discuss Amazon payments,and other payment processors for just a,moment Shopify allows you to receive,payments from Shopify payments from,PayPal from Amazon and other payment,processor it gets really tricky here,because there's information that we can,get directly from Shopify and,specifically about Shopify payments but,we're not able to pick up PayPal fees or,Amazon fees,Shopify we have to get those directly,from those payment processors from,Amazon from PayPal and other sources so,it does start to get fairly tricky in,recording those transactions the main,thing to consider is that there are a,lot of moving pieces and a lot of,different places in which you have to,pick up income deductions and fees,whether they're from Shopify or other,payment processors and all of that,information that needs to come over into,QuickBooks and be able to reconcile to,the amount that you're receiving into,your bank account which gets fairly,tricky so you might be thinking hey this,is a lot of work and I agree it is a lot,of work it's complex I can get fairly,complicated in my next video I'll be,discussing some options for integrating,Shopify with QuickBooks Online in order,to save you time and streamline this,process I'm Veronica Wasik with,five-minute bookkeeping make sure that,you check the description box below for,valuable free resources 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

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