Five Things You Need for Shopify Accounting
Having Trouble Keeping Shopify and QuickBooks Aligned? Here’s What You Need to Know! 🤯
Getting your bookkeeping right is crucial for a bunch of reasons:
- Getting All Your Money 💰: You want to make sure you’ve received everything you’re supposed to get from your sales.
- Making Smart Choices 🤔: With accurate numbers, you can make better business decisions.
- Getting Loans and Investments 💸: If you ever need extra cash to grow your business, you’ll need clean and clear financials.
Challenges You Might Face:
Challenges You Might Face:
When Shopify sends you a payout, it’s not just sales.
It’s a mix of sales, fees, refunds, and maybe even gift cards.
If you just call everything “income,” you could end up with some pretty messy numbers.
🤯 A cool app called A2X can help sort it out by showing you exactly what’s in each payout.
Payment Gateways Make Things Tricky
Shopify lets you use different payment options, like PayPal, Stripe, Shopify Payments, Klarna or Sezzle, which is great for customers, but it adds more complications to your bookkeeping. Each gateway has its own fees and timelines, so you have to be extra careful to get it right. 🕵️♀️
Here are 5 Things You Need for your Shopify Accounting:
1. Access to Shopify and QuickBooks Online
You need to log into both to get your data.
QuickBooks Online is your central accounting software, where all information will be collected and processed to create meaningful reports.
2. Shopify Finance Summary
This is a report from Shopify that helps you spot any weird stuff going on with your payouts.
Also shows the summary of all income, deductions, taxes, and payouts for any given period
3. A2X
This app connects Shopify to QuickBooks and sorts out all the tricky payouts for you. It’s like having a super smart bookkeeper in your pocket. 😎
4. Merchant Account Statements
5. Product Cost Info – Unit Costs per SKU
If you use payment gateways like Klarna, Stripe, or PayPal, you need these to track all the extra fees and refunds.
Knowing how much each item costs helps you calculate how much money you’re really making when you sell it. 📦
It also helps you calculate the value of remaining stock on your warehouse.
With these things in hand, you should be ready to tackle your Shopify bookkeeping and keep your QuickBooks in order.
And don’t forget, if you need more help, just put a comment below , reach out to me on LinkedIn or visit our contact page.
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