We highlight the steps to find the data in Shopify and post a proper journal entry to QuickBooks from your Shopify Store.
Booking Sales, Liabilities and Payments
- The report you will need for this is found under Analytics->Reports->Finance Report or you can bookmark it at this URL (replacing YOURSTORE with your domain): https://[YOURSTORE].myshopify.com/admin/finances
I highly recommend booking sales on a daily basis and not monthly or weekly. Booking daily sales will alert you to problems and mistakes right away but waiting to book till the end of the week or month could hide errors and it may be too late to fix. An example of that is booking sales to the "Manual" payment type and then not following up to ensure you collect payment.
- Within Shopify, run the finance report for a single day and it will look like this:
- Now head over to your QuickBooks to create a recurring Journal Entry.
- Login into QuickBooks and then go here https://qbo.intuit.com/app/recurring
- Click "NEW" and then choose Journal Entry like below:
- Call your template "Shopify Sales" and set it to "Unscheduled"
- Now let's set up your accounts to map to the report above. I will assume you already have the accounts set up.
- Now the only lines you will need on the finance report from Shopify are below (please note your Payments lines may vary based on your Shopify store):
- Create your template in QuickBooks to look like below (again your Payment types will vary) and then you can save it for reuse. Bookmark it in your browser to help you find it quickly.
When you bookmark the template remove from the bookmark the part before the qbo (e.g. below would involve removing the c38):
Booking Deposits To QuickBooks
Remember your deposits from Shopify Payments ARE NOT SALES! A deposit contains sales, tips, taxes, refunds removed and fees removed. If you book them as sales your books are totally incorrect. To find deposits you need to go to Settings->Payment Providers->View Payouts under Shopify Payments or just bookmark this url:
Payouts must be booked for each day so that they MATCH in the banking feed in QuickBooks. Here is what the Payout screen looks like:
- Now create a new Template in QuickBooks under recurring transactions here: https://qbo.intuit.com/app/recurring and use type Journal Entry.
- The template should look like below for entering deposits:
This is the most efficient way to enter your daily summaries from Shopify to QuickBooks. Show this to your bookkeeper or accountant so they can find the reports easily. And remember if you want this automated and reconciled each month you can sign up for bookkeep.com and we do this for you with our guarantee that your entries will be entered each day.