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Mr_simple
October 29, 2021
Solved

Allocate bank receipts and shopify fees

  • October 29, 2021
  • 2 replies
  • 0 views

Hello 

 

I am hoping somebody out there has a simple solution.  I am new to QBs, so please bear with me.  I have a shopify store integrated to the QBs.  QBs pulls all the invoices from Shopify as gross invoices.  The bank receipts are net of card fees, refunds etc.

I found a simple a way of allocating, however this has one big/huge/heavy limitation

I follow the process as follows:

- Transactions > Banking > select receipt > Find match > allocate all the invoices as gross (leaving the difference as fees) > select resolve differences > add resolving transactions.

The big issue I have is that, you can only add a maximum of 5 new transactions, so if I have 10 separate customers I want to be able to put separate card fees for each and then I can check P&L for each customer.  

Has anybody had a similar issue and how have they resolved?

Best answer by Fiat Lux - ASIA

@Mr_simple 

Consider having an additional app to reconcile your transactions. The app will give you the flexibility to break out your settlement batches to match your payouts from Shopify no matter what time zone you're in. You will map your Shopify account to your corresponding QuickBooks Online categories once. Then it will start posting summaries from there. 

2 replies

L
LollyNino_C
October 29, 2021

Hello there, @Mr_simple. 

 

Let me help you with your concern about the Resolve difference feature in QuickBooks Online (QBO). 

 

There may be times when a bank item amount (payments/bank fees) doesn't quite match the transaction you entered (invoice). When you go to the Banking page, the same entries don't add up. 

 

In this case, you can use the Resolve difference feature to match them and fix the payment differences until it equal to zero. 

 

Let me guide you on how to perform this task:

 

  1. Go to the Banking menu, and then choose the For Review tab.
  2. Find the said transactions, and then select the Find match button to open the Match transactions window.
  3. Look for and select the invoice payments to match. You can also use the filters to narrow down your search.
  4. Scroll to the bottom of the table, and then click the Resolve Difference button.
  5. Enter the processing fee details. Make sure the total is zero.
  6. Click Save when you're ready.

If you run into some problems when reconciling your accounts, you can refer to this handy article to resolve them: Fix reconciliation issues in QuickBooks Online.

 

You can get back to me anytime if you have questions about handling your transactions. I'm still around to help you.

R
Rodolphe Bruneault
October 15, 2022

Hi,

 

How do you resolve a difference with an existing expense? Your method works only if you create the expense at the moment you resolve since you can't select an expense...

 

Thanks!

A
AbegailS_
October 15, 2022

Hi there, @Rodolphe Bruneault.

 

I'm here to help you resolve the difference in your existing expense. 

 

Since there's already an existing expense. Let's exclude the transaction in order for the amount to match. 

 

You can follow the step-by-step process below in excluding the transactions,

 

  1. Click Banking in the left panel and choose Banking.
  2. In the For Review tab, select the imported transactions that are appearing twice.
  3. Tap on the Exclude button.

 

You can get more details about this process in this article: Exclude a bank transaction you downloaded into QuickBooks Online.

 

Additionally, you can always visit our Banking Help Articles in QuickBooks Online for your reference. This will provide you links to help you with your account-related issues as well as steps in reconciling your statements. Doing so will help you ensure the accuracy of your financial records.

 

Moreover, QuickBooks automatically downloads the latest transaction. For more information on how to match the transactions, check out this article for your guide: Categorise And Match Online Bank Transactions In QuickBooks Online. 

 

If there's anything else I can do for you, please let me know. I'll be around to help you.

Fiat Lux - ASIA
Fiat Lux - ASIAAnswer
October 30, 2021

@Mr_simple 

Consider having an additional app to reconcile your transactions. The app will give you the flexibility to break out your settlement batches to match your payouts from Shopify no matter what time zone you're in. You will map your Shopify account to your corresponding QuickBooks Online categories once. Then it will start posting summaries from there. 

B
Breeprobiotics
August 10, 2022

@Mr_simple  What is the app called that we can use to do this?

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