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Meg - Rootstock
December 23, 2020
Question

Shopify, Quickbooks and VAT

  • December 23, 2020
  • 1 reply
  • 0 views

Hi all,  I've been having some issues with payments brought in via my bank from Shopify - wondering if anyone else has any experience with this?
Shopify charges per transaction and the fees are applied prior to payout, meaning that the transaction imported into quickbooks is after the fee has been charged. Therefore, I'm not able to report the proper percentage of VAT charged. 
I really don't want to have to manually amend every single sales receipt to show the original VAT value, and under scrutiny it will look like I've drawn the VAT values from nowhere! Can anyone advise on how best to manage VAT on transactions that have a fee deducted from them?

1 reply

E
EmmaM
December 23, 2020

Hello Meg - Rootstock, Are the transactions that import sales receipts for the amount minus the fee, or do you already have the sales receipt/invoice entered for the full amount and it is pulling through the payment minus the fee? Are you recording separate expenses for the fee with the VAT on?

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