Skip to main content
R
Repurposed
April 23, 2022
Question

How do I allocate my Shopify payment?

  • April 23, 2022
  • 1 reply
  • 0 views

I feel like this is a simple question, but I'm having a hard time wrapping my head around it.

 

I am using Shopify POS with QBO. I have the connector, so all of my sales and fees are coming over automatically. Fees go to an account called SHOPIFY FEES; payments go to a SHOPIFY CLEARING ACCOUNT. I have no refunds or adjustments. I've checked the balances in the above accounts for the period in question (my first weekend open), and they balance against the Shopify Finances Summary.

 

I've received my payout for that period. Again, it matches the Shopify Payout Report and all is good with the world. But here's where I'm stuck: What do I do in Banking with that payout? To what accounts am I allocating that payment? Am I selecting categorize or split or find match or what?

 

I feel like I'd know what I was doing if Shopify hadn't already made all the entries, but now I'm stumped.

 

Thanks!

1 reply

K
Kevin_C
April 23, 2022

I appreciate you for laying out the details of your concern, @Repurposed. I'll share some information about how you can allocate the downloaded payments in QuickBooks Online (QBO).

 

QuickBooks matched the downloaded transaction with the one you already entered. This links the two, so there aren't any duplicates. All you have to do is make sure the match is correct.

 

Here's how:

 

  1. Go to the Banking menu.
  2. In the Banking tab, locate and click the payment to expand it.
  3. Select the Find Match radio button.
  4. Review the Matching records found in QuickBooks. This is the possible matching transaction you already entered in QuickBooks.
  5. Select the link next to each match to get more details and ensure this is the correct match.
  6. If it is the correct match, close the open transaction.
  7. Select Match.

 

QuickBooks now knows the downloaded transaction is the same one you already entered. You can also see this article for more insights about the process: Categorize and match online bank transactions in QuickBooks Online.

 

Also, I encourage you to reconcile your accounts every month. This way, you can effectively manage your income and expenses, and detect any possible errors accordingly. For the step-by-step guide, you can refer to this article: Reconcile an account in QuickBooks Online.

 

If you need more help with matching your transactions to QBO, please let me know in the comments below. I'll be around to help. Have a great day!

R
RepurposedAuthor
April 23, 2022

Thanks, Kevin. It actually didn't match anything, presumably because I have every individual transaction in there due to the connector. Thank you for providing the detail as it definitely got me started. I matched each of the transactions for that weekend, but the transactions are the pre-fee amounts, so I'm off by the total amount of fees for the period.

 

I'm assuming I have to select Resolve (the amount of which is the fees), but where am I allocating that amount? I thought maybe I just entered a negative to the SHOPIFY FEES account, but that just doubles the amount already in that account. So clearly something has to offset that amount. I just don't know where.

 

Thanks!

K
Kevin_C
April 23, 2022

Thanks for the quick response, @Repurposed.

 

I've got you covered. We want to ensure that we're giving you the correct steps to answer your question.

 

May I know if the transactions in your Shopify fees account are separate transactions? Also, do you have the option to edit the imported invoice from Shopify?

 

I'd appreciate it if you could provide more details about your concern. Thanks in advance for any further information. Take care!

Terms & ConditionsAccessibility statement