I have a Shopify Bank account where payouts are deposited. The sales tax is then automatically withdrawn by Shopify and sent to a separate Shopify bank account.

Hello there, Lilm438976. Let's work together so you can set up the account and record the transaction accurately in QuickBooks Online (QBO).

If you're recording the transaction manually, let's set up an account for both the Shopify Bank account where the payouts are deposited and the one used for your sales tax. To proceed, let's utilize the Chart of accounts (COA) menu in QBO.

For the Bank account where the payouts are deposited:

1. Log in to your QBO account.
2. Go to the Gear icon and select Chart of accounts.
3. Click New. Choose an Account name for the Shopify bank account where the deposits are made.
4. On the Account type dropdown, select Bank. Then, choose Checking for the Detail type.
5. Once done, hit Save.

Meanwhile, follow the steps above to create an account to which the sales tax is transferred. Just change the Account type to Other Current Liabilities. Then, select Sales Tax Payable for the Detail type.

For further reference, here's an article about creating an account on COA: Add an account to your Chart of accounts in QuickBooks Online.

On the other hand, if you have an invoice, we can record the transaction as a payment for the payouts/sales. Then, deposit the amount in the created Shopify Bank account. Yet, if there's no invoice, we can enter a Bank deposit and deposit the amount to your Shopify Bank.

To record an invoice payment, please follow the steps below:

1. Go to the + New menu and select Receive payment.
2. Choose the customer where the payout/sale is under.
3. Tick the correct invoice data to link the payment.
4. On the Deposit to dropdown, choose your Shopify Bank.
5. Fill out the rest of the form accurately.
6. Once done, hit Save and close.

If there's no invoice, let's make a bank deposit.

1. On the + New menu, click the Bank deposit.
2. Select your Shopify bank on the Account dropdown and modify the Date.
3. From the Add funds to this deposit section, choose the customer who deposited the amount on the Received From dropdown. Then, enter the Sales Tax on the Account dropdown.
4. Fill out the rest of the form accurately.
5. Once done, hit Save and close.

Moreover, since you have separate Shopify Bank accounts for your payouts and sales tax, we can maximize the Transfer transaction feature of QBO. To ensure an accurate transfer of funds, I recommend consulting an accountant. This way, they can help you move and track your entries accordingly.

To record the transfer, here's the step to follow:

1. Go to the + New menu and click Transfer.
2. On the Transfer Funds From dropdown, choose the Shopify account where the amount is coming from.
3. On the Transfer Funds To dropdown, select the Shopify account designated for sales tax.
4. Enter the withdrawn amount in the  Transfer Amount field. Then, modify the correct Date.
5. Once done, hit Save and close.

For additional reference, please check this article: Transfer funds between accounts.

However, if you've connected your Shopify Bank to QBO, the system downloads the entries automatically. All you need to do is select the account and categorize the transaction to the proper account. Here's an article to guide you organize the data accurately: Categorize online bank transactions in QuickBooks Online.

I'm also adding an article as your guide when you're ready to reconcile an account. Doing so ensures that your data in QuickBooks matches with your bank or credit card statements: Reconcile an account in QuickBooks Online.

If you have more QuickBooks-related concerns, feel free to reply to this thread. We'll be here 24/7 to assist you.