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A
Anonymous
April 10, 2019
Solved

VAT and Shopify

  • April 10, 2019
  • 1 reply
  • 0 views

I have a shopify online business but have not linked it to Quickbooks.  When shopify deposits money into our account it does so after the fees and refunds.  Obviously I need Quickbooks to calculate the VAT on the ENTIRE amount before the deductions, how can I allow for this?  Can I manually adjust the banking deposit?  

I am having absolutely no luck with online support.

 

 

Best answer by JamesC

Hey,

 

Thanks for that information. Do any of the columns include a Gross amount?

 

You cannot manually adjust the amount that's in the banking section. If you import it as the net value; you have to add it as the net value. This will keep your reconcile correct too. I'd encourage you to speak to your accountant, about what you are required to show in your account.  

 

You can import a list of transactions into a Assett account, or set up a Bank Account to represent the shopify account, record the gross income and the fees as expenses from this shopify account,and then use the transfer or bank deposit feature to take the funds from the shopify account to the current account. This is where an accountant will be best to step in and guide you on the way that's best for your business.

 

 

1 reply

T
TaliaI
April 10, 2019


Hello Sewell1691,

 

Welcome to the Community - thank you for your question!

 

Do you record the original invoices within QuickBooks?

 

Thanks,

 

Talia

A
Anonymous
April 10, 2019

Hi ! 

No, I download it from our shopify site.  It's a spreadsheet with sales, minus refunds, fees and adjustments and gives the total deposited direct into our bank account.  

JamesC
JamesCAnswer
April 10, 2019

Hey,

 

Thanks for that information. Do any of the columns include a Gross amount?

 

You cannot manually adjust the amount that's in the banking section. If you import it as the net value; you have to add it as the net value. This will keep your reconcile correct too. I'd encourage you to speak to your accountant, about what you are required to show in your account.  

 

You can import a list of transactions into a Assett account, or set up a Bank Account to represent the shopify account, record the gross income and the fees as expenses from this shopify account,and then use the transfer or bank deposit feature to take the funds from the shopify account to the current account. This is where an accountant will be best to step in and guide you on the way that's best for your business.

 

 

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