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parrot25
May 1, 2023
Question

ONE Bank Account? Book Keeping & Tax Issues? (SHOPIFY & PAYPAL)

  • May 1, 2023
  • 1 reply
  • 0 views

Hi,

 

I've hired a book keeper to help me sort out my books for taxes.

 

I have 4 Shopify Stores (all different businesses/brands) and currently I have 4 separate bank accounts for each store. I'm a sole trader and so any income/costs is "combined" under my sole trader ABN for tax purposes.

 

In order for them to process all the payments that go into my bank account etc - my book keepers have told me that I really need to have just ONE bank account for ALL my income and expenses. To really streamline things and also get rid of all the transfers I have across my accounts. 

 

So basically get rid of all the bank accounts per store and have only one bank account for all stores/websites combined. (I also use PayPal & Shopify Payments is my main processor). 

 

Is this at all possible?

 

Also, if not, what do others do who have many more stores and websites than me - how do they manage this kind of issue in ecommerce for book keeping and taxes to simplify/streamline it all? 

1 reply

I
IntuitSheila
May 1, 2023

Hi parrot25,

 

Thanks for posting in the Community!

 

You can connect multiple bank accounts in QuickBooks Online.

 

Let me guide you how:

 

  1. From the Bookkeeping tab, click on Transactions or select Banking tab then select Bank transactions.
  2. Click the Connect Account button, or select Add account or Link account if you've already created an account.
  3. Search for your bank.
  4. Click Continue.
  5. Enter the username and password you use for your bank's website. 
  6. Choose the accounts you want to connect.
  7. For each account, select the account type from the dropdown. 
  8. Filter the date range for the download.
  9. Click Connect.

Once done, your bank transactions will be downloaded and available for you to categorise and add in QuickBooks.

 

If you've decided to just use one bank account and combine your transactions, you can do so by connecting the main account or the account you wanted to use to track your transactions.

 

Furthermore, QuickBooks Online accept card payments with PayPal. Make sure to connect the account first to be able to enable PayPal payments on your customer invoice. Check the links below to learn more about PayPal payments and supported apps in QBO:

 

Let me know if you have other questions. I'd be happy to answer them for you.

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