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shopify and quickbooks integration

Published on: February 1 2023 by pipiads

What Shopify sellers should know before integrating Shopify and QuickBooks Online

Hi, I'm Veronica Wasek and I help Shopify sellers to set up, organize and streamline their financial systems, Whether you're looking for DIY done with you or done for you integrations and bookkeeping. In this video, I'll share what Shopify sellers should know before integrating Shopify and QuickBooks Online. You may be a new Shopify seller or your Shopify business is taking off and you're probably looking for a way to sync QuickBooks Online to Shopify so that you can save time on your bookkeeping. You're probably looking at the Shopify apps and seeing an over-abundance of connector apps, But did you know that not all integrations are the same And in fact, you should be careful because the wrong integration may end up messing up your books. Let's take a look at two major ways to integrate Shopify and QuickBooks Online. The first way is to bring detailed transactions into QuickBooks. Most integration apps will record individual sales receipts or invoices for every sale that you make, But that can be a problem because, as your volume increases, your books become cluttered and the performance of your QuickBooks file will slow down. Shopify sellers also face a partikular challenge because there's not a workable process to reconcile individual sales receipts to net deposits received from payment processors. In other words, let's say that you had a hundred orders in day one and 200 orders the next day. That means that you would now have 300 individual sales receipts in your QuickBooks file. On day four, you receive a net deposit from Shopify. Well, how do you know how to apply a net deposit to hundreds of individual sales receipts? Which sales receipts go with which deposit? It's too time consuming to attempt to figure it out. and to further complicate matters, if you have multiple payment processors, you would have net deposits from each payment processor and you would have no way of knowing which sales receipts go with the deposits that you received from your payment processors. Needless to say, I don't recommend these integration apps. The second way to integrate Shopify and QuickBooks Online is to use a app such as A2X to bring over summarized transactions into QuickBooks Online from Shopify. A2X records one summarized entry per day for each payment processor and it also makes it easy to reconcile payments received from Shopify payments For other payment processors. you can use my clearing account method to record payouts against sales made for each payment processor. A2X is my go-to app for integrating Shopify and QuickBooks Online. I'll go ahead and link A2X for you in the description and share a discount code with you If you'd like to learn more about A2X, I'll link a couple of videos for you in the description, and I'll also link my video showing my clearing account process for recording payment processor payouts. Let me know in the comments if you're using A2X or another integration app and let me know how it's working for you. If you need help setting up your Shopify to QuickBooks Online integration, my team and I specialize in helping Shopify sellers, just like you, to set up and streamline their Shopify to QuickBooks Online integrations. To learn more about my services, check the description below to see if we might be a good fit for working together. I'm Veronica Wasek. Make sure to subscribe to my channel, ring the bell and give me a like, And also check the description below for all of my free resources, including my free Shopify Bookkeeping Blueprint and the link to join my Facebook community. I'll see you next time.

Shopify Accounting | Everything You Need to Know

hey guys, today we're going to tok about how to do accounting for your shopify channel with your ecommerce business. i'm going to show you a couple different methods you can use. tok about pros and cons of each one. tok about when i think each method is appropriate and hopefully launch you into it. like, do a demo well enough that you feel like you could launch into most of these. by the end of this video, you should have a pretty good idea of what the primary issues are that you're dealing with when you're accounting for shopify activity and have a pretty good idea of where to start on all of those things. i'm bernie brown. i'm the ceo of ledger gurus. we're an e-commerce accounting firm. we work with e-commerce businesses every day, helping them get great data to make good business decisions. so let's dive right in. all right, guys. so let's jump into a discussion about shopify counting specifically in quickbooks. so the first thing i want to tok about is this trade-off between, like, the amount of information you get and how transparent and accurate it is, and the amount of time, effort and skill it takes to get that level of accuracy. and the reason why i want to have that discussion is because i'm going to actually present three different methods today on how you can handle shopify accounting, each one a little bit more complex than the one before and there's, i feel like, an appropriate time and place for each one of these. so what is the appropriate time and place for each one of these? so the first method, which we're going to call the cash deposit method, is basically appropriate for companies that are doing less than about 250 000 a year in revenue, and the reason why i feel like that's true is because accounting can be kind of time consuming. it can definitely have a learning curve associated with it, and if you're doing less than 250 000 a year in revenue, then you're probably, you know, relatively new and you are really trying to focus on building demand for your product and figuring out how to source your product and figuring out how to develop new products, and that really does need to be the focus of what you're doing. so you need to have accounting because you know your tax account is going to require counting from you and you do need to have some idea of how your business is doing. but as far as spending a whole bunch of time to like get really good information, i just feel like your time is better spent elsewhere, and you don't necessarily have the budget at this point to outsource it either. so, basically, i recommend a diy approach, and i recommend a simple, straightforward, non-time consuming diy approach that still achieves the objective, which is exactly what the first method is designed to do. the second method, which i'm going to call shopify details, is a little bit more time consuming- not significantly more, um, but i feel like it's appropriate for businesses that are doing about 250 to about a million dollars a year in revenue. and, last of all, the last method, which we're going to call shopify accounting guru, is for companies that are doing over a million dollars a year in revenue, and the reason why it's appropriate for that level of business is because, if you're doing over a million dollars in your revenue, you've kind of passed the point of just trying to figure out how to drive demand, and at this point now you're trying to figure out how to run a profitable business while you drive demand, and ultimately, that comes down to answering a lot of key financial questions. therefore, the financial data that you're relying on needs to be as accurate as it can possibly be. so, um, the way this really boils down is in this concept here. um, one of the primary ways that e-commerce accounting, specifically shopify accounting, differs from other other like types of businesses trying to do their accounting is that any commerce businesses, all of your activity, is passing through your channels and all you're sitting seeing hit your bank accounts is the actual summary, like deposits, from the activities of those channels, and so in order to get really good information, you have to be able to go into the channels themselves to actually see what's going on. as opposed to business like mine, a service-based business doing accounting for e-commerce businesses, the majority of my activity is passing through my bank accounts and credit cards. if i basically code my bank and credit card transactions, reconciling accounts, i'm pretty much there now. you do need to be doing that process. you do need to be doing reconciling your bank accounts, reconciling your credit cards, coding the transactions and, if you're not sure how to do that, that's definitely part of doing the overall accounting for, like shopify in general and all other pieces of shopify accounting. however, that's not the focus of this video. we do have a video on syncing your bank accounts, managing your bank account feeds and reconciling your accounts, which is really like the three primary activities you need to be doing to do your shopify accounting, which we're going to link here to this video. so this is kind of supplemental to that. if you are just completely new to the entire process, you have absolutely no idea what you're doing at all. watch those three videos, as well as this one, and you should be good to go. so, let's say, like your typical shopify company that's got a couple payment processors hooked up to your channels- in this case shopify pay, paypal, and maybe another one like a firm- and you have all these deposits that are coming from those payment processors and depositing into your bank account. so all you see hitting your bank account is these summary deposits, but really what's happening on your channel is all of this activity instead. so you have all of your shopify sales, discounts, refunds, shipping income, maybe that you're collecting sales tax chargebacks and refunds, um payment processor fees, etc. giving you a net deposit. now, the net deposit of all this activity- um, with the exception of a couple timing differences, will equal- should equal- all of the net deposits, because coming in from each of these individual payment processors. but the amount of effort you're going to to basically chase the cash all the way through is really how these three methods differ from each other, all right. so another thing i want to just point out is the overall structure of shopify and the way that it interacts with the payment processors into your bank account, because this will help you understand what you're trying to accomplish from an accounting perspective. so shopify is your channel. then all of the activity from the channel is actually kind of segregating and going through whichever payment processors you're utilizing, and all those payment processors are then settling into your bank accounts. so this is like a roadmap. um, you know, you may not have this many payment processors, you may only have one, you may only have a couple, but basically this is what's happening and this is the heart of what we're going to be getting to today. all right, so the first method, which we're going to call the cash deposit method, um, so oh wait, um, before we go into that, one thing i wanted to tok about was this idea of how much does it matter, like, whether i use this method or this method? um, as i was kind of putting this together like the account into me really kind of wanted to know, like, how do my financials appear different using one method or another? so this is basically what i did is i went through some of our clients and i just kind of looked at a small client, i looked through a big client and i just kind of coagulated some data. i didn't know if that's the right word or not. um put together some data to kind of show. so here's an example of a small client doing about eleven thousand dollars a month in revenue. using the first method, their sales was about eleven thousand. the details method twelve thousand um, the guru method, um, with a high degree of accuracy, 12.8. basically we had about a 1700 difference from fr.

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The biggest Shopify to QuickBooks integration mistakes and how to avoid them

hi, i'm veronica wasser and i help shopify sellers to set up, organize and streamline their financial systems, whether you're looking for diy done with you or done for your financials. in this video, i am toking about the biggest shopify to quickbooks integration mistakes and how to avoid them. [Music]. so you're a shopify seller and business is booming, and now you have to deal with the bookkeeping. so you get quickbooks online and look for an integration in the shopify app store and you pick something at random and suddenly your books are a huge mess. let's go over the biggest mistakes that shopify sellers make when integrating shopify and quickbooks online. number one: free and cheap- must be good. let's be clear: you always get what you pay for. never make a purchase decision based on the fact that a product is free or cheap. for example, one sas is currently free, at least as of the time that i'm doing this video. now. is that too good to be true? well, one sas was acquired by intuit corporation and they're currently giving away the software for free for marketing purposes, but at some point they'll start charging for it. so why build your financial systems around something that is free when you may not be able to afford it later? another popular choice is the bold app. it starts as free and is fairly low priced, and there are other apps that are free or cheap, but, as i mentioned later in the video, you'll get what you pay for, and for most of these apps you'll get the dreaded data dump. more on that later. number two: integration equals automation. yes, we live in modern times and artificial intelligence is taking over, or that's what the marketers would like you to think, but as of the time that i'm recording this video, we are far from fully automating bookkeeping tasks, especially when it comes to shopify. bookkeeping integration will certainly save you time and it will reduce manual tasks, but it does not eliminate doing your bookkeeping. there are many tasks that either you or a qualified bookkeeping professional need to perform on a regular basis in order to ensure that your books tell an accurate story of what's going on with your profits. number three: all apps are the same. shopify to quickbooks- online integration apps are absolutely not the same. most apps will send detailed transactions to quickbooks online and attempt to manage inventory items in quickbooks. consider also whether an app has a good integration with quickbooks will allow you to customize the account mapping. if you can't customize your account mapping, then you have no control over how the transactions are sent to quickbooks. also consider: does the app have a good tik support team or are you on your own when it comes to troubleshooting? number four: the dreaded data dump. no, as i just mentioned, most apps will send detailed transactions to quickbooks online, causing a giant data dump, cluttering up your data, slowing down your quickbooks and making it nearly impossible to reconcile amounts sold to the amounts received from payment processors. the problem is that most app developers are not accountants and they don't understand that the data that dumps into quickbooks has to be reconciled for accounting and bookkeeping purposes. as a best practike, you should only use integration apps that send summarized transactions to quickbooks online: a2x, my favorite shopify to quickbooks online integration app. so how do you avoid making these integration mistakes? use a2x. it is my favorite app for integrating shopify and quickbooks. the reason why it's my favorite app and why i highly recommend it is because a2x sends summarized transactions to quickbooks. that's just one summary entry per day instead of hundreds of sales receipts cluttering up your books. they also make it easy to reconcile to amounts received from payment processors and a2x has a great support team, and they even have accountants on staff who understand how the data should flow to quickbooks online correctly. a2x gives you an unlimited free trial and also has pricing based on volume of sales, as well as sales channels. i just shared with you the biggest shopify to quickbooks online integration mistakes and how to avoid them. let me know in the comments if you made any of these mistakes and how it turned out. i'm veronica wasik, with five minute bookkeeping. are you ready to work with an experienced and reliable shopify accounting pro? check the description below to learn more about my services and how we might work together. if this content is helping you, then subscribe to my channel, ring the bell and give me a thumbs up, and check the description for all of my free resources, including my free shopify bookkeeping blueprint and the link to join my facebook community, and let me know in the comments if there are any other topics you'd like me to cover in the future. i'm here to help you. i'll see you next time.

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How to Record your Shopify Store Sales and Fees in QuickBooks Online, Shopify Bookkeeping

hello sarih here from small business Ericom, and in this video we're going to discuss how to do your Shopify shop bookkeeping within QuickBooks Online. Shopify is its own special little beast. it's a little tricky because people can pay in multiple ways on Shopify and that kind of can make things a bit tricky. so this is my method for recording your Shopify bookkeeping accurately and quickly every month in QuickBooks Online. it's not the only way to do it, it's just the way that I do it for my clients each and every month. so let's take a look at Shopify and we'll go from there. so in Shopify, this is kind of like your main homepage, your main dashboard, and there's two sections we're going to be working with with Shopify. the first section is: let's go to the reports actually. so if we come over here to analytiks and then to reports, we can scroll down to the finances section and look at the finances summary. so I won't change anything here right now. actually, maybe I'll do a year to date, just so we can get a look at some different things here. so this financial summary is what I have found to be the best tool when I do my Shopify bookkeeping and QuickBooks Online, because it breaks out the components of my sales. we've got our gross sales, discounts, returns, shipping, income, sales tax collected and then a total. so this is most easily done by month and since the monthly report is the best thing that we have in Shopify because, after all, we're getting deposits from Shopify from all these different sources, so it's really hard to do bookkeeping within QuickBooks Online on a per deposit basis because we're getting deposits from so many different sources. so what I have found is easiest as to do our bookkeeping on a monthly basis within QuickBooks. this method is what I call a Shopify Bank method and basically what Shopify Bank will represent in your QuickBooks account is the amount kind of available to be deposited from Shopify because, as you know, there's a delay. there's a delay in the time between when you make a sale and when you receive the money. so, um, this is kind of gonna be our starting point. this partikular client to gets deposits from stripe from Shopify itself, from PayPal. that's not normally. she doesn't normally have cash. we're gonna skip that for this month and then after pay. so there's a lot of different things going on. so the first thing we need to do is get a good beginning balance within QuickBooks of what we're calling Shopify bake. so, like I said, Shopify Bank is gonna represent the amount available to be deposited specifically from Shopify, because some of these other ways of getting paid, for example, like PayPal, you get your payments a little bit faster. so really, Shopify Bank is just gonna represent the amount from Shopify payments. that kind of lags behind. so we're gonna go back to home and we're gonna go to payouts, so we want we're gonna start as of January 1st of 2020. so basically, what we're looking for here is we're looking for amounts that were like sales that were made in December but didn't get deposited until January. that that would be our beginning balance as the beginning of the year. so if we look at this January second deposit from Shopify, it includes a bunch of amounts, a bunch of sales that were actually made in December. so that would be part of our beginning balance. and if we go back, of course it takes me all the way up to the top. okay, so we're gonna jot down that 4473 amount. okay, then we're gonna go to January. third, and most of this is also related to December, it's not until January 1st that it's not. so if we take our growth total here of 141 and subtract out the 6480. what's left is also part of our beginning balance. so the beginning balance number I'm getting is 44, 73 plus I'm just gonna do plus 140, 180, minus this 64, 80 and that gives me a beginning balance of 122. I know that sounds tricky and honestly this is still an approximation, because there's those other payment methods out there as well. we're gonna go back to QuickBooks and if you watched the other video, I show you how to set up your custom chart of accounts really quickly and easily for all of these Shopify accounts that you're going to need to do what we're doing. so if you missed that video, I'll post a link in the description. head back there, get your chart of accounts all set up for the Shopify transactions that we're gonna be recording here and then come back to this video. okay, so I, this Shopify bankers, will just say Shopify Bank, but I, this client, has been in Shopify for a long time, so I needed to do an example here. so we're gonna go to. I made the Shopify example, Shopify Bank example and we're gonna go to edit over here and this is where we're gonna put not beginning balance. so we want to start tracking for this bank account, for this Shopify Bank, which is really like our Shopify receivable as of the beginning of this year and our balance. I'm just gonna round to 122, because it's an approximation, okay, and then we're gonna hit, save and close. okay, so you're gonna do something similar now. if you have just opened your Shopify store, when you begin this whole Shopify accounting bookkeeping process, you don't need to add a beginning balance. your beginning balance is zero and you can just forget this. but if you're trying to get your bookkeeping under control midway through the like you've already had your Shopify shop opened- then you do need to start with a good beginning balance for whatever date you're picking up with your bookkeeping here in QuickBooks. okay, now I am- actually I don't want this to mess up the bookkeeping here, so I'm actually going to- well, I'll come back and do that- get rid of that account later because I don't need it. let's move on. so there's another kind of introductory step we need to do and that involves going to sales and products and services. so most of the time, if you have a Shopify shop, you're getting some deposits from Shopify through PayPal and we need to make sure that those PayPal deposits go to the right place. now here's the tricky part and, by the way I should mention, have mentioned this earlier in the video- I'm not using any sort of an app or any sort of a link between Shopify in QuickBooks. I have found that that just makes things Messier and harder to understand, in my opinion. so this whole method that I'm recommending is without any apps or integrations at all. okay, so with PayPal- another important thing here- if you are using PayPal for more than one type of deposit or receipt, it's going to make things much trickier for you. so, for example, if you are using PayPal for Shopify and you are using PayPal to invoice people separately, your Shopify bookkeeping is going to be tons harder because you're gonna have to sort through what PayPal transactions are Shopify and what PayPal transactions are- I don't know- wholesale or retail or whatever. I've strongly recommend that if you're using PayPal, only one type of income comes in through your PayPal account. so if it's Shopify, fine. find a different way to do payments for wholesale or something like that. also, the more types of payments you have available in Shopify, the harder your bookkeeping is going to be. that's a fine choice. I mean, people like options for how to pay and maybe that is the best business decision. but the more options you have, the harder it's going to be on the bookkeeping side. so this partikular person: they only get PayPal deposits from their Shopify sales. that makes it a lot easier because what we need to do is these kind of products and services are already going to come in if you've got PayPal linked and we want to make sure that our PayPal sales are going to the right place. so we want to come in here and do edit and the account we want it to go to is actually Shopify Bank. you want all of your PayPal sales to go to Shopify Bank and I'll explain this a little bit in more detail later. so if that is not correct, change that. so if I actually wanted it to be Shopify Bank, example, I would actually also check this also. update.

How to Integrate QuickBooks Online with Shopify

hello guys, my name is matthew and in today's video i'm going to show you how you can integrate quickbooks with shopify. first things first, we have to create ourselves an account at quickbooks, our login to our current account. once we are here at our workspace at quickbooks, we want to go to the left corner of our screen and go into apps. right here we can search for shopify. so you can see it's shopify, but one sauce. we can click there and if you actually satisfied with this version of shopify, you can get the app and basically try to make this, make this integration work like this. or we can use ultimateeo, which is integration app- i will leave the link in the description underneath this video- and we want to go to the top corner of our screen to integrations. once we are here, we want to go to the bottom left part and see all categories. right here we have to search for quickbooks. as you can see, quickbooks is here. we click on quickbooks. now we have to find shopify. like this. we can redirect it and, as you can see, automateeo is providing, uh, some popular integrations for us. but if you won't be able to find the one that you are looking for, keep scrolling down and you can get to where you can create your own integration. just remember, on the left side, on the triggers, you want to start with quickbooks first, so let's go with the quickbooks. on the other hand, underneath the actions, you want to go with shopify, so scroll down and pick something from spotify that you will need shopify- sorry, not spotify. now we have to hit right now button. we can redirect it. uh, we have to log into our ultimateeo account and we are a few clicks away from uh. we are a few clicks away from finishing this integration on zapiercom. we also need to create ourselves an account. once we do that, let's go to the top left side and click on create zap. zap stands for uh integration. now we can name our zeb, but we don't have to. it's not mandatory, but same as at automate. we are starting with the trigger app, which will be quickbooks trigger event. let's go with, for example, new account. let's stik with the first options. now we have to log into the account that we created a couple of minutes ago and now we can test our trigger. on the second action, uh, let's go. and, as you probably thought, let's go with shopify, create products, for example, continue. and the last thing is we have to sign in to shopify to make this integration work. and that's about it. it's very easy. thanks for watching and see you on the next video.

What's the right version of QuickBooks Online for Shopify Seller?

hi, i'm veronica wasser, with five minute bookkeeping, and i help shopify sellers to set up, organize and streamline their financial systems, whether you're looking for diy done with you or done for you financials. in this video, i'll go over the right version of quickbooks online you should be using for your shopify business. [Music]. did you know that you could be overpaying for your quickbooks online subscription? let's go over the right version of quickbooks online you should be using as a shopify seller. when you go to the quickbooks website, you'll see a choice of up to four quickbooks versions: simple start, essentials, plus and advanced. keep in mind that sometimes you won't see all of these versions. you may only see simple start, plus and advanced, and that's because the quickbooks marketing team likes to test to see whether people are interested in some versions more than others. so you may not see essentials, or perhaps you won't see simple start, but be aware that there are four quickbooks online versions. now you need to make a choice. which version is the right version for you? most shopify sellers select the plus version, and that's because it says that you can track inventory. and you say: well, i'm a shopify seller, i have inventory, i need to track inventory, but the type of inventory that you would track in quickbooks online is not specific to shopify sellers or e-commerce, and, in fact, the inventory functionality that quickbooks online has is extremely limited and it's really not made for e-commerce sellers. so, since you don't need the plus version, then do you need the advanced version? well, the advanced version really is for much bigger companies. you can have 25 users and it has a lot of very specific functionality that you probably don't need. so then that leaves you with essentials and simple start. the main difference between simple start and essentials is that simple start does not have any accounts payable functionality, and what that means is that you can't enter any vendor bills in the simple start version. but a lot of e-commerce sellers and shopify sellers don't enter vendor bills in quickbooks. so if you want to have accounts payable functionality, then choose the essentials version. simple start version also allows you to have only one user, whereas the essentials version allows you to have three users. so if you're not sure, go ahead and start with simple start, and if you realize that you need to upgrade, just go ahead and upgrade to the essentials version. and, by the way, if you are using the plus version, you can always downgrade, so you can downgrade to essentials or to simple start, but keep in mind that if you set up anything in inventory, then you won't have that functionality in the essentials or the simple start version. and one more thing: as you're looking at the quickbooks online pricing that you'll see this option to get set up with a live bookkeeping expert and where you can add bookkeeping setup and it says that an expert bookkeeper will help you customize your setup. what you need to know here is that these bookkeepers are mainly trained to set up very generic businesses and they don't know how to set up your shopify books the correct way. shopify bookkeeping is very different and you should work with an expert who knows how to set up the books specifically for shopify sellers. at my company, vmwasic, my team and i work with shopify sellers so that they can get their books set up correctly. we also set up the integration with shopify for you and we can coach you so you can continue to diy your own books or we can even do the books for you. i'm veronica wasik with five minute bookkeeping. are you ready to work with an experienced and reliable shopify accounting pro? and check the description below to learn more about my services and how we might be able to work together. this content is helping you. then subscribe to my channel, ring the bell and give me a thumbs up. check the description below for all of my resources, including my free shopify bookkeeping blueprint and the link to join my facebook community, and let me know in the comments if there are any other topics you'd like me to cover in the future. i'm here to help you. i'll see you next time.