I am looking for a way to integrate QuickBooks and Shopify but I do NOT want to bring over individual customers/orders; we have way too many orders and would blow QBs up in no time (even Enterprise). Ideally we would have a summarized daily sales receipt that uses the date as the 'customer' (or even Shopify as the customer) and list out how many of each product was sold; then list the payments - so it would end up being a zero dollar sales receipt.
Has anyone created this solution yet? We just don't need to duplicate the customer details in QuickBooks; I don't know how larger merchants are doing this.
In cases of large transaction volumes, the regular practice is to make either weekly or daily (depends on the company's size, labour availability and other factors) manual journal for sales, COGS (cost of goods sold) and corresponding fees (bank, Shopify, etc.). There is no need to connect Shopify with Quickbooks in this case. In fact, it is better if you won't. And yes, you are right, you may either enter it through the AR subledger (entering one customer as Shopify or "General Customer" or whatever you want to call it) and then add all the sales for the period to this transaction, or via manual journal entry.
Hoping for something more sophisticated than journal entries. Especially as we don't maintain inventory costs in Shopify since they change constantly, so calculating COGS is an all day affair each month. So we have to maintain a whole separate system for inventory tracking (especially because QBO is not sophisticated enough to do it) and enter every transaction twice. Additionally, there is often a long delay between receiving the customer order/payment and shipping out the goods (actually earning the revenue). All of Shopify's "sales" reports are just orders and do not represent GAAP revenue, which for us is often vastly different than orders. Nor can Shopify report on only unshipped orders which we could back out of gross sales to get earned revenue. We did just find out about and subscribe to an app called Data Export that allows for much better reporting. It's not that user friendly, but their representatives will actually write the reports for you if you can articulate your needs and it's a bargain with their top tier being only $20/mo.
If someone is willing to do this for you for $20/month, I wouldn't even think - I'd hire them today.:)
As for the gap between the sale and shipment, you may only adjust that at the end of the reporting period - no need to do it with every entry.
I would still, actually, figure out the best way to make manual journal entries. Maybe, there is something in the process that you currently have could be changed to make it easier for you. You really need to talk to an accountant about it as someone would need to spend some time to understand your current process in order to improve it.
Look at using www.thesupermanager.com as a bridge program. It will bring the orders into QuickBooks using the date as the customer name so you don't blow up the customer list in QBs. We have a sales receipt come in for each order that decrements inventory in QBs; if there's 100 orders today each one comes in under today's date as the 'name' - although the actual bill to/ship to information does show on the sales receipt. If you have a ton of SKUs though - this isn't the best solution. Also - you may run into trouble with the 'ship status' and if they are marked paid or not - but it's something to look into. There's a few ways you can configure the software - in case you wanted the customer names to come in, you can. You can also use a generic item if you are just looking for sales numbers.
The other option is to get a full blown OM/Inventory management system like Stone Edge or Locate; something that works with Shopify but manages the inventory/customers within their database. Both of these programs will send over summary information to QBs only - so QBs can be just the accounting software.
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|11-15-2019 08:53 PM|