Reconciliation with Bank Deposits

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Shopify Expert
26 0 14

Hello,

One of my shops is using Stripe for our payment processor (not Shopify Payments) and Quickbooks Online for accounting. I'm leveraging an ETL tool to move Shopify Orders into Quickbooks as Sales Receipts, which works great.

The probably I'm running into is finding a tool that can reconcile bank deposits with Stripe. Has anyone found one that reconciles at the Stipe deposit level? I have tried out Cart Connect and it bring in Deposit Transactions (order level) and links them to the approriate Sales Receipt in Quickbooks, but it doesn't allow me to identify which Deposit transactions are grouped as a bank deposit. One deposit could be $1,500 made up of 45 orders.

Has anyone figured out a resolution to this?

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Shopify Partner
660 0 103

Wouldn't it make sense to create a 'Shopify bank account' to reconcile against, and then do a bank transfer from the shopify account to the real bank account when you get a deposit?

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New Member
4 0 0

FWIW:

On a monthly basis we reconcile Stripe activity to Quickbooks.  We use Excel and iif Creator, so after organizing the data (categorizing and summarizing the transactions), we can export to QB in a single action.

I've spent quite a bit of time getting it to work and am continually refining the system - it is tailored to our business.  Beats the heck out of trying to enter every payment.

Yes, Shopify is a Bank Account in QB.  Sales are done with QB Sales Receipts.  Payouts are done with QB Transfers.  Withdrawals from Bank Acct (to cover refunds) are done with QB Credit Memos.  I usually deduct the Stripe fees on the QB Sales Receipt.

We don't use Stripe to process Shopify purchases - as I recall, it is significantly cheaper to use Shopify for CC processing - the rates were pretty much the same, but if you use Stripe, you pay an additional fee to Shopify.

hth

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Shopify Partner
660 0 103

Thanks for your input Anne.

Some of our customers use our app Better Reports to export their transactions in a custom csv format.

Does it sound like something that could save you some time?

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New Member
4 0 0

Thanks for the reply.

We have a web-only plan, so I don't think Better Reports is available to us.

The fact is that we are a small non-profit which sells a book via Shopify.  This has worked out great for us, but there is one problem with the default reports - there is not a single report that has the payout date with associated charges/fees AND the number of items sold.  This causes extra time in our monthly accounting.  But since we only have one product and low volume, it is not onerous.

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Shopify Partner
660 0 103

Yes I share your pain here.

The fees and payout details are not even exposed in the API for apps so it can't even be build with a custom app...

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Shopify Partner
12 0 1

Hi, 

I am from Zilverback, We built custom integration, automating your bookkeeping processes so you can focus on other things. 

Our integration collects data from your payment gateways and booking your orders as paid to your accounting system. We can also custom integrate different VAT settings via account numbers facilitating it in your accounting system.

If you want to know more you can visit our site www.zilverback.com.

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