Reconciling deposits to sales

John_Hoffman1
New Member
2 0 1

Hi all, my accountant insists on reconciling the daily deposits to the sales in shopify. This is a PITA and costing a lot of time/money.  I asked shopify if there is a way to see what specific orders make up the daily deposit. They couldn't find a way to access that info. The monthly invoice has all the orders and fees but it is not on a calendar and there are no totals.

I am using paypal payflow pro to accept all payments. I can see what the sales numbers are per day in shopify but I can't see how is ties to the deposits in my bank account.

Any help or thoughts?  We are paying more in darn accounting fees then we are in keeping up the website etc.  

I can't be the first business that needs to reconcile the deposits to sales right?

John

lostartpress.com

 

Matthew_Evans
Tourist
5 0 10

We need this, too! Paying too much to a bookkeeper b/c they need to open up every order to look at tax, shipping.

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Jason42
Explorer
49 0 23

This issue is aggrevated further if you have any exchanges or refunds because unless it inovlved a same day excahnge or refund the shopify reports will act as if no exchange or refund ever took place on the day of such exchange or refund.  Instead it will go back in time and change what happened on the day of the original order.  

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Tejaswi
Shopify Partner
175 0 35

Hi all, you have pointed out one of the most time consuming processes in accounting. We can't ignore reconciliation but need to find a way which is less painful, time consuming and a proven way to do accounting right. 

Am glad to share that we have identified a way to do this using a 2-step reconciliation process:

1) Create a deposit entry in your accounting software with transactions corresponding to each Shopify payout

2) Match the above created deposit with Shopify deposit in your bank

We have confirmed the validity of this with eCommerce accountant. I have shared a step-by-step guide here. Hope this helps. 

PS: This way of reconciliation considers refund receipts too. 

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