I'm trying to set up an accounting system for my new Shopify store and I'm confused by the net profit I calculated:
Shopify states I had $592.22 in Total Sales this week. (I am using Shopify shipping and have made it Free for customers and tax only collected from GA customers).
I've paid Printful $318.92 for shirt+ taxes+shipping this week. (COG is about half the sales price of shirt)
My Shopify payout was $296.04 which means I'm about $21 short for covering what I paid Printful for my orders aka I made no profit.
This also means my Net Sales were $580 and Shopify paid me $296.04, so they pocketed half of my sales? Where did half the money go?
I would recommend my application Income Tracker and Predictor where you can clearly generate any kind of report , track the income/tax/shipping in real time and can see real time predictions regarding your sales data!
Please if you are interested, give a try( there is a trial period