Financing, tax rates, and accounting
Peggy, I have a few thoughts that might help you and hopefully won't confuse or discourage you. There are several approaches to recording sales and it depends a lot on how you operate and your volume. We have a large volume of sales so we only summarize the sales data and create daily journal entries to record sales, taxes, COGS, inventory reduction, gift card liabilities, and payments. We do not track customers in Quickbooks so we don't import that data. I reconcile the sales entries against the Shopify Summary report. Then as deposits come into the bank accounts, they match in Quickbooks to the amounts created by the journal entries. Helps us to know if we have received all of the payments. Because of the volume and because we have so many stores locations, we use a company called Bookkeep to automate the entries. There are others that offer this service as well. This might be a bit costly though depending on your volume of transactions.
Thank you so much for this information! At this time we don't have tons of sales "yet" Im just trying to make sure I have the back end of things. I'm feeling like a knucklehead not understanding how to enter this as a journal entry either, Im a visional learner. At this time I don't want app or hire someone until my sales improve.
any chance you can show me how this looks in a Journal entry? Im looking on youtube and not seeing any info for this.
Thank you so much,
Peggy
Hi Peggy8!
Veronica Wasek have bunch of great video on Shopify and Quickbooks.
AS for you question, you can check her video below.
Part 1: https://www.youtube.com/watch?v=sxaCVSkRhPE
Part 2: https://www.youtube.com/watch?v=wrvwwAGA8nw
Just get the idea on how she get the data to do the journal entry so you can replicate that in QuickBook Desktop.
Rooting for you
Jm
Thank you so much for that, I will be checking them soon.-Peggy
Hi @Peggy8 ,
Check out CartSpan Ecommerce Integration for QuickBooks Desktop to import your Shopify orders. It definitely keeps everything organized...including pushing accurate inventory back to Shopify.
Scott
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