Financing, tax rates, and accounting
I recently installed Bold Commerce for Shopify integration into my Quickbooks Online. Looks like a Shopify Holdings account was created by default. Please see example below.
In my banking for review it shows Shopify Transfer of $1479.85 categorized as an Uncategorized Asset. This is amount is after the Shopify fees have been deducted.
The Gross sale was $1439.10 plus $104.33 for tax equaling $1543.43. This is currently in the Sales Receipt categorized as Shopify Holdings.
What is the best way to reconcile the bank account and Shopify account when exporting the sales data? Any help/tips would be appreciated! TIA.
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