Shopify + Wave Accounting Help (New Business User)

jstlouis
Visitor
2 0 0

Hi Shopify Community,

 

I'm looking for a bit of help/guidance with getting my wave accounting setup/working with shopify.  I'm new to the business world (Canada Only), and I'm feeling a bit overwhelmed with this part of the setup.  I chose wave accounting because I read that it was extremely easy to use for new businesses, and it's free.  At this point, I've been live/running for about 2 weeks, and received 4 orders. 

I know there are integrations out there (eg. zappier), but I didn't want to setup any integrations until I understand what's actually happening, and I start making enough money to pay for their services too. 

With that said, I was hoping there is a good tutorial out there that would explain step-by-step how to properly setup wave and record sales from shopify.  So far, I've basically only connected my business bank account/credit card to wave. 

I was able to create a few bills and  record a few "manual transactions - payments" for my I invested out of pocket (Owner Investment/Drawings) to get started. 

Wave has now synced with my bank, and I've received my first "payout" with shopify.  But I don't know what to do from here.  I can see entries on my credit card for advertisements (facebook), orders I put into my vendors/suppliers, and the first payout I received from shopify.

 

With that said, I can see the options to upload receipts on the transaction tables and mark as reviewed.  But I don't really know what to do from here.  Do I have to create "bills/purchases" for the credit card entries for purchases I made from my vendors/suppliers?  When I do this, it looks like it duplicates the entry under transactions (Eg. subtracts dollar amounts). And where do I record my sales? 

Or do I record my sales / purchase in the reconciliation section?

If some knows of a good tutorial (preferably video tutorial), for wave accounting + shopify store, that would be very helpful.  Anybody use the "Wave Accounting Assistance - 30day help + 2hr live sessions", and is it worth it?  Once I understand how to do all this, I will be OK, but just feeling a bit lost right now.  

 

Thank-You all so much in advance.

Replies 2 (2)

jstlouis
Visitor
2 0 0

I should mention that I'm registered to collect taxes too, so I need to ensure what I paid and what I received is captured, as well as any merchant fees I pay (Eg. Credit Card Processing). 

SagarP
Shopify Partner
4 0 0

Hi,

It seems like you are in same boat as mine. I left shopify and wave separate. Meaning, I don't record each and every sale on shopify in wave to make life easier. I just record quarterly sale, tax,fees totals on wave manually, takes couple hours every 3 months but its much easier. I tried quickbooks and other integrations with shopify for accounting for Canada but it gets way complicated. If you need any help with specifics, let me know. Also, shopify charges are in USD and if you are using shipping provided by shopify, it is a lot of messy accounting. To make life easier, I only use shopify monthly basic account so only have to worry about 30-40$ charges, everything else I use apps that support CAD billing. Cheers.

SP24