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Fees report? Actual net income report?

MDD
Explorer
53 0 49

Where can I find a simple montly fees report? Also, is there a way to see an actual net income report?  

In my Financial Summary report I see a "Net sales" number, but that number is highly misleading as it is not, in fact, net.  That number includes fees to payment services (including Shopifys own payment service) as well as not reflecting shipping expenses I've incurred during the month, which is something else Shopify should have a report for since I print and pay 100% of my shipping through shopify.

Is there an actual net income number somewhere that I'm missing?  Is there an easy way to see how much I paid Shopify, PayPal and Amazon Payments in fees on a monthly basis?

 

Replies 45 (45)
klavorar
New Member
9 0 0

Hey,

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 😉

https://apps.shopify.com/income-tracker-and-predictor

luciotti
Excursionist
18 0 6

This is insane especially considering that for IRS purposes on your tax return all these expenses need to be tracked in different fields/schedules. i don't have a lot of sales but I have spent an insane amount of time trying to reconcile all these expenses to each individual transaction. I can't believe Shopify has not figured out a simple way to display all this info into one report. Even Etsy does it and Etsy is notorious for being way behind on anything technology related.

urban802
Excursionist
19 0 13

Just  another function that could have been included in our HUGE Shopify plan increase we've just incurred for a POS system that doesn't have any additional functions that would warrant doubling our cost.

urban802
Excursionist
19 0 13

Im not seeing this breakdown of fees under Finance Summary.  Nor did you give the correct pathway?  Settings > Payment Providers > View Payouts

NGarcia
New Member
1 0 1

I am trying to find the total fees I paid through shopify payments for tax purposes. This information is not accessible in the finances summary section or under any reports I can find except for the last 90 days. I followed the instructions provided in a forum (settings/payments/view payouts/export report), but it just created a spreadsheet of every sale and fee associated without providing any totals, and it is hundreds of numbers to add up.

Does anyone know a way to find this information?

BlueSheepBoutiq
New Member
1 0 2

Following. Hoping for a satisfactory reply since this is not straight forward or easy to find.

EricC
New Member
2 0 8

I just wanted to jump in this thread to agree with everyone here that it's very obvious Shopify is hiding data about fees. There's absolutely NO reason why it would be so easy to get sales reports and analytics data and so difficult to find reports and data about fees. The fact that you can find sales info EVERYWHERE on Shopify's interface -- I mean, it's literally the first thing you see when you log in on desktop and the app, -- but there is only ONE way to get a report on fees tells you what the intention is.

I really like Shopify as a service, but when I can tell that a company is intentionally being misleading, dishonest, or trying to hide information from me, it makes me very nervous about doing business with them. The fact that Shopify is hiding this information makes me very nervous and much more likely to try another host.

I hope Shopify reverses course and makes information about fees easier to find, but I'm not hopeful considering this topic is like two years old.

eferg
Excursionist
16 0 16

Agree Eric -

Payment Processing Fees are a deductible expense. (Goes without saying)

Why do I have to go on an Easter Egg hunt to find them?

Why can't they be integrated into the Summary Report?

Why get your Shopify Shop owners upset every year at tax time?

The data is there.... just consolidate it.

 

 

 

poordavids
Tourist
3 0 7

I struggled to get a way to compute a monthly journal entry to enter actual sales, deposits, fees and taxes into my accounting software that makes sense for general bookkeeping as Shopify does not make this easy at all. I would have expected this to all appear in the Finances Summary report, but I actually pull 3 separate reports to double check their numbers and come up with the journal entry. I have typed out the steps i follow below.

Determine gross sales:

  1. Navigate to Analytics > Reports > Finances Summary
  2. Filter to month by changing date range at top right
  3. Add net sales + shipping + gift card sales, subtract gift card payments = Gross Sales
  4. Note the Taxes amount as Total Taxes (click taxes to see breakdown if you track taxes from different territories)

 

Determine fees & undisbursed funds at end of the month:

  1. Navigate to Settings > Payments > View Payouts
  2. Click Export
  3. Select ‘Payouts by date’ and select the start and end date of the month
  4. Export payouts
  5. Open .csv file
  6. Sum the ‘Total’ column to determine Total Payout disbursed that month
  7. Return to payouts screen and click ‘Transactions’
  8. Click Export
  9. Select ‘Items by date’ and select the start and end date of the month
  10. Export items
  11. Open .csv file
  12. Sum the ‘Amount’ column (this should match ‘Shopify Payments’ from the Finances summary report)
  13. Sum the ‘Fees’ column to determine Total Fees for the month
  14. If applicable, insert a line between transactions where the payout date occurs in the next month
  15. Sum the ‘Net’ column for payouts occurring in next month to determine Current Undisbursed
  16. Sum the ‘Net’ column for payouts occurring in month you are working on
  17. Add the undisbursed Net funds from previous month (Prev. Undisbursed) to the actual disbursed funds from month you are working on. This should equal the Total from the Payouts Export

Make journal entry into accounting software:

Account:

Debit:

Credit:  

Memo:

Sales     

 

Gross Sales

to record total monthly sales

Taxes Collected

 

Total Taxes

to record total collected taxes

Bank account

Total Payout

 

to record total sales deposits

Fees

Total Fees

 

to record total fees paid

Undeposited funds

 

Current Undisbursed

to record undisbursed funds

Undeposited funds

Prev. Undisbursed

 

to clear previously undisbursed

RusticFox
Tourist
5 0 5

Once again shopify is absolutely SH** 

Come on shopify! You are meant to be the worlds leading online store provider yet you fail on so many things. 

Stock inventory and Basic finance reports!!

Pull your finger out and listen to the people that pay to keep your company going and your employees in a job!!!!!!

JREO
Tourist
7 0 8

GEEZ So have been using Shopify for 2 months now, was using paypal,  followed this thread. DISGUSTING   I wish I hadn't changed, every month crazy to do end of month.  data all over the place,  I refuse to pay for an app to get info that SHOULD  be readily available.  I am from Canada and cannot easily find out how much GST I pay on shipping.  If I didn't have a credit card that charges no exchange fee, I would lose money on shopify shipping.  I really don't think Shopify is better than Paypal, I get the same info from support re fees and shipping info NONE.  rant over 

Francine_Scheue
New Member
2 0 12

I'm looking for the report we used to get under "settings" then "billing" then "finance overview" that showed exactly the Shopify fees on the monthly sales.  Where can we find this report, now?

greensparkstech
Tourist
5 0 5

Getting the financial info out of Shopify is A NIGHTMARE. 

Transaction fees are in one place
Shipping fees and other bills in another and are reported in USD (I am in Australia)
Sales in another
 
Yes, just as you were thinking, it appears to have been designed inside a mirror maze by an octopus without a central nervous system.
 
If I want to find out how much I was actually charged for shipping, I have to go to the paypal transaction and look at the currency conversion. Further, because you get charged at the end of a cycle, it's REALLY fiddly to then match up shipping costs with orders.
 
So, if I want to match everything up, I have to stitch together three separate spreadsheets. I can't believe that it is THIS complicated. The info is all there, it's just in a gazzillion different places. How hard would it be to write a code thing that pulls all the figures together into one place (I don't want to pay an app to do basic functionality)? 
CE_Institute
Tourist
6 0 3

I agree  - trying to calculate merchant/credit card fees collected by shopify is a NIGHTMARE.  I think Shopify is HIDING this information from it's customers in an attempt to try to fool customers about their income by hiding our expenses.  Shopify gives us our gross totals no problem.  Why can't shopify include on it's report "merchant fees" or "credit card fees".  This is a BASIC tax requirement and undoubtedly being hidden by shopify for nefarious purpose 😞

EricC
New Member
2 0 8

I hope someone from Shopify is monitoring this thread. We are moving our entire online ecosystem (online store, POS, email marketing, rewards program, and payroll) over to Square because of how horrendous it is to try to pull MY OWN information out of Shopify. It's unbelievable how bad it is. I realize they're a big company and they won't miss my ~$500 per month, but I figured I'd post here rather than just disappear without letting them know why we switched.

JREO
Tourist
7 0 8

a what a hassle, you can find the fees in settings, payout and trasactions,  it is there just hard to rectify everything, unless I am missing something, someone please tell me!!

thanks'

TribalMarks
New Member
2 0 0

I can't believe they haven't repsonded of late to this issue. They've moved things around since they last answered, but obviously don't see the need to make this seamless. Tsk

tysatera
New Member
1 0 1

I spent hours locating a document that would help me figure out what fees I paid for 2020.  I didn't find a consolidated document but these steps will work for now.  I chatted with Cheryl H/Shopify she helped me find my invoices for 2020 by navigating to the following:

  • Finances
  • Billing
  • Bills (under payment history)
  • Recent Bills 
  • View all billing history
  • Scroll to the bottom and click on "< or >"to navigate through the bills
  • Click the checkbox for all of 2020 bills
  • Top right, click on Export CSV file
  • Under "Export" select Selected: 12 bills
  • Under "Export As", I selected "CSV for Excel, Numbers, or other spreadsheet programs"
  • Click on Export Bills
  • The bills will be delivered to the email address associated with your Shopify account.  

Hopefully this helps

CloudlabGeorge
Excursionist
18 2 7

Well just so you all know, you can do all of this with our free app, Report Toaster: 

https://apps.shopify.com/report-toaster

Here's a screenshot that provides a nice overview of the sales on the storefront over the last 30 days. Everything is fully customizable, so I added a column for transaction fees. You can then change the date range, add filters, and even export it to CSV/JSON. 

CloudlabGeorge_1-1634347556748.png


Basically this sounds like exactly what many have you have mentioned that you're looking for. We have specific reports for Finances, Transaction Fees, all of your Sales information, and even the information you need for Taxes. Let me know if you need help in getting setup. 

George 

luciotti
Excursionist
18 0 6
Ok folks, after a lot of aggravation and yelling from my accountant, I'm happy to report that Shopify does have what we need, it's just buried in places that you would never imagine:
 
First of all, the Analytics menu is where you want to be, not the Finances menu.
 
Go to Analytics>Reports>Finances and expand the menu. Here you can find:
1. Finances Summary--> You can view a summary by month, quarters, YTD, MTD etc. You can also see the TOTAL of sales taxes paid by customers and shipping fees paid by customers. For a breakdown on sales taxes, click on the respective links and it will give you a detailed view..
 
2. Total sales --> Here you have a breakdown, by sale, of sales taxes paid by customer and shipping fees you paid. This is the detailed view, if you need to look at a transaction specifically, but it is not not the general summary report you need for your tax return. For more on this, keep reading.
 
At the top of the report there is a total of the SHIPPING FEES paid by customers (if they pay any). Keep in mind this is NOT the shipping fees YOU necessarily paid (therefore tax deductible), because sometimes you pay a little less or a little more depending on how you combine your orders or the app you use to print your shipping labels, but you can at least get a total number to subtract from your actual net sales.
 
3. TAXES --> This is where you can get a list of all sales taxes paid by county/city/state. This is what your accountant needs to file your quarterly excise tax report.
 
Payments --> This is also a summary of payments received minus refunds. I find this useless for tax reporting purposes.
 
Then go to Settings>Payments>View Payouts or Finances>Billing
This is where you can see the fees that Shopify withdraws from your payout.
Caveat 1: you still have to export this to csv or Excel and calculate the total, but that is at least doable once you have the whole list. It's a lot better than having to go through every single transaction.
Caveat 2: You cannot filter by year or even quarter, so you'll have to remove the unneeded rows from your export file.
 
Under Finances>Billing you see what Shopify charges you monthly, but this total combines the monthly plan fee + shipping fees you paid through Shopify. So either deduct the monthly charges from this total to get the actual shipping fees you paid or see above for how to get a total of shipping fees paid.
 
Warnings: PayPal payout fees are list in your PayPal account. There is no way and nowhere to see those in Shopify.
 
Same for AfterPay, Klarna or any other method of payment you may have installed on your site. Those fees are listed by each respective 3rd party app.