All things Shopify and commerce
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?
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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.
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.
Im not seeing this breakdown of fees under Finance Summary. Nor did you give the correct pathway? Settings > Payment Providers > View Payouts
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?
Following. Hoping for a satisfactory reply since this is not straight forward or easy to find.
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.
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.
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:
Determine fees & undisbursed funds at end of the month:
Make journal entry into accounting software:
to record total monthly sales
to record total collected taxes
to record total sales deposits
to record total fees paid
to record undisbursed funds
to clear previously undisbursed
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!!!!!!
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
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?
Getting the financial info out of Shopify is A NIGHTMARE.
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 😞
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.
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!!
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
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:
Hopefully this helps
Well just so you all know, you can do all of this with our free app, 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.
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.
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