Hi,
I’ve hired a book keeper to help me sort out my books for taxes.
I have 4 Shopify Stores (all different businesses/brands) and currently I have 4 separate bank accounts for each store. I’m a sole trader and so any income/costs is “combined” under my sole trader ABN for tax purposes.
In order for them to process all the payments that go into my bank account etc - my book keepers have told me that I really need to have just ONE bank account for ALL my income and expenses. To really streamline things and also get rid of all the transfers I have across my accounts.
So basically get rid of all the bank accounts per store and have only one bank account for all stores/websites combined. (I also use PayPal & Shopify Payments is my main processor).
Is this at all possible?
Also, if not, what do others do who have many more stores and websites than me - how do they manage this kind of issue in ecommerce for book keeping and taxes to simplify/streamline it all?