We use exclusively shopify payments on our store - here we are years later and is there still no full easily downloadable report that list the shopify payment card and expense fees?
I know you can go to payouts, view order transactions and export - but is rather cumbersome, plus it is rather confusing what dates to use for the summarization by month, in regards of the ;
transaction date
payout date
available date
You’d think that something so basic to ALL small business would be facilitated for?
(And no, I do not want to hear about the many 3rd party apps)
@Velo_legend I currently do summarize payments based upon payout date in alignment with the month of which the transaction took place. So realistically I have AR outstanding for transaction taken place i.e. end of month, but payout date per shopify payments falls into the next month.
You’re right. Shopify Payments still reports on payout logic, not accounting logic. The easiest workaround is to export Balance transactions and reconcile by payout date, run a report, and reconcile consistently every month. This brings fees, refunds, and chargebacks into alignment with cash basis bookkeeping, which is what most small businesses actually file under for taxes.
it is just outstanding AR for month -1- that gets “cleared” following month, so not tracking separately.
The OTHER issue however is with summarizing and accounting by Payout Date, is the misalignment with Transaction date and the Related FEEs.
I explain with NOV i..e with Black Friday / Monday at end of month, there is an enormous amount of Sales Transactions. This means a high AR amount for end of Nov, compared to other regular months.
But ALSO, while we account for all the sales in Nov, the FEE, in alignment with Payout date only be summarized following month. So we have a relative Low Expense on Fees in Nov and high amount of Fees in December in relation to our much lower sales in December…. I just do not like Not have the expense accounted for in line with the sales.
Agree…except additionally there is a misalignment with the credit card fees incurred on transaction i.e. end of month and how they accounted for based upon going by payout date.
This becomes very apparent around Black Friday, Cyber Monday at end of month with high sales transaction volume, with as result a high outstanding AR balance at end of month, but also the Fees for these end-of-month days are now only accounted for the following month against significant lower sales.
Either way the way Shopify provides the information there is just no real good solution…