Hi, im trying to find the best way to divvy up net income, shipping, and taxes from a sale.
Is there any way to divide your online sale to have net income deposit into 1 bank account and have shipping + tax deposit into another bank account? VS everything going into 1 bank account and THEN having to divide the $ into other accounts within your bank.
For example, if I made a $200 sale with $50 shipping and $5 in taxes, Shopify would deposit $255 into my bank account. Im trying to understand from an accounting standpoint, if there is a way to separate the sale BEFORE the full $255 goes into 1 bank account. Or if separating the $255 after its in my bank account is the traditional way it works? Lastly, are there any Shopify apps that can do this?
Thanks for sharing your query with us here in the Shopify Community.
It would not ordinarily be possible to split where a payment gateway pays out to more than one account, though to be certain you would need to confirm this with the payment gateway provider you’re using or thinking of using.
I had a look around in our app store to see if there was anything that would help with splitting up payouts, and the closest match I could find was the Vendor Payout app.
While this is specifically geared towards splitting payments towards specific vendors for specific products, it might be something you can use for your needs.
I would check in with the app developers if I were you, to share what you’re looking to be able to do so they can confirm what their app can or can’t do for you.
This is a great question. Did you ever try the vendor payout app that @Don suggested? I would love to hear if that app worked for you or if you found another solution.