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Fees report? Actual net income report?

MDD
Explorer
53 0 55

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 46 (46)
luciotti
Excursionist
19 0 7

I stand corrected. The Taxes report is still useless because in order to file quarterly reports you need to have the net sales associated to the sales taxes you charged. So even though you can pull a tax summary report, you still need to go into each transaction and pull that data, one by one. I am about to loose my mind on these goddam sales taxes. Square has this report and it takes literally 10 seconds to pull all the info you need.

blankcanvas
Tourist
4 0 0

Yep.  going through the same hassle as everyone else.  You have to use MULTIPLE REPORTS.. some "reports" don't even have the data in actual report, so you have to drill down on the line item and COPY AND PASTE from the website into a spreadsheet (for instance line item shipping fees).  Lol it's a joke.  But see, all these companies do it...  Ebay, Etsy.. They all embed and burry the transactional data so far into things, it makes it a complete beat down to merge all the information together.... AND ITS ALL DONE MANUALLY.   They don't want the average person being able to back into fees and costs....  

 

And the biggest beating of it all, when they break a single transaction into 2 line items for NO REASON... so you then have to spend the extra manual effort to combine the two line items for Net Sales, Shipping and Taxes.  

debbie1900
Tourist
3 0 1

Despite what you were told by the Shopify expert, the export of shipping fees is not accurate to the extent that voided mailing labels are not correctly reported.  

I downloaded a full year of shipping charges which did not agree with the actual charges on my credit card.  As I drilled down I found that every voided label in Shopify showed up on their export as a positive amount.  So instead of reducing the amount of the shipping, they actually added it in.  There is no clue on the export that tells you what labels were voided and refunded.

Shopify seriously needs an accountant on board to help them with their reporting.

debbie1900
Tourist
3 0 1

So does Quickbooks.  I run all my wholesale transactions through QB since Shopify is such a pain and these guys pay by check anyway.  Seconds to get the QB report, hours to put together the Shopify tax report in such a way I can actually report sales taxes to the state.  

Does anyone from Shopify read these complaints, or care?

I know the programming wouldn't be that hard.

patrickatmeca
Tourist
3 0 0

100% agree with this statement.  it's the most basic accounting report that EVERY bookkeeper needs: a payout report that includes subtotals for nontaxable sales, taxable sales, shipping collected, sales tax collected, AND processing fees deducted.  

patrickatmeca
Tourist
3 0 0

2022 and nothing has changed

luciotti
Excursionist
19 0 7

I don't know if anyone has had the time to read the newsletter Shopify sent today about the new sales tax reporting feature. Here's the link: https://www.shopify.com/tax.

I don't know if it's just me, but I find this completely useless again. I don't understand why they still can't grasp the fact that on the excise tax return the IRS asks for your net sales, not how much you charged in sales taxes (or you think you charged). They then calculate percentages based on your net sales. I looked at my report and, once again, I see the sales taxes collected but not the sales associated to them. Does anyone see it differently?