The Shopify daily summary app will post a summary of a 24 hour period to QuickBooks and send you a report on that period. It also will post deposits to QuickBooks separating out the fees charges for Shopify Payments.
Here is what you need to do to set it up.
First connect QuickBooks
2. Next map your summary lines to QuickBooks (see explanation below of each line item):
3. Then switch to the deposit template by clicking the drop down on the upper right and then map those lines as well.
4. That's it once mapped the job will run at the End of Day time which is usually midnight for most people.
5. If you would like to receive an email with the summary each time it runs just message us with the email you want to use for the report.
Shopify Ecommerce Summary Set Up
Gross Sales - This is the gross revenue before discounts and maps to an income account.
Discounts - Any discounts on the orders which should also map to an income account.
Returns - Transactions returning product purchased previously. This is also mapped to an income account.
Shipping - Money received towards shipping costs. This is mapped to an income account.
Sales Tax Collected - This account is all sales tax collected on orders across all jurisdictions. We do not separate by jurisdiction and only take the total amount per day. It is best to map this to a liability account and not use the QuickBooks sales tax feature which is much harder to use.
Gift Card Sales - This is the value of gift cards sold and should map to a Liability account.
Paypal Payments - This is a tender account is the value of the total collected using Paypal. This should be mapped to a current asset account as undeposited funds. This amount represents funds that will be deposited in the future so it should not be mapped to your checking account. The deposit journal entry moves money from this account to your checking account.
Shopify Payments - This is a tender account is the value of the total collected using Shopify Payments. This should be mapped to a current asset account as undeposited funds. This amount represents funds that will be deposited in the future so it should not be mapped to your checking account. The deposit journal entry moves money from this account to your checking account.
Manual Payment - This is a tender account is the value of the total collected using manual or Cash Tender. This can be mapped to your standard "Undeposited Funds" account if you want to use the Deposit window in QuickBooks. Otherwise you can map it to an asset account. This amount represents funds that will be deposited in the future so it should not be mapped to your checking account.
Third Party Gateway Payments - This is a tender account is the value of the total collected using another payment gateway. This should be mapped to a current asset account as undeposited funds. This amount represents funds that will be deposited in the future so it should not be mapped to your checking account.
Gift Tender Total - This is a tender account is the value of the total collected using gift cards. This should be mapped to the same liability account as Gift Card Sales.
Unknown Payments - This amount represents the difference between the total sales side and the total of tenders collected. Usually this should be 0 as the total collected should equal the total sales plus sales tax plus tip. However sometimes this can have a value to either represent money owed to you. If this number is negative it means that you collected more than was sold that day. This can happen in the case of payments made on sales that happened in previous days. This should be mapped to an accounts receivable account.
Shopify Payments Deposit Set Up
Reduce Tender - This is the account where the expected deposits go. It should be mapped to the same account as Shopify Payments above. We reduce this account by the gross sales minus the refunds and any adjustments.
Bank Account Deposit - This should be mapped to the checking account used for your Shopify Payments Deposits.
Fees Reductions - This will be the amount of fees collected by Shopify payments for that day and should map to a cost of goods sold account you could call "Shopify Fees"
Loan Payment Reductions - This amount represents amounts withheld from your deposit for any loan payment to Shopify Loan. This should map to the Liability account that represents your Shopify Loan. If you have no loan just map this to any Uncategorized expense account since it will not be used.
Other Deposit Withheld - This amount is an amount Shopify will withhold from your deposit. Map this to an Uncategorized expense account. If you see withholding here ask Shopify support what the reason was.
Reserve Funds Withheld - If Shopify holds your funds in reserve you can map this to an asset account called "Shopify Reserve" to track what they are withholding from your deposits.
General Set Up
Start of Day - This is the when you want to begin the 24 hour reporting period. For most ecommerce stores this is midnight. If you are a Shopify POS customer this may be when your store opens.
End of Day - This is when you want to end the 24 hour reporting period and is also the time that our job will run. For ecommerce store keep this at midnight. If you are a retail shop using Shopify POS then set this to 15 mins after your store closes (in case someone buys something at the last minute). This also triggers the email report we send to you after the Journal Entry has posted to QuickBooks.
Class - Since we support multiple connections you can set class on the Journal Entry to separate stores in class reporting in QuickBooks. If you only have one store you don't need to set this.
Vendor - This is set on the Name field in the Journal Entry and will help you pick out this Journal Entry in reports. Set this to Shopify.
QuickBooks Account - Choose the QuickBooks account you want to post the Journal Entry to. We support connecting more than one QuickBooks account.
Location - This is a free form field that will display on reports and in the email report to represent the store or location. You can type in whatever you like to help you differentiate your stores.