If you change your bank account information associated with your Shopify Balance, you'll need to pick the right account in QuickBooks. Greenback will note where funds came from/went to on every transaction. all from this specific account, it acts more like a real bank account than simply a place undeposited funds are held. Because you'll be paying for expenses like swipe fees, issuing refunds, etc. Rather than have a dedicated account in your Chart of Accounts for Shopify as Undeposited Funds - we recommend having a dedicated account that is a Bank -> Checking Account instead. When Shopify transfers funds to your actual bank account, you'll simply "transfer" those funds in QuickBooks from your "Shopify Funds" bank account to your actual bank account. As a best accounting practice, you'll want to create a new bank account in QuickBooks to reflect the funds Shopify holds. Since Shopify maintains a balance of funds on their platform for your shop, they act like any other bank account for your business. You’ll also get a glimpse of your initial scorecard. Once you've completed that, you'll be redirected back to Greenback where an initial sync will complete. You'll be redirected to QuickBooks where you can follow the steps to authorize Greenback to connect to your account eg: Allow Access. On the Greenback dashboard, click “Connect” in the left nav, find “QuickBooks” and click on "Connect", and click Connect again. Step 1: Connect Shopify and QuickBooks to Greenback Then you’ll teach Greenback the mappings by exporting a sale, expenses (like fees), and a refund. You’re going to customize your Chart of Accounts by creating an informal Shopify Bank Account, and creating an Expense Account. Make sure that you’ve already signed up for a Greenback account, then connect Shopify, and then QuickBooks. Here are the best practices we are going to go over. And our platform also helps get all of them into QuickBooks as sales and expenses. Our platform will sync and generate (if necessary) all the transactions that affect your Shopify balance. That's where Greenback provides outstanding support. Thus, (and this is key!) the transfers Shopify will periodically make to your actual bank account will not reflect all the credits and/or debits behind the scenes. You also know that Shopify withdraws funds from your balance (ie: Shopify funds/balance) to pay for various expenses such as payment processing fees and refunds. Shopify will then transfer these funds (payouts) from your available account balance into your actual bank account based on your payout schedule. This is your balance of funds comprised of different types of transactions (e.g., payments, refunds, etc.). You already know that when you make a sale or accept a payment, Shopify will take the payment from the customer, then deposit the funds to a holding account.
The most important thing to remember is that Shopify holds funds on your behalf. Greenback captures your Shopify accounting data from Shopify Payments. We are fanatical about itemized details because it’s imperative to know your cost of sales. We even create ancillary transactions for “netted out” card swipe fees, and subscription plans (when the data is available). Greenback auto-fetches your sales, refunds, and payouts from Shopify and syncs them to QuickBooks. The following steps and how-to videos will help you get setup with Shopify, Greenback, and QuickBooks.
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