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Everything you need to know about banking in QuickBooks Online - Discover more
Anonymous
Not applicable

VAT and Shopify

I have a shopify online business but have not linked it to Quickbooks.  When shopify deposits money into our account it does so after the fees and refunds.  Obviously I need Quickbooks to calculate the VAT on the ENTIRE amount before the deductions, how can I allow for this?  Can I manually adjust the banking deposit?  

I am having absolutely no luck with online support.

 

 

Solved
Best answer April 10, 2019

Accepted Solutions
JamesC
QuickBooks Team

VAT and Shopify

Hey,

 

Thanks for that information. Do any of the columns include a Gross amount?

 

You cannot manually adjust the amount that's in the banking section. If you import it as the net value; you have to add it as the net value. This will keep your reconcile correct too. I'd encourage you to speak to your accountant, about what you are required to show in your account.  

 

You can import a list of transactions into a Assett account, or set up a Bank Account to represent the shopify account, record the gross income and the fees as expenses from this shopify account,and then use the transfer or bank deposit feature to take the funds from the shopify account to the current account. This is where an accountant will be best to step in and guide you on the way that's best for your business.

 

 

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5 REPLIES 5
TaliaI
QuickBooks Team

VAT and Shopify


Hello Sewell1691,

 

Welcome to the Community - thank you for your question!

 

Do you record the original invoices within QuickBooks?

 

Thanks,

 

Talia

Anonymous
Not applicable

VAT and Shopify

Hi ! 

No, I download it from our shopify site.  It's a spreadsheet with sales, minus refunds, fees and adjustments and gives the total deposited direct into our bank account.  

JamesC
QuickBooks Team

VAT and Shopify

Hey,

 

Thanks for that information. Do any of the columns include a Gross amount?

 

You cannot manually adjust the amount that's in the banking section. If you import it as the net value; you have to add it as the net value. This will keep your reconcile correct too. I'd encourage you to speak to your accountant, about what you are required to show in your account.  

 

You can import a list of transactions into a Assett account, or set up a Bank Account to represent the shopify account, record the gross income and the fees as expenses from this shopify account,and then use the transfer or bank deposit feature to take the funds from the shopify account to the current account. This is where an accountant will be best to step in and guide you on the way that's best for your business.

 

 

Anonymous
Not applicable

VAT and Shopify

Thank you - this is most helpful. Yes it includes a gross amount.  

JamesC
QuickBooks Team

VAT and Shopify

Fab.

Again; BEFORE implimenting the below, please get the green light from the professional responsible for your accounts and guiding you in your yearly accounts.

 

Create a bank account - Call it Shopify - You can then import in the banking section, into the shopify account, your spreadsheet. do it twice. Once for the gross amount, the other for the Fees. You'll have all of the gross income, and all of the fee's in one place. You can then add these as required. Then, when Shopify deposits the NET into your bank you can deposit or transfer the funds from the Shopify Bank account on QB, to your current account.

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