Using a "clearing" account in QuickBooks to manage Shopify payouts + fees

Learn how to effectively manage Shopify payouts and fees by utilizing a holding account in QuickBooks, ensuring efficient tracking and organization of your transactions.

Written by the MyWorks Team

Updated at May 6th, 2025

Typically, when dealing with credit card sales/deposits from your Shopify store, it's common to use a separate QuickBooks bank account and treat it as a “clearing” account to "hold" payments for orders from your Shopify store - so they can be correctly marked as paid in QuickBooks, even if the funds aren't sent to your QuickBooks bank account by a Shopify Payout yet. 

Using a clearing account in QuickBooks is especially common when using the Payout Syncing feature in MyWorks, to most easily reconcile/match your deposits in QuickBooks.

Using a clearing account in QuickBooks

This can be easily set up by creating a separate Bank Account in QuickBooks to act as a holding account for funds until they're deposited into your physical bank account by your card processor. This can be called "Shopify Clearing Account", for example.

Then, in MyWorks Sync > Settings > Payment Methods, this account should be chosen as the account for MyWorks to sync orders to. If you have multiple payment methods in Shopify, like PayPal or Authorize.net, for example - you could create one clearing account for each payment method in QuickBooks to keep them separated! 

Orders will then be synced into this bank account in QuickBooks, and if it's a Shopify Payment/Payout, MyWorks can sync the Payout into QuickBooks to be easily “matched”! 

Or, if the deposit is from a 3rd party processor; when the deposit reaches your bank account in real life, it can be "Transferred" from this clearing account. 

 

This results in your "clearing" account having a balance of only the sales/funds that have not yet cleared your bank account in real life: the amount that's still “on its way” to your bank from Shopify or your payment processor.

Transaction Fee Handling

Transaction fees can also be easily handled by MyWorks - either by including in the Payout we sync to QuickBooks or as a negative line item, which we cover in this doc.