As part of the daily Summary that MyWorks syncs into QuickBooks, payments made to Shopify orders through the day will be correctly recorded in the journal entry created in QuickBooks. Payments made through Shopify Payments, and any other payment methods, are supported!

Payments from each different payment gateway can be recorded to separate bank accounts in QuickBooks; which can be set in MyWorks Sync > Settings > Payment Methods.  

The QuickBooks bank account to select in this area should most often be a “clearing” account in QuickBooks, not your actual QuickBooks checking account. This can be a separate QuickBooks Bank Account named something like “Shopify Clearing” - or an existing account like “Undeposited Funds”. Further below in this article, we share how syncing the Shopify Payout to QuickBooks helps correctly reconcile these payments in a Daily Summary with the Payout sent from Shopify to your bank several days later. 

And, the below example shows how this would look in the Daily Summary we sync to QuickBooks as a journal entry: 

Syncing Shopify Payouts

Since the payments we sync to QuickBooks in a daily summary reflect the payments for the sales made in a particular day; it's usually also helpful to use MyWorks to sync your Shopify “Payouts” to QuickBooks in addition to syncing daily summaries. Here's a brief explanation of the difference between the Daily Summary and a Shopify Payout that MyWorks can sync to QuickBooks:

• Daily Summary: records the sales, discounts, taxes, cogs, refunds and more for a specific day's transactions within a 24 hour period based on the timezone of your Shopify store - and includes all payments for orders - paid through Shopify Payments or any other payment method.
   
• Payout: Only for Shopify Payments - is synced to QuickBooks when Shopify sends a payout to your bank for your Shopify Payments transactions, and records the movement of the funds from your “clearing” bank account in QuickBooks into your QuickBooks checking account, while correctly recording the transaction fees Shopify charges: resulting in a “match” when this deposit shows in your QuickBooks Bank Transactions feed. 

Based on the above example Daily Summary, here's what the Payout would look like in QuickBooks once synced by MyWorks:

• The total payments for this payout ($998.07) are removed “credited” from the Shopify clearing account bank in QuickBooks - where they were originally added by the Daily Summary.
   
• The actual amount sent to your Bank Account  ($963.20) is added “debited” to your corresponding “Checking” account in QuickBooks.
   
• The remaining Shopify Transaction Fees are recorded to the Bank Charges expense account. 

When the Shopify Payout's deposit clears your bank account several days later; it then shows up as a Match in your QuickBooks Bank Transaction feed.