Shopify Payout reconciliation is possible through Webgility Online if we follow the Journal Entry posting. Click here to learn more about Journal Entries.
It is recommended that you connect Shopify Payments as a payment processor. When Shopify Payments are connected, Webgility Online is able to create reconciled journal entries based on the actual payout data sent to the bank account from Shopify Payments.
Summary as a Journal Entry
When selecting Summary as a Journal Entry the user is expected to post all orders and refunds into a single entry under the default processor.
Once Shopify Payments is connected as the payment processor, the orders, refunds, and fees related to Shopify Payments will automatically be batched per Payout ID and made into Ready to Reconcile batches in QBO.
Payout batches are determined by the user's settings in Shopify Payments and how frequently they are paid. The default for payment frequency is every day. Other one-click options include weekly or monthly payments. For US businesses on Shopify, at the close of the selected payout period they will be paid for the duration of the period minus any disputed transactions or payments.
The payment does not typically clear or deposit for up to 72 hours after the period is closed. Meaning, after a payout period is over it may take up to three business days for the payout data to be available from Shopify. This will coincide with the deposit happening in the bank account. Find more information on this, here.
As soon as the deposit to your bank account is completed, the payout data will be available in both Shopify and Webgility Online.
Once downloaded to Webgility, the orders and refunds will be batched with the Payout ID and data associated with the payout. The payout contains information to correct any additional fees or revenue that was previously withheld from the seller.
Webgility Online handles this with an adjustment line item to the same account selected for Product or Sales Income. The rest of the payout data is compared against the order and refund data, and the associated orders and refunds are then used to separate the data into selected accounts.
Note:
Summary as Journal Entry is currently limited to the Ready to Reconcile journal entry for Shopify Payments only when connected.
When Shopify Payments is not connected, the user will have the option of posting all orders as a daily/weekly summary journal entry for all the orders for that selected time frame.