This course is for anyone who is doing the ecommerce accounting using Xero or QuickBooks Online for a company using Shopify for their website sales.
It discusses the specific challenges that business owners (and accountants!) face in capturing and recording accurate data, even with the use of add-on tools such as the Shopify integration with Xero and/or cloud inventory tools. We'll discuss how to handle multiple payment processors, how to properly configure your shopping cart to collect sales tax, and what to do about refunds and partial refunds. We will also cover all the ins and outs of inventory and cost of goods sold, including how to select the right cloud inventory tool for your business and how to calculate cost of goods sold accurately. We'll wrap it up by introducing a few extra tools to help you automate your accounting process and business requirements that are often overlooked by new sellers.
At the end of this course, you should know not only how to grab the data you need but also how to enter it and show that you've accounted for everything properly so you can rely on accurate financials without pulling your hair out!
Patti is the Co-Founder and Chief Operating Officer for Catching Clouds LLC, the leader is ecommerce accounting services. She is a blogger, speaker, and thought leader in the accounting technology industry. She is a CPA who absolutely loves designing effective accounting systems for ecommerce businesses and is committed to advancing the artistry of accounting through the use of technology. You can follow her on Twitter (@PScharfCPA).