Accounting for Shopify
Everything you need to know to handle your Shopify accounting right
NOTE: This course will be updated during 2020 to include how to set up A2X to automate your Shopify sales. All past, present, and future students of this course will have access to any and all updates when they are released. In the meantime, you can learn how to do the accounting without any additional tools... and you'll better appreciate the automation if/when you set it up!
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!
"I’ve taken a look at most of your Accounting for Shopify videos. There is a lot of information here and I’m super impressed with all the work and planning you and Scott put into making this production. GREAT JOB!"
- Brian Landes, Open Sky Consulting LLC
"Just started the Shopify course! Patti you did such a good job of describing the complexities involved in the integration between a shopping cart and xero. Can’t wait to learn more."
- Tracey Brittain Newman, CloudCounting Pty Ltd
Patti Scharf is the Co-Founder and Chief Accounting Geek for Catching Clouds LLC, the leader in ecommerce accounting. She is a blogger, speaker, and advocate 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 YouTube (https://www.youtube.com/c/CatchingCloudsAcademy).
Scott Scharf is the Co-Founder and Chief Ecommerce Geek of Catching Clouds LLC. Scott is passionate about helping business owners run better businesses by having detailed, accurate financials so they can make great decisions. Scott loves talking to and consulting with ecommerce sellers by reviewing their technology stack, internal operations, cloud inventory, and sales tax management.
StartAll Slides - Module 2
StartIntroduction to Sales Tax - Outsourcing (2:13)
StartIntroduction to Sales Tax - Physical & Economic Nexus (11:30)
StartWhere is My Physical Nexus? (2:03)
StartMarketplace Facilitators (3:10)
StartConfigure Shopify to Collect Sales Tax (1:31)
StartHow to Pull Sales Tax Data (0:59)
StartShopify vs. Shopify Plus (1:39)
StartSales Tax: Let's Review (0:47)