STEP 3: Download your monthly fees invoice from each payment gateway and account for those directly in Xero or QuickBooks separately. (We name all payment gateway accounts clearly so it should be easy to identify which is which) STEP 2: Allocate any deposits from the payment gateway to the relevant payment gateway clearing account. This will debit the clearing account with the net value of your sales minus any refunds via that payment gateway. STEP 1: Send the Link My Books settlement summary report to Xero or QuickBooks. How do I reconcile these payment gateway clearing accounts? Don't worry we create these in your chart of accounts for you automatically as they are needed so no action is required from your side. One for each payment gateway you accept payments through. We use these clearing accounts to record the funds that are expected from each third-party payment gateway, which have yet to be deposited into your bank account. These monthly summaries will be cleared through a clearing account (one clearing account per payment gateway).Ī clearing account (sometimes referred to as a suspense or holding account) is an account where funds from payment providers that are in transit or as yet undeposited into your bank account are accounted for. If you are accepting other payment gateways such as PayPal, Klarna and Clearpay via your Shopify store, Link My Books will generate a settlement summary report once per month for each gateway summarising the sales and refunds. So these are nice and easy to reconcile directly on your bank reconciliation page in Xero or QuickBooks. This means that the invoices you send to Xero or QuickBooks from Link My Books will match exactly the amount Shopify deposited into your bank account. The good news is that Link My Books works for all payment gateways through one single connection to your Shopify account.įor sales paid for via Shopify Payments, Link My Books generates one settlement summary report for each payout you received from Shopify. With Shopify merchants have the ability to accept payments via Shopify Payments and also through a whole host of other payment gateways too.
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January 2023
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