Selling products online is becoming more and more common, so it’s likely that you are either an e-commerce seller yourself, or a bookkeeper looking to work with e-commerce sellers. Whichever category you fall into, understanding the fundamentals of Shopify financials is simple once you have all the information in one place. That’s why I’m taking you on an insider’s tour of the Shopify Bookkeeping Method, my latest course designed to give you all the basics you need.
What is the Shopify Bookkeeping Method course?
The Shopify Bookkeeping Method is my step-by-step course that shows bookkeepers and online sellers (specifically Shopify sellers) how to work on Shopify bookkeeping.
Shopify bookkeeping is very different from any other type of e-commerce accounting. This is owing to the fact that you have to work with multiple payment processors when using Shopify. That makes the bookkeeping a lot more challenging, and it’s not something that you can do with the snap of your fingers. Working with this type of system is something that you need to learn in order to know how to do.
In the Shopify Bookkeeping Method course, you not only get all of my training, but you also get all of my proven workflows. And if you know me, you know that I’m all about workflows and streamlining processes. Because of that, I make sure that you learn my proven workflows for doing Shopify Bookkeeping in this course.
What’s included in the Shopify Bookkeeping Method course?
Let’s go over what the course includes.
This course is delivered through video lessons and handouts, which you get access to 24/7. Your access to these lessons and handouts is unlimited, and it will never expire.
You’ll get some other helpful spreadsheets and checklists:
- the Shopify chart of accounts spreadsheet and walk through
- the Shopify Bookkeeping set up checklist
- an A2X set up checklist
- the monthly bookkeeping checklist
- a Shopify reconciliation spreadsheet
- a PayPal bookkeeping checklist
- an inventory tracking spreadsheet
You’ll also get membership to my private student Facebook group, where you have direct access to me. In this group, I personally field any questions or comments you might have about the course.
In addition to that, if you’re a bookkeeper, you get the Shopify client onboarding checklist, a sample engagement letter for Shopify Bookkeeping, and a sample e-commerce pricing spreadsheet.
What is covered in the Shopify Bookkeeping Method course?
Topics
In the left-hand side navigation panel, you see that the course is divided into sections.
The list of sections we’ll cover are:
- Welcome and Introduction
- E-commerce basics and best practices
- Shopify bookkeeping set up
- Recording Shopify transactions and QuickBooks Online using A2X
- Shopify monthly bookkeeping workflow
- Working with PayPal transactions
- Inventory and cost of goods sold
- E-commerce sales taxes for US sales taxes
- AND even some bonus lessons!
Inside each section
Section 3
Let’s take a closer look at Section 3 – Recording Shopify transactions in QuickBooks Online using A2X. Here you’ll see an example of what you’ll find in each section. [Link to video at 3:03]
First, you’ll see the downloadable PDF of all the video lessons. On the right, you’ll see content of the lessons. Here is where you can view the PDFs without downloading them. This is also where you’ll see the video lessons.
In Section 3, we’ll learn about methods for recording Shopify transactions, setting up A2X accounts and taxes, A2X settings, switching between accounts and notifications in A2X, Shopify settlements and payouts, and the A2X setup checklist.
I keep all of the video lessons fairly short. They are concise to the point – exactly what you need to know so that you can get a lot of information within a very short period of time.
Section 4
Section 4 is all about the Shopify monthly bookkeeping workflow.
In this section, you’ll find various lessons. These lessons include recording transactions, reviewing A2X, working with the QBO banking transactions, recording the Shopify monthly bill, and recording payment processor fees (a valuable lesson).
[Video at 4:27] When you learn about recording payment processor fees, the lesson will show you how to go in and get those fees. For example, for Stripe, you’ll find step-by-step instructions: go to Reports, go to Balance, enter the date, get the amount and then make a Journal entry in QuickBooks.
This section on workflow also includes lessons on reconciling bank and credit card accounts and reconciling Shopify income and payment processor deposits, which includes a reconciliation spreadsheet. You’ll move on to cover the month end review, reviewing clearing accounts, reviewing and updating month-end inventory balances, as well as reviewing key reports, making corrections, and closing the books.
Section 5
If you’re using PayPal, then you have a whole section of working with PayPal transactions.
Section 5 includes two methods for working with your PayPal transactions – either connecting your PayPal directly to QBO or recording summarized PayPal transactions in QBO.
Other sections
We also have several lessons on inventory and cost of goods sold and US e-commerce sales taxes. As a bonus, the course also includes some tutorials on recording Shopify transactions manually into QuickBooks Online.
I’ll also touch on bookkeeping for other sales channels, although this course is specific to Shopify.
If you’re a bookkeeper, I’ve included some material on pricing for you. In this course, I go over some pricing tips for bookkeepers plus a sample pricing spreadsheet for bookkeepers. As a final feature, you’ll also find a sample engagement letter.
Closing
I hope this gives you a good overview of what’s included in the Shopify Bookkeeping Method course. If you want more tips on working with Shopify, then check out my videos on the 5 Minute Bookkeeping channel and follow me on the 5 Minute Bookkeeping Instagram.
If you’re a Shopify seller looking for a little help, then be sure to visit the VM Wasek Instagram. At VM Wasek, we help online sellers streamline their financials by offering books done with you and books done for you. Think this is what you’re looking for? Then click here to see if VM Wasek is the right fit for you.
