I use Shopify as my sales outlet. Originally, I was using an app to automatically transfer the sales receipts into QBO. They would go into undeposited funds and then I would "deposit" them when the Shopify payouts come through. This way, I can account for the Shopify fees and everything seems to match up perfectly.
Recently (in the last 4 months), I had to stop using that app as the monthly fee kept increasing, and started using another app Shopify Connector by Intuit. Since I had to map the specs myself, I opted for the sales receipts to be deposited into the bank automatically. I realized that this means that they are marked as paid when they come through. So now, I cannot match the payouts with the bank ledger.
3 questions:
1- How do i account for the Shopify fees in the payouts from the last couple months
2- How do I ignore those Shopify transfers that came into the bank ledger, and how should I reconcile?
3- I am feeling that doing the undeposited funds is a better option? What do you think?
