E-commerce business undertakes lots of different financial transactions that quite need a high level of accounting and accountability. A2X is an automated software that helps in handling all these fast and accurately. Presently, the available versions are the A2X for Shopify bookkeeping and A2X for Amazon. In this article, our focus is on a2x Shopify, which is essential in accounting for Shopify. You will learn how to reconcile Shopify payments in Xero and a lot more.
Accounting for Shopify: What is it?
Accounting for Shopify stores is a more automated process. In its Apps’ store, Shopify has lots of accounting apps ready to solve varied accounting concerns.
These Apps can;
- automate sales tax rate calculation
- track revenues and expenses
- generate financial reports
What A2X for Shopify does concerning accounting for Shopify is pretty more the same, bookkeeping. As in other businesses, Shopify Bookkeeping remains crucial for its prosperity. A2X, in this case, therefore records in a more summarized way all the transaction fees on sales made. The two common software to which it records is the QuickBooks and Xero. From here, it is easy to make a proper analysis of your business’s finances.
How to reconcile Shopify payments in Xero
Once you have the Xero bridge App, how to reconcile Shopify payments in Xero only takes three straightforward options. The choice you pick will so much depend on your intended results plus the prevailing situation.
The following are the options available within the Shopify Bookkeeping Xero service.
1. Use the Received Money transaction from the Xero Bridge app to reconcile each payment. This process is rather slow and time-consuming as it involves checking one payment against its invoice at a time.
2. Code every detail of sales to the same account as Sales Invoice and utilize it as a clearing account. This option may, however, be invalid if the client’s deposits are invisible – meaning, they using overseas accounts.
3. Set-up another account within your Xero to help in bulk storage of payment record. Ensure, however, not to double up things GST!
The integration of A2X for Shopify plays a better role in the effectiveness of all these processes. Click here for a quick a2x Shopify sign up.
Shopify Bookkeeping services near me
One better way you can keep an eye on your e-commerce finances is by introducing the bookkeeping services. Shopify bookkeeping services near me are plenty in number, and you can always take advantage of the best that are available.
Fortunately, most of these services are now available online – you do not need to employ someone physically. Besides, that would only involve more spendings on them as per the terms of employment. A quick way on this is to go online and search for, ‘Shopify Bookkeeping, bookkeeping services near me.’ Several results will appear, and through profile analysis, you will be able to make your best choice.
Although there could be other a lot yet associated Shopify bookkeeping services, still A2X for Shopify offers a more significant positive impact. First, it is easy to integrate; it comes with a free trial, and it is fast and accurate. Try it today for free, no credit cards required!