Question 1

Consolidating Shopify Payments orders

Accepted Answer

If you're using Shopify Payments to accept payments in your store, you might want to group your payout orders and send them to Xero in a single invoice for quick payout reconciliation. The invoice will take care of working out the total fees, shipping, sales, exchange rates, gift cards, refunds, etc. so it matches the back deposit you receive from Shopify.

||| NOTE: Feature available on the Standard, Pro, and Unlimited plans.

This is one of the great features that make Reconcile.ly very effective as it will save you a lot of time; just make sure to always keep the ** _ 'Shopify Payments Consolidation' _ ** option enabled in the _ 'General Settings' _ section of your app setting for the app to create one invoice for each payout you receive from Shopify.

If this setting is enabled, Reconcile.ly will send your payouts to Xero when the Payout is created on Shopify, and you can tell Shopify when to generate your payouts. For that, go to your Shopify admin-> Settings-> Payments-> Shopify Payments (manage)-> Payment details-> Payout schedule:

Then, if the ** _ 'Shopify Payments Consolidation' _ ** section is disabled, the app will manage your payouts' orders individually; therefore, they will be sent to Xero as direct orders, and you will need to r

Question 2

How do I reconcile sales data synced to Xero?

Accepted Answer

Once you have connected Xero to Reconcile.ly and confirmed your settings, starting from the next payout, we will begin sending this data to Xero in the form of an invoice.

To Reconcile a Payout (Orders placed with Shopify Payments), all you need to do is head to your Dashboard within Xero. Your different accounts will display the number of unreconciled payouts. Once there, simply match this invoice against the payout in the bank feed.

To Reconcile separate orders being sent (Orders that didn't use the Shopify Payments gateway), then you will need to match against each order's invoice. E.g. A payout of $45 may require you to match with 3 x $15 invoices that were sent across.

Question 3

Configuring your Settings

Accepted Answer

Once connected, we will guide you through two settings screens; the first you can select your account mappings. Then the second will allow you to control how we send orders and what we send.

You can change these at any time.

Mappings

The mappings screen is straightforward, simply select which general ledger account we should map each income or expense type to.

We have only shown recommended account types by default, to view all, click 'Show all accounts' in the top right.

General Settings

On this screen, you will be presented with General Settings, Invoice Preferences, Inventory COGS, and integrations sections.

Shopify Payments Consolidation

**I want to consolidate all orders that used Shopify Payments into a single invoice per payout **

**This is the main feature that makes Reconcile.ly very effective. When set to 'Yes', we will create one invoice for each payout you receive from Shopify. This will allow you to reconcile that entire payout in one click. The invoice will take care of working out the total fees, shipping, sales, etc.

If you set this to 'No', then each order will be sent to Xero separately using the rest of the settings on this page. Check for more info about this [here](ht

Question 4

Inventory tracking and COGS reconciliation

Accepted Answer

COGS aims to fill in the other half of the reconciliation process by sending invoices to Xero to account for the costs you incur when you sell your products.

||| NOTE: The Stock & Inventory Sync is supported on the Standard, Pro, and _Unlimited _ plans, but the actual COGS Reconciliation feature is available only on the Unlimited plan.

Xero offers different ways to manage SKUs, inventory, and reconciliation and Reconcilely can fit nicely into your workflow based on your use case.

How Xero will do its inventory management is first determined by how your item codes are created:

Tracked inventory will defer inventory management to Xero. As you record sales against those products, the accounting software will automatically tick inventory up/down for you. While this solution has limitations, it often is good enough for many cases. If you sell tracked inventory, Xero will try to adjust your accounts for you.

|| We don't currently support syncing inventory amounts between Xero and Shopify. Xero only allows us to "update a consumption of an item by a sale" in the current version, it does not let us update the amount available.

Untracked inventory is used if you do not plan to track inventory or prefer to use a third-party inventory management software, as the product inventory will not be automatically adjusted by the accounting software (ie. Xero).

With COGS reconciliation, you can have Reconcilely make the inventory and COGS adjustments in custom ledger

Question 5

How does Reconcile.ly Work?

Accepted Answer

The first thing to take note off is that Reconcile.ly doesn't import every order paid using Shopify Payments into your Xero. Instead we operate on the principal that 'Shopify Payments' is a customer of you (they hold your money) and all your orders / Shopify customers, are customers of 'Shopify Payments' (they collect the money on your behalf).

This means you only need to send one invoice to 'Shopify Payments' for all the orders a payout contains.

We also have support to send any orders that used other gateways straight to Xero. You'll see this option in settings.

The following diagram illustrates this concept:

Reconcile.ly creates these invoices (or credit notes if it's negative), doing all the hard work of working out net amounts, fee's, adjustments, refunds, and tax-exempts sales etc so that once you match the payout to the invoice during your reconciliation, all of your accounts will be credited or debited correctly.

If you are using other Apps that simply import all orders into Xero, this may complicate things. Reach out to us if you have any questions!

Question 6

How do I import orders older than 1 month?

Accepted Answer

To backdate orders, you'll first need to buy a one off pass to do so, this will allow you to backdate orders and payouts for an unlimited amount of time.

You can buy this here (You'll need to be logged into Reconcilely)

Once this is done, you can backdate individual orders from the "Recent Direct Orders" screen using the date picker.

If you need to backdate payouts, reach out to us via live chat with the date range you would like.

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