Once you have connected your Shopify store & Xero organisation, you can now set up your account. Just click settings on the sidebar to find the following screen:
(All settings are automatically saved)
Options 8 - 21 are the account mappings, these are the Xero accounts that we should allocate the components of your payouts to. If your unsure contact us or your accountant.
- This selects if you want the invoices sent to Xero in a draft or approved state.
- This is the Xero contact you want to send the invoice to. Most people here have something like 'Shopify'. If you have no contact see 5.
- All of the orders, that used the 'Shopify Payments' gateway will be consolidated into one invoice that will reconcile against the payout from Shopify. If other orders occur that use POS, paypal, laybuy etc these will be sent individually to Xero if this is set to 'Yes'
- If you set 3. to yes, this option will appear. Any gateway selected here will *not* be sent to Xero. For example you might want all orders except ones that used paypal to be sent to Xero.
- If you have no suitable contact, you can create one here. After clicking save the contact should appear in the dropdown in 2.
- Click this if you want to remove your Xero account from Reconcile.ly
- This opens the option to add a new account in Xero
- Gross sales. These are sales that had a tax component.
- Refunds. This is usually the same as gross sales.
- Shipping Income. You may want to account for income from shipping costs separately
- Tax Exempt Sales. Sales that did not have a tax component.
- Tax Exempt Refunds. Refunds against an order that did not include tax.
- Adjustments Shopify has made to you payout. Usually set the same as gross sales.
- Funds Shopify has reserved and now paid. Usually set the same as gross sales.
- Retried payout that has been successful. Usually set the same as gross sales.
- Shopify Fees. The amount that Shopify has charged for using the gateway.
- Discrepancies in the amounts of an order due to FX.
- - 21. Modifications & Adjustments to the Shopify Fee. Usually set the same as the Shopify Fee.