Shopify + Wave Accounting Help Needed

jstlouis79 · April 15, 2022

Good Afternoon All,

I'm new to Shopify, Wave and running my own business in general. I'm chose Wave Accounting because of the reviews I've read on how easy it was to use by many businesses. With that said, I really love the interface, and it seems to very simply/straightforward to use, but I'm struggling with recording Shopify sales into Wave manually. I don't get a lot of orders at the moment, and I don't want to use an integration like Zapier or others until I understand what's happening and we grow a bit bigger.

To give you a quick overview of how we operate, to help understand what I'm trying to accomplish.

NOTE: We are a Canadian only eCommerce store, and we are setup to collect taxes, both Federal and Provincial.

1) Sale is made on my Shopify eCommerce Site. Customer Payment is made using the Shopify integrated payment function, as well as PayPal. (I will be adding afterpay as an option too very soon).

2) Wave is connected to my Business Chequing Account as well as my Business Credit Card (VISA). TD Canada Trust. I can see all transactions in/out for both get pulled in.

3) Shopify/Paypal/Other payouts are held temporarily, then transferred into my Business Banking Account. I can see these show up in when Wave synchronizes with my bank, less the "merchant fee (payment processing fees)"

4) Credit Card is used to pay my suppliers for products I sell, as well as advertisements (Eg. Facebook Ads), and monthly subscriptions (Eg. Shopify Subscription, Office 365 email subscription, etc.). I can see these show up in when Wave synchronizes with my bank.

With that said, I don't understand how to record Sales from Shopify into Wave. I watched a google video someone made for Etsy + Wave, and they used the "Cash on Hand" account to reconcile their account. They record the transaction here, including the merchant fees. They then use a transfer to move the money into their Bank Account after it's been recorded.

When I attempt the above, it seems like the first payout period works, but all others after that fail on me, and I don't understand what I'm doing wrong.

Looking for some help on how to do this correctly. If there is an article with screenshots or a video, that would be very, very, very helpful. Especially if it was shopify based, however I'm sure the concept works for others as well.