When customers pay through Shopify Payments, Shopify holds the money before it pays it out to your bank. Import Shopify's transactions export into an account of its own, and every sale counts at its full price on the day it happened, with each Shopify fee as a separate line.
- In Shopify, open Finance, then Payouts, then Transactions, and press Export. Choose the date range and CSV, and Shopify emails the file to you.
- On Banking, press Import a statement. The first time, under Which account, choose A new account with Account name "Shopify Payments", Bank "Shopify Payments" and Currency GBP. Every later export goes into that same account.
- Under Statement file, pick the emailed CSV and press Import statement. Import result shows Read as "Shopify Payments export", with no columns to check.
- Give each line a category. A charge, refund or chargeback is Sales income. A fee line, described "Shopify fee on …", is Bank charges & interest. A payout is Transfer between own accounts.
- Find the payout's credit in your bank account and categorise it as Transfer between own accounts too, so the same money is not counted twice.
- For an adjustment or a reserve line, ask your accountant which category it belongs to before you choose one.
Cases
- Each sale is one line at its full price, and each fee is a line of its own. The net figure Shopify prints beside them is never imported.
- A fee line carries no VAT figure. Shopify bills UK fees under the reverse charge and sends no VAT invoice.
- A £0.00 order is one line, with no fee line.
- Exporting an overlapping date range, or the same range after a payout has been paid, imports nothing twice.
- Two orders at the same price on one day are both kept. When a later export brings another order at that price on that day, it is imported with the Possible duplicate mark; the order number in each description tells them apart.
- A row whose Type is not one the app reads is listed with its row number under the rows that could not be read, and the other rows still import.
- The export names no currency, so every line is imported in GBP. A store that pays out in another currency cannot use this import yet.
Good practice
- Confirm every Shopify line before you read your income. A proposed category moves no figure until you confirm it.
- Export the whole period each time. Overlaps are safe, because nothing is imported twice.