Bookkeeping for Shopify, Stripe and PayPal sellers
Payouts that never match your sales? Fees and refunds buried in deposits? We turn your platform payouts into accurate books, with sales tax coded by province.
What is e-commerce bookkeeping?
E-commerce bookkeeping turns your Shopify, Stripe and PayPal payouts into accurate books, with gross sales, fees, refunds and sales tax recorded separately and reconciled to your bank. Payouts arrive in your bank as one net amount. If only the deposit is recorded, your sales, your expenses and your sales tax are all wrong. We break every payout down so it ties exactly.
- Platforms
- Shopify, Stripe, PayPal, Square, Wise and Moneris
- Software
- QuickBooks Online and Xero
- Sales tax
- GST/HST and QST coded by the customer's province
- Price
- Monthly plans from $99 CAD
What our e-commerce bookkeeping includes
- Payout reconciliation: gross sales, fees, refunds, chargebacks and reserves
- Processor clearing accounts that reconcile to zero
- Sales tax coded by the customer's ship-to province
- GST/HST and QST returns prepared from your sales data
- Multi-currency sales, USD accounts and Wise balances
- Inventory and cost of goods sold
- Shipping, apps and platform subscriptions categorized
- Monthly profit and loss, by sales channel if you need it
- US sales tax support for US sellers
Common e-commerce bookkeeping problems we fix
- Bank deposits do not match the sales in Shopify
- Platform fees hidden inside net payouts, so expenses are understated
- Refunds and chargebacks missing or recorded as negative sales
- The wrong tax rate charged to customers in other provinces
- A PayPal balance that has never been reconciled
- USD sales converted inconsistently
“Naveed reconciled my QuickBooks accounts and fixed all the issues accurately and efficiently. Great communication, professional service, and delivered on time.”
Four simple steps
Connect
You add us as your accountant in QuickBooks Online or Xero and share payout reports from each platform.
Map
We set up clearing accounts for each platform and sales tax codes for each province.
Reconcile monthly
Every payout is broken into sales, fees, refunds and tax, and matched to your bank deposit.
Report and prepare returns
You get monthly financial statements, and your GST/HST and QST returns are prepared on time.
Real results
payment platforms reconciled: Stripe, Square, PayPal, Moneris, Wise and Shopify
Canadian client files managed at an Ontario CPA firm, including retail businesses
GST/HST and QST returns prepared every quarter
Frequently asked questions
How should Shopify payouts be recorded in QuickBooks?
Record the gross sales, fees, refunds and sales tax from each payout separately, then match the net payout to your bank deposit. Recording only the deposit understates both your sales and your expenses. We use a clearing account for each platform so every payout reconciles exactly.
Do I charge GST/HST on online sales to other provinces?
If you are registered, you generally charge the GST/HST rate of the province where the goods are delivered. Customers in Quebec also bring QST into the picture. See our GST/HST and QST guide for current rates, and confirm your situation with the CRA or your accountant.
Do online sellers need to register for GST/HST?
Most online sellers must register once their taxable sales pass $30,000 in a calendar quarter or over four consecutive quarters. Below that you are generally a small supplier, although registering voluntarily lets you claim input tax credits on your business purchases.
Can you reconcile PayPal and Stripe as well as Shopify?
Yes, we reconcile Shopify, Stripe, PayPal, Square, Wise and Moneris.
Do you handle US sales tax?
We provide US sales tax support for US clients, tracking and reporting sales tax in your books. Canadian businesses are our main focus, and we serve US sellers on QuickBooks Online and Xero.
Get a clear price for your books
Book a free call or message us on WhatsApp. We work Monday to Friday, 8 am to 8 pm Eastern Time.