Shopify Integration With QuickBooks: A Step-By-Step Guide
If you want to run a successful online store but lack the tools or the technical expertise, Shopify for ecommerce is your saving grace. It’s a platform that comes with all the necessary features you need to run and manage an online shop. It gives you ample control over your store and handles both the ecommerce and point of sale (POS) aspects of your business.
Shopify is a hosted solution. This means you don’t need to worry about hosting or installing multiple software. With lots of customizable themes, add-ons, extensions, and a long list of satisfied clients reaffirming its reliability, there’s no going wrong with this amazing platform.
Besides an array of dedicated ecommerce features, this online store platform also allows you to easily sync your shop’s data with QuickBooks, an accounting solution that’s extremely popular with small and medium business owners. Once you successfully connect Shopify to QuickBooks, your shop’s inventory, customer data, orders, and shipping details will be automatically updated. This effective solution ensures accurate accounting.
If you use both of these platforms and are looking to get the most value out of them, keep reading to learn more about Shopify-QuickBooks integration.
How To Integrate Shopify Data With QuickBooks
Accurate accounting is vital for the growth of any business. For small and medium retailers, this is one such task that takes up a lot of time. Hence, most ecommerce retailers often rely on third-party accounting software like QuickBooks to automate financial processes.
If you’re one of those sellers who need both platforms, this detailed guide on Shopify integration with QuickBooks will help you further automate daily tasks. There are many applications in the platform’s App Market like QuickBooks Sync by Bold, QuickBooks Bridge, Shopify for QuickBooks Online, and so forth.
Before we tell you how to integrate these platforms, make sure that you’ve done the following things:
- Select the app that best suits your needs and budget
- Once the app is installed, go to your Shopify website’s admin panel to verify the same
Once you’ve successfully installed the app, follow the steps listed below to complete the integration:
1. Choose the information to connect
Each app offers various integrations between your Shopify data and QuickBooks accounts. You can review existing accounts and create new ones under the Chart of Accounts menu in your QuickBooks Online (QBO) account. You can connect your website’s sales data, payments data, customer data, or any other report you wish to sync. Just make sure to integrate it into the right category.
2. Choose a synchronization frequency
Next, you need to define how frequently you want to merge your website’s data with your accounting software. You can set the sync frequency on a daily, weekly, or monthly basis. You’ll also be able to combine real-time data of your Shopify POS using most of the integrations. You can even choose the time of day when you want the data to be synced or activate it manually as per your convenience.
If you’ve prepaid orders or have orders for which you’ll be receiving payments later, you can also set up synchronization to be updated in your accounting software as the payment is received. With the right frequency, you’ll be able to better manage your store’s inventory, orders, receipts, cancellations, and refunds.
3. Import sales
If you aren’t already using an inventory management app, these third-party integration apps will also allow you to import all data from your ecommerce site to an accounting solution easily. All you need to do is open the app settings from your website’s admin panel. For instance, with the QuickBooks Sync app, you’ll be able to export all orders and refunds into QBO, including shipping and tax details, line items, and historical data.
You can configure how QBO receives the imported information using the settings page in your shop’s admin panel. Just select the “export Shopify data to QuickBooks Online” option under admin, add the date range, and click on export. Your sales data will now be imported to QBO.
That said, please note that all imported orders in QBO are recorded as sales receipts under the product sales account, as liabilities under the gift cards account, as deposits under the PayPal account, and as assets under the payments deposit account.
Useful Apps For Customized Integration
There are many apps for Shopify that can help you integrate QuickBooks for better accounting and seamless management. Each has a different pricing tier and offers various levels of integration. You can choose the app that best suits your business requirements and overall budget.
QuickBooks Desktop Sync
This app allows you to seamlessly sync your digital store’s orders, inventory, and fees with the accounting service. With the automated process, you’ll be able to save a lot of time on data entry, improve your company’s productivity, and maintain accurate financial information by integrating both platforms. If you’re selling on multiple platforms, you can even integrate Amazon and eBay data to get a complete picture of your online business.
The app works perfectly with Shopify and Shopify Plus plans. It also allows you to instantly sync orders, handle cancellations and refunds, manage sales tax compliance, record fees, merge inventory, generate purchase orders, and manage product listings from a single dashboard.
The company is offering a 15-day free trial. Premium plans start at $49/month.
QuickBooks Sync By Bold
Enjoy seamless financial reporting with this app in just a couple of clicks. It allows you to quickly and easily import all of your Shopify orders and refunds into QBO. You can either automatically sync the data or export it manually by setting the desired date range. You’ll be able to automatically match up your shop’s payouts and fees, including order details such as line items, taxes, and shipping.
It also allows you to import products and inventory data from QBO to your digital shop platform. The app automatically sets up tax rates with associated agencies based on your imported order data. All in all, this is one of the most flexible and multi-faceted apps in the Shopify App Store.
You can use the app at no cost until you have 30 orders per month. Premium plans range between $19.99/month and $59.99/month, based on the features you choose and your monthly order limit.
This is another great app that allows you to integrate your data with QBO easily. Whenever an order is synced using this app, all relevant information such as line items, shipping, and tax details are also joined together. It allows you to choose the time and day you want your data to be synced automatically or do it manually.
This app supports multi-currency integration (something that most apps don’t offer) and allows you to integrate more than one store into your QBO account. You can even define how to merge customer data, including individual customer accounts or one common account for all orders. Additional features, such as inventory sync and merge invoices without payments, are great add-ons that can further simplify your work.
Pricing starts at $10/month for 100 orders, $20/month for 800 orders, and $30/month for 2,500 orders. Additional orders and features are billed extra.
QuickBooks Daily Summary Sync
Developed by Bookkeep.com Inc., this app allows you to reconcile deposits and sales, manage refunds, and more with one-click QuickBooks integration. You can summarize all daily orders and reconcile deposits in minutes, totally obliterating the need for manual corrections and reconciliations. You’ll be able to split out all Shopify fees and get clear data about receipts that match your bank statement.
You can also set up COGS (cost of goods sold) and a sales feed for each sales channel that you use. This allows you to review all your sales in a single report. The app also gives you the flexibility to match Shopify payouts irrespective of your time zone.
It comes with a 14-day free trial, so you can try it out before committing to premium plans. The cost ranges from $9.99/month to $69.99/month.
QuickBooks Online By OneSaas
QBO is developed by OneSaas with the sole aim to help businesses save time and money when connecting their digital stores to QBO. It allows you to seamlessly integrate and share data between accounting apps, ecommerce fulfillment apps, billing, and email marketing apps. You’ll be able to select Shopify orders by status and import them to QuickBooks Online, match tax codes and line items by name or SKU, assign default deposit accounts, auto-sync new products, and map payment records.
The app offers a 7-day free trial. Premium plans start at $19/month and go up to $49/month. However, there’s a cap on monthly orders. If you exceed the limit on your plan, additional charges of $4.50/100 orders are applicable.
Benefits Of Shopify-QuickBooks Integration
Proper and accurate accounting is necessary to grow a business. Integrating the two platforms allows you to control your store’s financial information better so you can optimize your processes and generate more revenue. Major benefits include:
- It helps you save time, money, and effort
- With robust synchronization in place, there’ll be minimal accounting errors
- You’ll be able to get detailed reports for every category as and when you need it
- It’s easy to manage as most of the integration is just a one-click process. Additionally, you can even automate the data sync as per your preference or run it manually
- It helps businesses get a better grip on their net profits (P&L statement), thus giving them a better idea of how to organize expenses and increase returns on investments
If you’re using both Shopify and QuickBooks for your ecommerce business, integrating both these platforms will help you gain complete control of your store’s financial data. You’ll be able to skip hours of manual reconciliation by automating daily tasks and syncing your Shopify orders and payments feed to your accounting software. Check out the apps listed above, use the free trials, and select one that best fits your requirements.