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Reconciliation templates

Automate Shopify payout reconciliation in Xero

Shopify pays out net of fees, refunds and adjustments. Modern breaks each payout into its parts and drafts the entries in Xero so the payout reconciles to the bank deposit to the cent.

  • TriggerWhen a Shopify payout is paid
  • Steps4 steps, from trigger to sign-off
  • ControlBookkeeper approves each payout entry
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ShopifyModernXero
When a Shopify payout is paid

The instruction

“When a Shopify payout is paid, pull the orders, refunds, fees and adjustments it includes. Book sales by sales tax rate, fees to Merchant fees and refunds to Sales returns. Draft a single entry in Xero that equals the payout and matches the bank deposit, and ask the bookkeeper to approve it.”

Works with every major ERP

  • QuickBooks
  • NetSuite
  • Sage
  • MYOB
  • SAP
  • Microsoft Dynamics 365
  • Oracle
  • Workday
  • +100 more

How it runs

4 steps from trigger to sign-off

  1. 01

    Read the payout

    Pulls every order, refund, fee and adjustment included in the payout.

  2. 02

    Group the lines

    Totals sales by tax rate and separates fees, refunds, gift cards and chargebacks.

  3. 03

    Draft the entry

    Creates one entry in Xero that equals the payout amount to the cent.

  4. 04

    Approve and match

    The bookkeeper approves, then Modern posts the entry and matches it to the bank line.

Customize it for your business

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FAQs

Reconcile Shopify payouts to the bank: FAQs

Can’t find what you’re looking for? Send us a message and a person on the team will answer.

Yes. Gift card sales go to a liability account and chargebacks to the account you choose, so revenue is not overstated.

Modern uses the payout currency and the amount that lands in the bank, and books any difference to your FX account.

Yes. Modern drafts the same entries in QuickBooks, NetSuite, Sage or Xero.