Shopify + MYOB bank feed reconciliation

Overview

• This guide will cover how to reconcile Shopify transactions with the bank feed in MYOB for those using the Shopify + MYOB integration.
• Match the Shopify payout to the synced bank transfer transaction.
• Allocate other payment types to the clearing accounts.

Reconciling Shopify Payments payout

The Shopify payout is automatically matched to a bank transfer transaction that was synced by the integration. All you need to do is confirm that the match is correct to complete the bank reconciliation process for these transactions.

1. Log in to MYOB.

2. Go to Banking ➜ Bank Transactions.

3. Select the bank account where Shopify payouts are deposited.

4. Find the Shopify payout and click on “Possible match found”.

5. Tick the box to select the transaction and then click Save.

Reconciling other payment deposits

For other payment types, you need to take note of what clearing account each payment type has been mapped to. Then, you’ll need to go through the following steps for each payment type to complete the bank reconciliation process. To view the clearing accounts mapped to the payment types, follow this guide on accounts mapping.

For example, you’ve recorded a cash payment into Shopify. The integration syncs this to the clearing account assigned to the cash payment type. When you deposit the cash to your bank account, you must allocate this to the same clearing account mapped to the cash payment type, e.g. Shopify Cash Clearing. Follow these steps for the cash payment type:

1. Log in to MYOB.

2. Go to Banking ➜ Bank Transactions.

3. Select the bank account where cash is deposited.

4. Find the cash deposit related to Shopify and click on “Allocate me”.

5. Select the “Shopify Cash Clearing” account or the mapped clearing account if you changed the default mapping.

6. Ensure the Tax Code is Not Reportable (N-T 0%) since the tax amounts have already been recorded into the synced invoice.

What is a clearing account?

Clearing accounts are temporary accounts that hold a record of payment received as per POS/eCommerce app before the money is deposited by the payment service into your bank account. This means your sales and payments data are always up-to-date. Allocating the actual deposits to the clearing accounts will offset the amount on the clearing account that has the temporary balance and post it to a permanent account.