Great! Thank you. How come in your Shopify video, we didnt add sales tax to the journal entry? I have a sales tax payment transaction but no expense area to apply it to.
In Shopify we do add sales tax, but we add it as Sales Tax Payable, a liability account. That's because with Shopify you are collecting the sales tax yourself, it is given to you in the deposits, and then you are responsible for remitting it. Shopify is different than marketplace facilitators that must do the collecting and remitting for you (TikTok, Amazon, Etsy, etc.)
Hi! I'm curious about your method for recording advertisement expenses like Facebook ads: 1. Do you request the client's ads account to enter the spent amount for the specific period and then use the 'FB ads liability' account once it's paid off? 2. Or do you simply add the billing threshold amounts reflected in the bank feeds? Thank you!
I just use the amounts charged that come through the bank feed, but most of my clients are small and on the cash basis of accounting. In general though, I like to keep things simple!
Thank you for the great video! At 15:12, You mentioned in December 2023, the Reserve amount is off from TikTok Financial Summary to the Quickbook's number. Have you found a cause of it and can you update it here? I had the same odd issue that my December's Reserve number matches Quickbook's number after the journal entry, but January's reserve number is off. Any update on this would be greatly appreciated!
I am unable to reconcile the 1099 K for 2023 as I had added the net bank deposits and have no accounting of the fees and other expenses that TikTok has levied on their back end. I have no idea how to plug in the numbers from the reports with the shipping fees, platform discounts, refunds, etc. My P&L only shows the amount deposited in the bank. Any help will be greatly appreciated. Thank you.
You could go through the Categorized tab of your bank feed, Undo the deposits, and then redo with the system I show. I know that might be a pain. Another option would be to compile in a spreadsheet what the journal entry you think should have been posted for each month, sum it up, compare it to your P&L, and then post an entry for the difference. I would only attempt this if you really know what you are doing in regard to accounting and debits and credits.
I just replied, but basically this is a link to my bookkeeping agency: www.Evergoldaccounting.com I'm not currently offering a set-up service, but I do have monthly bookkeeping options.
great explanation
Great! Thank you. How come in your Shopify video, we didnt add sales tax to the journal entry? I have a sales tax payment transaction but no expense area to apply it to.
In Shopify we do add sales tax, but we add it as Sales Tax Payable, a liability account. That's because with Shopify you are collecting the sales tax yourself, it is given to you in the deposits, and then you are responsible for remitting it. Shopify is different than marketplace facilitators that must do the collecting and remitting for you (TikTok, Amazon, Etsy, etc.)
Hi! I'm curious about your method for recording advertisement expenses like Facebook ads:
1. Do you request the client's ads account to enter the spent amount for the specific period and then use the 'FB ads liability' account once it's paid off?
2. Or do you simply add the billing threshold amounts reflected in the bank feeds?
Thank you!
I just use the amounts charged that come through the bank feed, but most of my clients are small and on the cash basis of accounting. In general though, I like to keep things simple!
Thank you for the great video! At 15:12, You mentioned in December 2023, the Reserve amount is off from TikTok Financial Summary to the Quickbook's number. Have you found a cause of it and can you update it here? I had the same odd issue that my December's Reserve number matches Quickbook's number after the journal entry, but January's reserve number is off. Any update on this would be greatly appreciated!
I don't have an update on this. What happened to your reserve number in February? Did it match again?
I am unable to reconcile the 1099 K for 2023 as I had added the net bank deposits and have no accounting of the fees and other expenses that TikTok has levied on their back end. I have no idea how to plug in the numbers from the reports with the shipping fees, platform discounts, refunds, etc. My P&L only shows the amount deposited in the bank. Any help will be greatly appreciated. Thank you.
You could go through the Categorized tab of your bank feed, Undo the deposits, and then redo with the system I show. I know that might be a pain. Another option would be to compile in a spreadsheet what the journal entry you think should have been posted for each month, sum it up, compare it to your P&L, and then post an entry for the difference. I would only attempt this if you really know what you are doing in regard to accounting and debits and credits.
Hiiiii Sarah, Can I hire you to do all my ETSY on quickbooks set up? I sent you an email...
I just replied, but basically this is a link to my bookkeeping agency: www.Evergoldaccounting.com I'm not currently offering a set-up service, but I do have monthly bookkeeping options.