Shopify Payout Reconciliation Guide

This guide explains how to use Versa's Shopify Payout Reconciliation feature to track and reconcile your Shopify payments.

Overview

When Shopify processes payments from your customers, they batch these transactions together and deposit them into your bank account as a single "payout." Each payout contains multiple transactions including:

• Charges - Customer payments for orders
• Refunds - Money returned to customers
• Adjustments - Chargebacks, disputes, or corrections
• Fees - Shopify's processing fees

Versa downloads these payouts and helps you match them to your existing orders, post fee expenses, and reconcile with your bank deposits.

Step 1: Download Shopify Payouts

Note: Payouts are  automatically downloaded during scheduled webstore syncs if enabled.

Prerequisites

Before downloading payouts, ensure:

1. Your Shopify webstore is connected in Versa
2. Shopify Payout Import is enabled in your webstore settings
3. Your firm has the Shopify Payout Reconciliation feature enabled

How to Download Manually

1. Navigate to Tools, Integrations → Webstores
2. Click on your Shopify webstore
3. Click the Sync Payouts button

Versa will download recent payouts from Shopify. Each payout will appear in the Shopify Payouts list.

Step 2: View Payout Details

Navigate to GL menu → Shopify Payouts and click on a payout to view its details.

Payout Summary

The payout details page shows:

• Payout ID - Shopify's unique identifier
• Date - When Shopify initiated the payout
• Status - Typically "paid" when deposited
• Amount - The net amount deposited to your bank

Transaction Summary

You'll see two summary boxes:

• Posted Transactions - Transactions already matched to Versa records
• Unposted Transactions - Transactions not yet matched (require attention)

Transaction Table

The detailed table shows each transaction in the payout:

Step 3: Match Transactions to Versa Records

Automatic Matching

Click the "Match Transactions & Post Fees" button to automatically:

1. Match charge transactions to existing VersaCloud orders or payment receipts
2. Match refund transactions to orders or credit memos
3. Post fee expense entries for all matched transactions

The system matches transactions by looking up the Shopify Order ID in VersaCloud's order mappings.

What Gets Matched

After Matching

The Linked Transactions column will show:

• Payment - Link to the Payment Receipt
• Order - Link to the Sales Order
• Fee - Link to the fee expense Accounting Transaction
• AT - Link to other Accounting Transactions

Step 4: Handle Unmatched Transactions

Some transactions may remain unmatched if:

• The order wasn't imported into Versa
• The order was manually entered without a Shopify mapping
• The transaction is an adjustment or dispute

For Unmatched Transactions Related to Order

1. Identify the order - Use the Order Name (e.g., #11516) to find the order in VersaCloud
2. Create the transaction manually - You may need to:
   • Create a Payment Receipt for charges
   • Create a Credit Memo for refunds
   • Create an Accounting Transaction for adjustments
3. Re-run matching - After creating the records, click "Match Transactions & Post Fees" again

You can also directly enter the missing transaction as a GL transaction and credit revenue account directly. Click on view Bank Transactions for this Payout and then choose a revenue account to post to. This means you are directly recognizing the revenue for the sale without having to enter a sales transaction. COGS and inventory will not be affected by this GL transaction.  You would need to account for that manually as additional GL entries.

Click on the button below to review a list of unmatch transactions in the payout. This screen will allow you to manually choose to post the unmatched transaction.

For unmatched sales transaction, it will look like below. If you do not want to enter the transaction manually, you can just choose a revenue account and post the revenue or use the Batch Post button that will use the default revenue account you set up in shopify integration settings. There is also a Auto Post option that will let the system post the transaction based on the account you have set up in the webstore integration setting. 

Step 5: Fee Expense Posting

How It Works

Shopify deducts processing fees from each transaction. For example:

• Customer pays: $100.00
• Shopify fee: -$2.90
• Net deposited: $97.10

Versa automatically posts these fees as expenses when you click "Post Fees" button when viewing a Payout. This will create an expense transaction for each of the order in the payout.

When you are viewing unmatch transactions . There is also a button Post Total Fees which allow you to create a SINGLE expense transaction for the total fees in this payout. 

You can choose either method (post individual fee transaction for each order or one transaction for the entire payout)

Fee Expense Entry

Each fee creates an Accounting Transaction:

• Debit: Fee Expense Account (increases expense)
• Credit: Bank Account (reduces cash to match net deposit)

The description includes the order number for easy reference:

Shopify Fee - charge (ST:94223) Order: 11516

Configuration Required

You must configure a Fee Expense GL Account in your webstore settings:

1. Go to Tools menu, Integrations → Webstores → [Your Shopify Store] → Setting
2. In the Payments section, set "Shopify Processing Fee Expense GL Account"
3. Select an appropriate expense account (e.g., "Credit Card Processing Fees")

Warning Messages

• Yellow Warning - "Missing Fee Expenses" - Click the button to post them
• Red Warning - "Fee Expense Account Not Configured" - Configure the GL account in webstore settings

Step 6: Deposit Payout to Bank Account

Once all transactions are matched, you need to record the bank deposit.

Option 1: Bank Reconciliation

1. Go to GL → Bank Reconciliation and follow Versa bank reconciliation process 
2. Find the Shopify deposit in your bank statement
3. Match it to the payout transactions

Option 2: Create Manual Deposit

If you want to enter the deposit to the bank account manually

1. Click "View Bank Transactions for this Payout" on the payout page
2. This opens the related transactions filtered for this payout
3. Find the transaction matching the payout amount. Choose the bank account to deposit the payout and click on Post.

Verifying the Deposit

The payout amount should equal:

• Sum of all Net amounts in the transaction table
• This accounts for gross amounts minus Shopify fees

Troubleshooting

"No order mapping found"

The Shopify order wasn't synced to Versa. Either:

• Sync orders from Shopify, or
• Manually create the payment/credit memo and re-run matching

Fees not posting

Ensure:

1. Fee Expense GL Account is configured in webstore settings
2. Transactions have been matched first (fees only post for matched transactions)
3. Click "Post Fees" button

Payout amount doesn't match bank deposit

Check for:

• Multiple payouts on the same day
• Timing differences between Shopify and your bank
• Currency conversion if applicable

Best Practices

1. Match promptly - Run matching soon after download while orders are fresh
2. Review unmatched - Investigate unmatched transactions to ensure complete records
3. Reconcile monthly - Compare total Shopify payouts to bank deposits monthly
4. Keep fees organized - Use a dedicated expense account for Shopify fees for easy tracking

Quick Reference