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How to process a Shopify Payments order, Customer buys something, Example …
How to process a Shopify Payments order
Customer buys something
Actual
Auto - Nett funds go into Shopify payments (bank)
Auto - Shopify Payments (bank) take their fee
and reduce the balance
Auto - The reduced balance eventually
transfers into WF Checking
QBO
Auto - Receipt created in QBO
Auto - The balance gets paid into Shopify Payments (bank)
Auto - Merchant fee is expensed to Shopify Payments (bank) and recorded in the Merchant Account Fees (Register)
Mannual - Transfer funds from Shopify Payments to WF Checking
Example - Michael Webster
Actual
Auto - $289 paid into Shopify payments (bank)
Auto - Shopify Payments (bank) took $8.68 from the $289 leaving a balance of $280.32
Auto - $280.32 was transferred from Shopify Payments (bank) into WF Checking (bank)
QBO
Auto - Receipt created for $289 in QBO
Auto - $289 was paid into Shopify Payments (bank)
Auto - $8.68 is expensed to Shopify Payments (bank) and recorded in the Merchant Account Fees (Register)
Mannually - Transfer funds from Shopify Payments to WF Checking
Delete the transfer from the bank feed in QBO