Hi everyone, I'm relatively new to the finance side of things but I've been tasked with improving our expense and reconciliation process. We're a small e-commerce team using Shopify, QuickBooks Online, and we recently started piloting Zoho Expense for our staff spending.
My main challenge is getting a clean, reliable reconciliation of our Shopify sales into QBO. Right now, it feels like the sales data from Shopify and the bank deposits (after payment processor fees) come into QBO as separate, messy streams. Adding employee expenses from Zoho into the mix for things like marketing or shipping supplies just compounds the confusion.
I'm curious if anyone has built a solid workflow that incorporates all three? Specifically, I'm trying to figure out:
How you sequence the steps. Do you reconcile the Shopify sales and the bank deposits first, then bring in the Zoho Expense reports? Or is there a way to tag transactions in Zoho so they align with specific marketing campaigns that I can then match back to Shopify sales data for better cost analysis?
What your chart of accounts looks like in QBO to accommodate this. Do you use specific classes or tags for platform fees, Zoho-sourced expenses, and different sales channels?
How you handle timing differences and errors. Our bank deposits from Shopify are always a few days behind, and sometimes there are minor discrepancies.
I'm enthusiastic about getting this right to have a clear financial picture, but I know I have a lot to learn from those who have already solved this puzzle. Any insights into your process would be incredibly helpful.