how to reconcile shopify payments

hello and welcome to cinder in this,video you will learn how to connect,shopify and its payment gateways to your,accounting for quick reconciliation,automatic data sync and detailed,reporting in the first part of the video,we'll go through the connection process,the second part will cover the,reconciliation flow with sender and how,to make sure your profit and loss report,is updated properly in the last part you,will see how to tailor senders set up to,your specific accounting flow once you,sign up to cinder tell us about your,business filling out the needed fields,you can connect one accounting platform,within one organization so if you have,multiple clients or businesses you will,be able to create more organizations,later,on the next step you are to select your,accounting system zero in this case and,shopify with all of the payment gateways,you accept customer payments through no,worries there will be no duplicates only,by having all of the platforms connected,cinder will be able to properly,synchronize data to your accounting,click view all processors to see the,full list of supported platforms now,let's connect all platforms with childs,on the previous step,for xero click connect enter credentials,if requested and select the needed,company from the list if you have,several you will proceed to connect with,shopify paste the name of your store and,click connect please note that if you're,not an account owner you can always,invite the admin to enter valid,credentials and finish the connection,for you by clicking this invite button,next select your business checking,account for smooth reconciliation click,continue to move on and connect the rest,of the platforms using credentials and,granting permissions remember if some,platforms remain not connected you will,not be able to see or synchronize some,of your shopify orders that is it now,click create account and let center,prepare it for the trial,it is important to test the,synchronization flow first check the,results in your accounting and make sure,all data is recorded correctly,sender will automatically import some,latest transactions from connected,payment processors for testing to sync,your first transaction just click the,ready to sync button once the status in,the sync clock turns green and says,synced you will be able to open created,records by clicking show in xero since,this particular order was paid through,stripe and stripe has only very basic,information about it cinder will also,check shopify for more details about,this particular sale and record all of,them in your accounting that is why it,is important to have both the e-commerce,store and a relevant payment gateway,connected to cinder as you can see in,this example all the details about this,shopify order are recorded customer,information product names quantities,totals and taxes processing fees are,recorded as a separate transaction in,your books,by default cinder will try to recognize,the products mentioned in your payment,system and match them to the items you,have set up in accounting by product,names or skus so your sales will be,automatically categorized by income,accounts assigned to certain products in,xero that is why it is important to,check whether everything is correct in,your products list before putting cinder,on autopilot the inventory will also be,updated if you are tracking it so all of,your reports will be clear and up to,date for example the profit and loss,report or income statement showing the,breakdown by income categories if you,notice that some details about your,transactions were not recorded correctly,you can easily fix this by going back to,cinder and clicking the rollback sync,button this will make sure your,transaction is deleted from the books,and you can go to settings change them,to your liking and sync the transaction,again for the correct results now let's,take a look at how cinder allows you to,reconcile your online income and,accounting in just one click for,demonstration i select all of the needed,transactions in the list click the green,sync button and select sync all of the,individual transactions sales expenses,refunds fees and so on will be recorded,in a clearing account that cinder,automatically creates in your books for,each connected platform,such a clearing account represents the,actual payment system you are using to,receive money from customers since i,accept payments through stripe these,transactions have landed in stride bank,account by default if you're also,accepting payments through shopify,payments check shopify bank account in,your chart of accounts such sales will,go there now let's go back to cinder and,synchronize the payout a bulk money,transfer bit your shopify or its payment,gateway sends to your actual bank once,in a while each time that happens cindy,records a transfer of funds from the,clearing account to the checking account,we selected on the connection step this,helps to reflect the real life money,flow and reconcile your books,note that the ending balance of the,clearing account should be equal to the,actual balance of your payment system at,the moment this is a great way to check,whether the integration is working,properly and if you get to reconciling,your checking account now you will see,that the bank feed line has been,automatically pre-matched the transfer,that sender has just recorded is,highlighted green the only thing you,need to do now is to click ok that's how,cinder helps you reconcile your online,income in just one click,we understand that each accounting flow,is different and cinder allows you to,tailor the syncing process just for your,specific needs,go to settings click configure under the,payment platform you want to set up as,each platform is configured separately,and check the options that are available,there sender can automatically reconcile,individual transactions in the clearing,account you can choose to tell sender to,do or not do this with the help of this,setting by default cinder will try to,find a matching product in your books by,name or sku or create a new one if,unavailable but if you don't need that,information enable generic product in,settings and all of your sales will show,up under one product name and one income,account same goes for customer details,turn on generic customer sync depending,on your preference,product mapping is another feature you,can use if the names of your products,are different in shopify and xero but,you need the system to find the match,anyways to be able to file correct tax,reports make sure the apply taxes,setting is on,once you've found the best setup option,for you enable auto sync and cinder will,work in the background fully automated,syncing all future transactions you can,also import historical data click this,option on the transactions page specify,the dates needed and choose between,importing for review before the bulk,sync or synchronizing those sales to,xero right away,we recommend to choose the second option,only when you're sure all settings are,correct and test things have worked,perfectly,in settings you can connect as many,payment or ecommerce platforms as your,client or business needs click add,payment platform select the needed one,from the list and click connect if you,have multiple clients or businesses,create a separate organization for each,of them click the top left corner in,cinder select create organization,and go through all of the steps again,now you know how to sign up to cinder,set up your account and run a test to,make sure the system is working properly,have a good journey with cinder,you

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