what transfers over from shopify to quickbooks?

hey guys today we're going to talk about,how to do accounting for your shopify,channel with your ecommerce business i'm,going to show you a couple different,methods you can use talk about pros and,cons of each one talk about when i think,each method is appropriate and hopefully,launch you into it like do a demo well,enough that you feel like you could,launch into most of these by the end of,this video you should have a pretty good,idea of what the primary issues are that,you're dealing with when you're,accounting for shopify activity and have,a pretty good idea of where to start on,all of those things i'm bernie brown i'm,the ceo of ledger gurus we're an,e-commerce accounting firm we work with,e-commerce businesses every day helping,them get great data to make good,business decisions so let's dive right,in,all right guys so let's jump into a,discussion about shopify counting,specifically in quickbooks,so the first thing i want to talk about,is this trade-off between like the,amount of information you get and how,transparent and accurate it is and the,amount of time effort and skill it takes,to get that level of accuracy and the,reason why i want to have that,discussion is because i'm going to,actually present three different methods,today on how you can handle shopify,accounting each one a little bit more,complex than the one before and there's,i feel like an appropriate time and,place for each one of these so what is,the appropriate time and place for each,one of these so the first method which,we're going to call the cash deposit,method is basically appropriate for,companies that are doing less than about,250 000 a year in revenue and the reason,why i feel like that's true is because,accounting can be kind of time consuming,it can definitely have a learning curve,associated with it and if you're doing,less than 250 000 a year in revenue then,you're probably you know relatively new,and you are really trying to focus on,building demand for your product and,figuring out how to source your product,and figuring out how to develop new,products and that really does need to be,the focus of what you're doing so you,need to have accounting because you know,your tax account is going to require,counting from you and you do need to,have some idea of how your business is,doing but as far as spending a whole,bunch of time to like get really good,information i just feel like your time,is better spent elsewhere and you don't,necessarily have the budget at this,point to outsource it either so,basically i recommend a diy approach and,i recommend a simple straightforward,non-time consuming diy approach that,still achieves the objective which is,exactly what the first method is,designed to do the second method which,i'm going to call shopify details is a,little bit more time consuming not,significantly more um but i feel like,it's appropriate for businesses that are,doing about 250 to about a million,dollars a year in revenue and last of,all the last method which we're going to,call,shopify accounting guru,is for companies that are doing over a,million dollars a year in revenue and,the reason why it's appropriate for that,level of business is because if you're,doing over a million dollars in your,revenue you've kind of passed the point,of just trying to figure out how to,drive demand and at this point now,you're trying to figure out how to run a,profitable business while you drive,demand and ultimately that comes down to,answering a lot of key financial,questions therefore the financial data,that you're relying on needs to be as,accurate as it can possibly be,so,um,the way this really boils down is,in this concept here,um one of the primary ways that,e-commerce accounting specifically,shopify accounting differs from other,other like types of businesses trying to,do their accounting is that any commerce,businesses all of your activity is,passing through your channels and all,you're sitting seeing hit your bank,accounts is the actual summary like,deposits from the activities of those,channels and so in order to get really,good information you have to be able to,go into the channels themselves to,actually see what's going on as opposed,to business like mine a service-based,business doing accounting for e-commerce,businesses the majority of my activity,is passing through my bank accounts and,credit cards if i basically code my bank,and credit card transactions reconciling,accounts i'm pretty much there now you,do need to be doing that process you do,need to be doing reconciling your bank,accounts reconciling your credit cards,coding the transactions and if you're,not sure how to do that that's,definitely part of doing the overall,accounting for like shopify in general,and all other pieces of shopify,accounting however that's not the focus,of this video we do have a video on,syncing your bank accounts managing your,bank account feeds and reconciling your,accounts which is really like the three,primary activities you need to be doing,to do your shopify accounting which,we're going to link here to this video,so this is kind of supplemental to that,if you are just completely new to the,entire process you have absolutely no,idea what you're doing at all watch,those three videos as well as this one,and you should be good to go,so,let's say like your typical,shopify company that's got a couple,payment processors hooked up to your,channels in this case shopify pay paypal,and maybe another one like a firm,and you have all these deposits that are,coming from those payment processors and,depositing into your bank account so,all you see hitting your bank account is,these summary deposits but really what's,happening on your channel is all of this,activity instead so you have all of your,shopify sales discounts refunds shipping,income maybe that you're collecting,sales tax chargebacks and refunds um,payment processor fees etc giving you a,net deposit now the net deposit of all,this activity,um with the exception of a couple timing,differences will equal should equal all,of the net deposits because coming in,from each of these individual payment,processors but the amount of effort,you're going to to basically chase the,cash all the way through is really how,these three methods differ from each,other,all right so another thing i want to,just point out is the overall structure,of shopify,and the way that it interacts with the,payment processors into your bank,account because this will help you,understand what you're trying to,accomplish from an accounting,perspective so shopify is your channel,then all of the activity from the,channel is actually kind of segregating,and going through whichever payment,processors you're utilizing and all,those payment processors are then,settling into your bank accounts,so this is like a roadmap um you know,you may not have this many payment,processors you may only have one you may,only have a couple but basically this is,what's happening and this is the heart,of what we're going to be getting to,today,all right so the first method which,we're going to call the cash deposit,method,um so oh wait,um before we go into that one thing i,wanted to talk about was this idea of,how much does it matter like whether i,use this method or this method um as i,was kind of putting this together like,the account into me really kind of,wanted to know like how do my financials,appear different using one method or,another so this is basically what i did,is i went through some of our clients,and i just kind of looked at a small,client i looked through a big client and,i just kind of,coagulated some data i didn't know if,that's the right word or not um put,together some data to kind of show so,here's an example of a small client,doing about eleven thousand dollars a,month in revenue,using the first method their sales was,about eleven thousand the details method,twelve thousand um the guru method um,with a high degree of accuracy 12.8,basically we had about a 1700 difference,from from one end to the other with a,which represented about a 13 difference,with but with a large client like the,differences between became much greater,so we were looking at,almost a six hundred thousand so this is,a client that does anywhere from two,point five million to four point five,five million dollars a month,and this is in one given month the,difference in one method of accounting,to the to the other methods of,accounting was basically 600 000,difference representing about a 17,difference so and there's a couple of,reasons for that as your business,becomes bigger,a lot of the complexities that change up,some of these things,like things just become more complex as,you get bigger also because the dollar,amount that you're dealing with is,bigger like as your sales volume grows,the percentage,grows and grows and grows too so,a 13 difference for a small client only,represents seventeen hundred dollars but,a seventeen percent difference for a,four point five million dollar client,represents a six hundred thousand dollar,per month difference which is why i'm,telling you if you are a larger client,you wanna air towards the the more,complex methods that give you much,better data,all right so the cash the cash deposit,method,all right so,when we think about the channels we,think about what's happening like on the,channel level what's happening at the,payment processor level what we're,actually seeing in our bank accounts,therefore like what quickbooks is,showing as coming into the bank feeds so,these two things the gross sells and the,discounts and markdowns this is,happening at the channel level so,shopify is recording this um this is,happening at the shopify level then,refunds and chargebacks payment,processor fees this happens at the,payment processor level so whether using,shopify pay or whether using paypal um,you know all the gross sells the,discounts get divided up into whatever,payment processor it's going through and,then at the payment processor level,that's where these other things recorded,then we see um those payment processors,settle into our actual bank accounts,and then we have a couple things that,affect the deposit amount that we come,in but are not necessarily,sales related so for example sales tax,you collect at the time of sell but it's,not actually sells like it's not income,to you it's a liability that you're,tracking that you then remit to the,state gift card liability,has to do with like deferred revenue um,so these are examples of things that are,going to be like reflected in your,deposits but are not necessarily like,cells related,so this first method we're basically,going to disregard almost all of that,and we're focused just on bank deposits,so um i want to just give you a quick,like um pro and con of this particular,method so one of the pros is is that,it's fast and easy doesn't require any,kind of special skill,net income is still correct in the long,run so this is why i recommend this,method because it does still give you,like a tax appropriate result,um but there's going to be some timing,issues and you're definitely going to,have like skewed margins well let's get,into the cons so some of the cons are,very small amount of detail product,margins are skewed so um anytime you're,looking at like income and then cost of,goods sold and you're trying to track,like your gross profit margin if your,sales number is not correct then your,product margins are going to be skewed,so cells will virtually always be,understated using this methodology and,also there may be some liabilities,missed like sales tax um you know you,may have to track separately or make,sure you're going about a different way,but a lot of companies that are this,small in size are not really into the,sales tax game yet if you're not really,sure what i'm talking about or why that,would be true make sure you're following,our channel and that you're like seeing,all of our sales tax information we,spent a lot of time educating on sell,stacks,so um let's dive into this so here is,quickbooks,so um,the basically the way that this works is,pretty straightforward so here in the,banking feed section,um and like i said if this is all new to,you and you don't know what i'm talking,about here then make sure you watch our,video on how to manage your bank feeds,how this how all of this works,um it will hopefully really empower you,to be able to do a lot of this yourself,so here at the top i'm all of my,deposits from shopify depositing into my,wells fargo account,so um i'm going to come here and i'm,actually going to sort this out by,a money receive so here you see these,are some of my like shopify deposit,coming in so these are coming in from,shopify pay these ones that say shopify,transfer if we scroll down here a little,bit you'll see we have some coming in,from paypal paypal transfer,so the cash method basically says i'm,just going to take all deposits that hit,my bank account and i'm just going to,code them as some sort of sales account,so,sell product income is what i have,selected right now i'm going to use if,you're using class tracking to keep,track of different channels if you have,no idea what i'm talking about then make,sure you go watch our um,profit and loss video that talks about,like class tracking and how it really,helps if you're tracking multiple,channels and stuff like that this is,what this is gonna look like i'm just,gonna hit add and every single time,something comes in,from shopify channel i'm just going to,code it a cell of product income um so,like i said so straightforward so easy,you still have an accurate net income uh,you still have a pretty good idea of how,your business is performing in general,as a whole you're just missing a whole,lot of detail and information but man,you're going to save yourself a lot of,time on the learning curve so therefore,as you're just getting started i highly,recommend this method all right so next,method,i call this the shopify details method,so in this case we're basically going to,really focus on gross sales discounts,and markdowns um we're going to look,evaluate,money that's coming into the bank,deposit we're going to break out sales,tax liability and we're basically going,to,estimate these other items as kind of a,plug figure,so,this method here's some of the pros you,get a better level of detail you get,more visibility to make decisions and,frankly does tau perfectly to the,channel so if you like pulled up your,quickbooks and you pulled up your,channel information you would have like,a perfect tie between the two and that's,always kind of satisfying now why does,my method that actually gives a better,level of detail not tie out to the,channel,well you need to know that the dashboard,tools inside shopify do not are not,highly highly accurate they're kind of a,summary so like for example if you,had a product that was if you made an,order and it was later returned if you,were to run reports on the dashboard the,way that i'm going to show you it,wouldn't necessarily reflect those,returns it also doesn't necessarily,catch like duplicate orders manual,orders there's just a lot of different,things that happen on your shopify,channel that are not necessarily,reflected on the dashboard that i'm,going to show you so that's why that,dashboard is great,for getting a much better level of,detail,but it is not as accurate as it would be,if you were using our third method the,shopify accounting guru method what's,some of the cons to this method number,one it requires a journal entry i hope,that doesn't scare you i'm going to,literally walk you through this entire,process it is a little bit more time,consuming not much,and it does but it does still give you,some timing and accuracy issues like,they do still exist it's still not a,highly highly accurate method,um it's just a better approach than the,one we just talked about a second ago,all right so um and here's what the,steps are going to be first of all,you're going to pull the shopify details,from shopify second of all you're going,to summarize with the journal entry,third you're going to code the bank,deposits to the holding accounts and,fourth you're going to plug the,difference to payment processor fees,okay so,here is what this looks like,um let's start here all right so all,right so here is what your reports look,like your dashboarding reports look like,from shopify so i'm going to come in,here to where it says analytics,and i'm going to click on where it says,reports,and here i'm going to pull up the cells,report,and i'm going to look at it,as a reflection of a period of time so,i'm going to select a month,i'm going to go back to may,and,look at it over this month so,if i select this report from may here at,the top here it will give me like a,summary of each day but also across the,top it'll show me gross sales discounts,returns net sales shipping tax total,sales okay now this is great information,for summarizing into quickbooks now one,of the things you may wonder is why do,you not just push over all cells data,from shopify into quickbooks because,shopify will let you do that now i'm not,going to go into that in a lot of detail,in this video i do go into a lot of,detail in our how to sync um quickbooks,and shopify video where i basically talk,about like,why we don't recommend that approach and,alternatives you have to that instead,but just know you're basically just like,completely blowing up your quickbooks,with a whole lot of very detailed,information that you have available on a,detailed basis here in shopify,and you're creating a big mess for,yourself over in quickbooks so i don't,recommend that but this,here is really great for basically,summarizing,like some good some good information,that gives you a better little level of,detail,so what i'm going to do is i'm going to,take this information here,and we go and we say pull shopify,details so that's what we just did here,we pull this for the month for the,period of time i recommend a month that,you want to summarize the next one is,we're going to summarize with the,journal entries so i'm going to come,over here to quickbooks and i'm going to,create this journal entry now i,recommend basically dating this um the,same month the end of the month that,you're actually pulling this report in,now i dated it one month later because i,actually want to isolate the information,here so you can see what's happening,um so i'm going to leave it my date here,but if i was doing this for realsies,um you can see this is may so this would,be dated like may 31st okay all right so,this is what the journal entry is going,to look like uh the first one will be,sell a product income,uh,sell a product income,right here,um and i'm basically just going to pull,these numbers so 130 384 27 you see,comes directly off of here so sell,product income discounts,um same thing discounts here returns,pulled from right there um cells is,basically this minus this minuses so,this,column i'm going to ignore,shipping income pulled from right here,sales tax which is a liability account,so this is,income,income income income these these ones,reduce income though these are called,contra income accounts income account,income account contra income accounts,liability account this one is one that,i've set set up for the purpose of this,method called shopify holding and it's,basically going to be a clearing account,this i'm going to be setting up as a,current asset account or a bank account,either way is fine,it's currently set up as a bank account,right now you can set it up,as a current asset account instead,whichever way you prefer,and this is my plug number here so after,i put in all of these numbers that come,directly off of this report then i'm,going to put in this plug number here,okay,so and i say plug number because,journal entries have to balance so if,you see here all of my debits and all of,my credits have to equal each other so,sell product income shipping income and,sales tax payable are all going to be,entered as credits these other ones,discounts returns and shopify holding or,clearing or whatever are all going to be,entered as debits you can set this up as,a clear you can set this up as a,recurring transaction um to like give,yourself a template that you can use,over and over again or you can like,pull up the previous month's one and and,basically copy it down here you would,say copy you would just put a different,date on it fill in the numbers um just,tricks hacks to like make your life a,little bit easier so this is what the,first thing you're going to do the,second thing you do summarize this with,the journal entry then the next thing,you're going to do is you're going to,code bank deposits to the holding,account so,here in my bank feed,now if you're using method 2 instead of,coding these directly to an income,account instead now you're going to code,these two,the shop the holding account whatever it,is you select so shopify holding you're,going to code all of these shopify,holding instead so if it's a deposit,coming in i don't care where it's coming,in from you're going to code it to,shopify holding okay um,then,and by the way i'm assuming when you do,this that one of the things you're going,to be doing is transferring all the,money that goes into paypal each month,into your bank account and when you do,that that transfer from paypal into your,bank account is going to hit and you're,going to code it as shopify holding so,basically all money that is a,the reason it got there is because you,sold something on shopify it went,through a payment processor and then it,hit your bank account you're gonna code,to shopify holding like i said please,make sure you transfer the money from,paypal into your bank account so that,all this comes together okay all right,so that is,the next step is code all bank deposits,to the holding account now at the end of,the month,this is kind of the work around um,because you're not going into all the,detail to figure out exactly,like why it matches why it doesn't match,you're not reconciling all the payment,processors you're not doing all that,other stuff you would be doing if you,were like,e-commerce shopify accounting guru on,steroids that we'll talk about in just a,second you're going to plug the,difference to the payment processor fees,so what do i mean by that all right,let's talk about this so,after i've done all of this basically i,have all of this money hitting my bank,account that i'm coding to shopify,holding and then i have this journal,entry where i've summarized everything,that shopify says happened on its,account into the shopify holding account,as well,so i now need to kind of see like what,the end result of all that is so i'm,going to pull up my balance sheet,and i'm going to pull open the shopify,holding account now it's right here so,shopify called the whole account is,right here now you can see that right,now it has a balance of twenty seven,hundred dollars and i can see here's the,journal entry where i basically,summarized everything that was happening,in shopify and here's all the deposits,that i coded from my bank account as,they all came in,so money in money out and here's the,difference so this is basically what,shopify says hey we expect to see this,amount amount of money deposit into your,bank account based on what happened in,shopify and all of this is basically the,money that actually deposited my bank,account and i have a difference of 2700,27 26.94 so why why do i have that,difference well,for one thing,um if we go back to here,we're considering this we're considering,this quickbooks is big i mean not books,um,shopify is basically guesstimating this,like because the refunds don't actually,happen,through shopify it actually happens to,the payment processors,um,like shopify's guess on this is not um,like true and accurate it's it's like an,estimate and shopify really has no,visibility at all into what's happening,at this level unless you're using,shopify pay as the payment processor,so,there this is kind of the gray area in,this methodology and so therefore we're,going to assume that the difference,between what we expected to see deposit,and what we did see deposit is payment,processor fees that were incurred that,shopify didn't have eyeballs on okay,so we're going to go over here,and we're going to take this difference,27 26 94,27 26 94 and we're going to open up this,journal entry again,now,we're going to add in um payment,processor reads now here it's called,bank charges i kind of like the term,payment processor fees better it doesn't,really matter so let me see what that,was so 27 26 94 27 26 94 okay,i'm going to put that there and then,because we need journal entries to,balance you notice these are no longer,balancing i'm going to take this number,out of my shopify holding 27 26 94,and i'm going to readjust that so now we,balance again okay so you're going to,put in the difference here and you're,going to subtract the difference from,here and i want you to see what happens,when i save this so right now we have a,difference of 26,27 26 94. now i'm going to save this,i'm going to come back over here to this,report and i'm going to refresh it and,you'll see now that this amount now,zeroes out,boom boom boom okay so now we have no,difference so now the assumption we're,making,is that this is everything that happened,on shopify because shopify told us it,was,that this is the amount we expected to,see deposit,into the bank account and the difference,between what we actually saw deposit and,what we didn't see deposit but expected,to was because of payment processor fees,that um shopify didn't have eyeballs on,now this is a general organization for,quite frankly this is more likely like,uh,pending orders duplicate orders manual,orders um like it i mean the list is,wide and deep of all the reasons why,this this is not correct but i'm telling,you right now that the process of,sorting this all out and filtering it,is complex it's it's what we're going to,talk about in just a second but it is a,process that is not for the,faint-hearted so,this is still going to give you a result,that is from a net income perspective,correct it's not like you're way,overstating income or weight,understating income like,if we consider all the timing,differences like from the beginning of,your business to the ending of the,business,your net income would be correct now,month to month there are going to be,some timing issues and also the way that,it's specifically coded part of this may,belong for example in cells a product,income part of this may belong here part,of this may be here if you find yourself,really wanting that level of information,you are probably ready for the third,level,but this is a much better approach than,just the first level without being,significant in its learning curve,all right so let's go back to our,powerpoint for just a second pros and,cons,so the okay so pull shopify details,summarize with the journal entry code,bank transactions code bank deposits,holding counts plug difference payment,processor fees all of this fits by the,way in the overall approach for shopify,accounting which is like code all your,other bank transactions reconcile all,your bank accounts reconcile all your,credit cards evaluate your financial,statements right like this is one piece,of that puzzle but this is the complex,piece um we're not talking about,inventory or sales tax right now those,are also complex um we have videos on,that we have courses on that this is,just for the shopify accounting piece,okay so,last the shopify accounting guru piece,now,full disclosure,um we are not going to,tear this method apart because it is way,beyond the scope of this video and it,would literally be probably another,three or four hours worth of training um,which is why by the way we are preparing,a course for right now and if you go to,our website we also have a diy sales tax,course a diy inventory course um and,in-depth courses on these things that,you can look at and and and if they,haven't been launched yet then you can,pre-register to like get email updates,on on the status and when they're,becoming available but i'm going to give,you the overview of what we do,and and by the way this is also what,ledger gurus as a firm does,for our clients so if you're working,with us then this is what we do when we,do your books for you and so if you want,that done for you like reach out to us,on our website we're happy to prepare a,proposal for you but let's talk about,like the overall so if you have like,really good internal accounting help or,if you understand the stuff really well,you this is a road map of how you would,put this together so the pros of this,approach is that you get great,transparency it's a clear detailed,information you're basically ready for,acquisition like it would pass an audit,this is completely um like you can dig,in on this tear this apart and this is,accurate information and you have,accurate margins therefore because if,you have accurate sales information,and your cost of goods sold number,correct then you have an accurate gross,profit margin as well,cons complex and time consuming it has a,relatively high learning curve all right,so,basically this approach we start with,the bank deposit and we go up and we go,down so we say here is our bank deposit,um,where did it process from how much came,here and what happened on the channel,levels and we reconciled up and we,reconcile down so what i mean from that,is there's all the activity that's,happening on shopify at the shopify,level and then we're reconciling,everything that happened,in shopify to,which payment processors it went through,and how it all basically dispersed so if,you think about like um,unlike a spider web you have like your,source,in the center and then it goes out in a,million different directions right like,some of this went this way some of it,processed here some of it processed here,some of it processed here but at the,channel level um you have the things,that happen there gross sells happened,at the channel level discounts and,markdowns happened at the channel level,then,we say which payment processor did it go,through and then we say all right at the,payment processor level we have refunds,and chargebacks,those payment processing fees and then,those are all then reconciled to what,actually deposits into the bank account,to allow us to capture things like,on the payment processor fees,all of the things that happened at the,payment processor level and then as well,to make sure we're capturing things like,the sales tax liability gift card,liabilities and all of the other nuances,that could possibly happen of which the,list is like huge i i mentioned some of,them earlier like pending orders,duplicate orders manual orders,um,like,let's see draft orders,um and and and there's a process of,filtering to make sure that all of that,is accurate but that's really what we're,doing is we're following the cache all,the way through the system,and if you have accounting help that's,prepared to help with this then this is,what they would be doing as well so this,is the layout of one of our actual,clients and i really hope you don't have,this many payment processors because,they really do and this is really crazy,it's super super hard to keep track of,so if you have done this to yourself,then like,just just unwind your position like step,back nobody will get hurt shut down a,couple payment processors and,because this kind of scenario really can,only end in tears steps involved in this,is the first of all you're going to,download your sales orders reports out,of shopify now so basically you're going,to come in here you're going to go to,orders reports and you sort for whatever,time frame you want and you're going to,export this report to excel okay,now when you export this report to excel,it ends up looking something much like,so across here what you're really,looking for is you're looking for all,the orders you're looking for how it,processed you're looking for any,additional information like whether it,was cancelled whether it was unpaid um,like,this this is a really helpful report um,you're looking you know whether or not,it's shipped um all of this kind of,stuff then the next thing you're going,to do is you're going to you're going to,summarize and filter all of the cells,data so when we do this this is what we,have across the bottom we have a tab for,every single one of our payment,processors that are impacted by this we,have tabs for,um,like,the the things that are returned the,um,like basically,we're taking a look at every single type,of activity that's happening on shopify,then after we take all of that we use,different excel different tools inside,excel including things like pivot table,pivot tables um index,lookups all of those types of things and,we're basically taking all of that data,and we're then summarizing it here okay,so the next step here is to then,summarize and filter all the cells data,and then enter journal entries to,summarize that data,so this is what it looks like for us,after we use pivot tables to sort all,this information out,then we are creating these journal,entries so these journal entries show,all of the things that happen but more,importantly it also shows which payment,processors we expected it to process,through so all of this sells information,this is the breakdown according to how,it all went out through each payment,processor,and then last of all we're going to put,that data into quickbooks and then we're,going to take every single one of these,payment processors and we're going to,reconcile every single payment processor,to what actually deposit it into the,bank account so again here,we are,following the cash all the way through,the system what happened at the channel,level which payment processor did it,move through how did it what happened,when it hit the payment processor how,does that reconcile to what actually hit,the bank deposit and what needs to be,backed out of all of that information in,terms of liabilities or um things that,things that just don't belong there to,begin with so that's what our process,looks like as you can see like i said it,is um complex and a little beyond the,scope of what we're doing here,but um,it kind of gives you an idea like if you,really want a very very high level,detail then this is what you're looking,at so,just to summarize like how how much does,it matter and how much should you be,caring about the level of effort you're,putting in well it really does depend on,the size you are as a business the,smaller you are the smaller the dollar,amount impacted,the larger you are,the,larger amount of money we're talking,about as far as misstatements go on this,so um i hope that was helpful,if you,i hope you liked this video on different,methods you can use to do the accounting,for your shopify channel for your,ecommerce business if you like this,video and you'd like to see others like,that then don't forget to subscribe to,our channel hit the bell so you'll,receive notifications in the future if,you're interested in having us do your,accounting for you then visit our,website ledgergroups.com you can reach,out to us we're happy to discuss with,you pricing or any other questions you,may have also if you would like more,information on how to do your own,accounting visit our website on our,download page we have a financial,management checklist that may be a great,resource for you as well as a white,paper on how to identify whether or not,your accounting is being done well for,your ecommerce business if you're,already working with somebody else,thanks and have a great day

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