Shopify connectors abound!!! Some are in QBO directly, but many others are outside of QuickBooks. Marc Kalman from WeIntegrate is going to join us to share how they are different from the others.
Learn More about WeIntegrate
QB Power Hour is a free, biweekly webinar series for accountants, ProAdvisors, CPAs, bookkeepers and QuickBooks consultants presented by Michelle Long, CPA and Dan DeLong who are very passionate about the industry, QuickBooks and apps that integrate with QuickBooks.
Watch or listen to all of the QB Power Hours at https://www.qbpowerhour.com/blog
Register for upcoming webinars at https://www.qbpowerhour.com/
Shopify connectors abound!!! Some are in QBO directly, but many others are outside of QuickBooks. Marc Kalman from WeIntegrate is going to join us to share how they are different from the others.
Learn More about WeIntegrate
QB Power Hour is a free, biweekly webinar series for accountants, ProAdvisors, CPAs, bookkeepers and QuickBooks consultants presented by Michelle Long, CPA and Dan DeLong who are very passionate about the industry, QuickBooks and apps that integrate with QuickBooks.
Watch or listen to all of the QB Power Hours at https://www.qbpowerhour.com/blog
Register for upcoming webinars at https://www.qbpowerhour.com/
All right. Welcome to another QB power hour, where today we're going to be talking about Shopify integrations, which wants to choose, say, if you ever have looked at the app store or that burning question of my client has Shopify. I don't wanna get that into QuickBooks Online. Um, this is the webinar for you, because we'll be talking about some of the things that are already in QuickBooks online and some of the things that are out there. If you've ever looked at the app door and done a Shopify, keyword search for Shopify and see that there's quite a few Shopify connectors out there. It is. Quite complicated as to determine which one works best, right? So Michelle,
good to see
Dan DeLong:you. Good
Michelle Long:to see you. Yes. Hey, it's a nice sunny spring day. So I am looking forward to Doing this because it is confusing when you look out there and you see all those different apps. So I think I love this because I don't know about some of you people but I get analysis paralysis and it gets You spend a lot of time going in there and analyzing them So i'm very excited about this today and glad to have you guys joining it. So my name is michelle long I am a cca and i'm the owner of long for success And glad to have you all joining us been a contract trainer for intuit since 2007 author of five different books Check them out if you're interested And there's the links to the group on Facebook, as well as LinkedIn. And love to have you guys join us there and continue the conversation. Dan, go ahead.
Dan DeLong:Yeah. My name is Dan DeLong owner of Danwith where we transform businesses through technology. And part of that is connecting their. QuickBooks online with their Shopify. And really glad to have Marc and Gennady here from WeIntegrate to talk about their solution. Worked at Intuit for nearly 18 years, co hosting today as also the co host at Workshop Wednesdays over at School of Bookkeeping and doing some of the tech editing duties at the, or for the QBO for Dummies series of books. So Marc and Gennady, you want to Introduce your panel. It looked like you're, you brought a whole list of folks
today.
Marc Kalman:Absolutely. Absolutely. And thanks Dan and Michelle for having us today. We're really excited to share how we integrate Shopify with QuickBooks online, if you've heard how I did that. But I am Marc Kalman. I'm one of the co founders here and I've been involved with SAS based operation and inventory warehousing accounting systems for over 20 years focusing on the small business Marcet. And we saw a real big need here in helping automate the bookkeeping process between systems such as Shopify and QuickBooks online. And. We integrate. So Gennady, would you like to take your turn?
Gennady Kleyner:Yes. Thank you for that. Marc and Dan and Michelle, thanks for having us. My name is Gennady Kleiner. I'm responsible for the technology for we integrate and a co founder. I have over 25 years working with the various size organizations. From small to large integrating various types of systems and have been using QuickBooks probably since the early 90s. I would say at this point. So very near and dear to the pains that folks are going through.
Dan DeLong:All right thanks for joining us. And then you've got Randy. He's not with us today, but I want to talk a little bit about your relationship with Randy. Johnston
Marc Kalman:Yeah, absolutely. So we had the fortune of connecting with Randy maybe about a year or so ago. And initially it was just to see if he would be interested in writing up some stuff on us. I found him Through the CPA periodically that he affiliates with and in conversations we had he just was like really into what we're doing and thought we're taking a really unique approach, compared to some of the other systems out there doing and, just became a real big gel. So he joined our advisory board. He's actively participates. And giving us, guidance and stuff and we have, calls all the time and opportunities to really help take his experience and blend that into what we're bringing to Marcet.
Dan DeLong:Yeah, it's always good to see a familiar face with a new player in the Marcet. So great to see you and Randy teaming up there. So the little details about the QB power hour it's every other Tuesday at noon Eastern. You never know where we're going to be. I am somewhere in Georgia driving up the I 95 corridor, live from Cracker Barrel Cracker Barrel parking lot today. But you can always check out our website for upcoming events. As well as go to qbpowerhour. com slash resources for the PDFs of the slides recordings and the podcast. And if you are listening to the podcast and you feel like that is worthwhile for others, please put a review in for the podcast, because that's what. Triggers the whole algorithm thing. So appreciate you putting in a review for the podcast because we do have several folks listening as a replay. I'm not sure if they just like hearing our voices. Michelle after the fact, because it is really hard to look at slides. When you're on the, when you're listening on your Apple podcast or wherever you get your podcast from, but if you could put in a review that would really help us out letting us getting that information to other folks if you have a little housekeeping, if you have some questions about the specific topics that we're talking about there today, we'd please put them in the Q& A because it makes it real, a lot easier for us to to follow up with that. If you have general comments we have the chat available for that and Gennady will be handling some of the Q& A and chat duties for the WeIntegrate side of things. Please keep them on a still, no, I'm kidding. Please put those specific questions in the Q& A but if you have general, general comments about Cracker Barrel or the I 95 corridor, please put them in the chat. We also have the links there for the for the webinar archives. So you can watch other replays as well. So something that's new for the QB power hour is we're trying to simulcast and get get more folks the ability to see and participate in the power hour rather than just doing it through this through this webinar format. So we're simulcasting on our Facebook group inside of YouTube as well as LinkedIn. There's no need to register but the challenge is you can't really participate as much as you can if you register on, on the zoom zoom webinar, but. If you're, if you just be happen happening to pop by and you want to watch a great, that certainly is okay. There is a QR code on this screen because of, oops, I'm trying to remove it off of the the simulcast, but I can see it's like a. There's two on what, what's going on YouTube and Facebook. There's two two QR codes. But because our Facebook group is the privacy settings are private, right? So not everybody can see these global posts and whatnot. If you participate in the comments there on the group. It will just show up as Facebook user, which is just exactly somebody said that these very same thing. They said hello, but it says Facebook user. So we have no idea what that, who that person is, if we wanted to follow up, but You can scan the QR code and it will allow us to be able to, or allow Facebook to see you or the streaming platform just to, to see your name so that we can see who's commenting and and be able to address you by name rather than Mr. Facebook user. And let's go ahead and stop that. Okay. Perfect. Another thing for 2024 is We're taking a stab at a store and michelle and I we do this out of the kindness of our heart there are expenses and things like that where they go along with with doing this sort of thing so to help help us out. We appreciate you want to check out some of the store items that we have on online, not using shopping we have some time and electricity based swag there. So chargers and coffee mugs and those types of things to be able to show your love for for the power hour, get out if you feel so inclined. Thank you. And Michelle and I are nominated among other folks for the top 100 this year. Voting is open. So please if you are so inclined, please click on the link there and vote for up to three. You've got an extra vote there. If you're sharing the love for Hill and I that'd be great. You still have one other but there's a lot of people that come to QB Power Hour who are among this list it's it's a pretty nice yearly, yearly thing. And, we hope to see some new faces as well in this list. So our agenda today we're going to, we're going to set the stage for the options for Shopify sellers, right? There are, when it comes to getting Shopify information into QuickBooks there's choices about detailed information or summary. And that really just depends, knowing having the answer to that question will certainly help guide. In these myriad of questions or myriad of options that are out there, we'll talk about the Shopify connector inside of QuickBooks because it certainly is important for those in the accounting profession to at least know that it's there and the idea of what it does well, what it doesn't do so well. And where it fits what lane it, it basically occupies in the Shopify online QuickBooks online space. And then we'll talk about we integrate, for, because typically what we'll see with anything that, that that is in QuickBooks directly is it does the short, the shallow end of the pool, right? It does a little bit well. But typically most people are looking for more than what that does. And then that extends the search to what, what else is out there. And as Michelle had mentioned, the analysis paralysis of, trying to find the right the right fit for what it is that I want to, that we wanna do. And we'll talk about what we integrate does well over the Shopify connector. So we'll start off with our first poll question. Which is not on my screen. There it is how many clients do you have shopify stores, right? So this is this is a fairly common Situation when it comes to the shopify and Marcer wanted to toss a question over to you while people are asking here what have you seen as far as you know you start you're starting with shopify as your sales channel connector and you know your game plan is You know to go to other connectors, but why Shopify first?
Marc Kalman:Yeah. Because when we would run such surveys like this overwhelmingly anywhere from 50 to 70 percent of the need was focused on Shopify. Obviously that's not the only factor that would go into such a decision, but we also saw that, from our perspective and our experiences and the conversations we had with. Bookkeepers and accounting professionals that were working in that space. Um, Shopify is easy to use, so people gravitate to it. But their thoughts around integration seemed to be that there were some systems out there, but it wasn't, quite the fit they were looking for. So we saw a bit of a problem that was causing people aggravation and an opportunity that was 50 to 70 percent of the Marcet.
Dan DeLong:We're taking a look at the sharing the results here. It looks like of their clientele majority is less than 25%, but then those with none is about 30, 33%. I would be curious how how that stacks up against others, as far as, other sales channels like Amazon, eBay, and, those types of things. But yeah it seems to be. The most common, online Marcetplace to work with they do a really good job of Marceting. But it's certainly one of those things that, that people see first. In general, Marc what is the, what, what's the attraction of Shopify, other than the fact that, that's what, Other people seem to use
Marc Kalman:well, I mean it is easy to get started, you know when you look at some of the other e commerce platforms that are out there some take a little bit more tech savvy, you know to your fingertips and your thought process to set up, we've looked at some others but shopify is easy. It's a single thread environment nice platform to kick off It's affordable, you know for the most part and just makes it a great starting point for many e commerce businesses that are just getting started, like the Marcet shifting, right? A lot of people are, getting tired of their day job or working to supplement themselves, particularly in this economic condition here. And you find that, it's a great way to have a side hustle. We're also seeing a lot of folks in Amazon, which is probably one of the areas we're going next. Another cool thing about Shopify, too, by the way, is they have these connectors now that you connect into these different Marcetplaces such as Amazon and Facebook. So it becomes a one stop shop for everything.
Dan DeLong:Gotcha. Excellent. So let me go ahead and stop sharing there on the poll. Yeah, so let's talk a little bit about. Those connectors and the common question. And when I worked at Intuit, this was still, a common question, but there's, it's almost information overload, when it comes to, it's a simple question. How do I get my Shopify information into QuickBooks online? And every one of them, you go to the app store and go to, apps. com or apps. com. Yeah, QuickBooks online, the app center and do a search for Shopify. You can see, I just did one and it was 38 results for for something with having to deal with Shopify. All of them say seamless integration. But which one to choose? We partner also with bookkeep, as a Shopify connection or a connector of information to into QuickBooks, but they do things entirely different than you did. So like there, there's a difference in, in how these things are going to come in. You can see here, there's a A2X on this on the, on this screen and they're in the They're in the bookkeep A2X realm where their information comes in but they, it comes in as a journal entry where the journal entry method is, that's going to have some limitations with what you do in your workflows after, the integration, after that information comes in, yeah it'll post, Correctly to the right general ledger account. But the challenges and we'll talk to this a little bit when we get to, deeper dive into the, we integrate piece of things is that there's workflows that you're not able to do because of the way things are coming in into QuickBooks online Michelle I've been monopolizing most of the conversation is this. Something that you've experienced over with working with with consulting with businesses as far as, this kind of question of getting things into into QuickBooks from Shopify.
Michelle Long:I wasn't listening very closely. Sorry. I was trying to help someone. I'm sorry. I was trying to help someone troubleshoot with them. Allow pop ups to do the poll questions and stuff, but I did hear what you were saying about how they all say seamless and how they don't all come in correctly. I was listening to some of it. And that is the thing that's really frustrating for me. And it is difficult to do that and to do the testing to see how they all come over and they don't all come over. seamlessly and they don't all come over cleanly or the way that you want them to. And that is what's very frustrating for me when I get in there because This is where desktop is definitely got the advantage. It was much easier to do testing and have a testing environment and stuff than it is with QuickBooks online. It, even if you've got that backup feature with some of those apps that you can use to where you can do some of that, it's just not as easy in the online route. And so that's why I like what we're doing here today, talking about this with we integrate and everything, because that really helps us to cut through all the clutter of the 38 revolts out here and cut to the chase and get,
Dan DeLong:and those are the ones that are just on the app store, right? There's plenty of others that are, like under the table.
Michelle Long:Yes, if you look at all of them, then you have 138, so that's why I'm glad we have, we integrate here to get through all of this for us and get to cut through the chase and cut through the clutter and get to what really works and what really integrates well and cut through some of that for us,
Dan DeLong:yeah. And I certainly understand appreciate Marc, all of the integrate puns that we can throw with the name of your company, right? And we do as well. Thank you. That's my design. Yeah.
I
Dan DeLong:appreciate that. And Janice was talking in the chat here about having an issue with Shopify holding accounts and clearing accounts, and that seems to be one of the things that. That is part of the challenge with getting information from, an online sales channel into QuickBooks, because there is this delay, right? There's a delay between the time that things are sold. And then there's a, from the time when money shows up in the bank, which, is the grand scheme in the grand scheme of things is, Accrual based, right? Wide, right? Even if it's just, invoices and then payments Do your, for your customers, there's a gap in time. And then if you're doing electronic payments of some sort with those in invoice payments, that will take some time before it actually shows up into the bank. So to Janice's point, or her question in the chat here is that holding or clearing accounts has been the answer for most of these connectors when you're dealing with. Okay. How do I deal, how do I get the sale in there into QuickBooks? And then the, days later the payout is going to come. And then, on a side note, if you're dealing with Amazon, that could be two weeks from the time of the sale. So you've got this passage of time that you have to account for when it comes to, money coming into the bank. sales of things that, that happen. And there's other things that happen with that sale, like shipping and fees and all sorts of other things that people just tend to say screw it. I'll just account for everything in the bank feed. And Michelle that's not, that's a no, right?
Michelle Long:Not to mention possible chargebacks or any of those things that can be thrown in there. So it can get really messy. Yeah, it gets really quickly.
Dan DeLong:Messy is probably the nicest way to describe it.
Michelle Long:Yeah, I'm trying to keep it PG here. When
we spoke
Gennady Kleyner:to So far, it's another common
Michelle Long:term you hear. When we spoke
Gennady Kleyner:to many accountants when we were designing this, there was a Line in the sand that was drawn and some folks said, we live and die by journal entries and are the said no, we can't have that. We need to know exactly what's happening. And so even the holdouts with the journal entries when we showed them when we create actual sales receipts. When we create actual deposits when we create actual refunds, there's no needle in the haystack. And so we don't require those clearing accounts as a result. And life has become so much simpler for
folks.
Dan DeLong:Yeah, this is great. Let's talk a little bit about what's included in the QuickBooks Commerce Connector which, if we go back to the last slide, it's the 1st 1 there. Go figure on how into its connector Gets top billing there when you when you do that, but you can see it's got two and a half stars as far as the as far as the rating is concerned with 280 reviews look at some of these other ones. There's much more high and there's higher results of that and that sort of thing but as far as the what's included inside of Commerce the commerce connector, which is we've done a few QB power hours in the past, and we'll have links to those as well, if you're like, what the heck is commerce but commerce is included based on the level of QuickBooks online. So with regards to how many connectors you can have, which currently they only have three connectors available which is silly that plus in advance is unlimited, but they're. That's a future that's a future based thing, they're definitely looking into other connectors as well on the road map but shopify amazon and ebay, which is like the greatest hits of Online sales channels and they all handle things differently. Shopify being a an online Shopping cart, Amazon being a Marcetplace and eBay being like the American Express of shopping carts. They do things on their own method. They could be a shopping cart, but they're also a Marcetplace as well. So they're like a hybrid type of thing. So you, with SimpleThread you get one, Essentials you get up to three, and then Plus and Advanced is unlimited connections. All right. So in the past, we had the QB Commerce connection power hours. We had Aaron Walsh Dyer talking with us a little bit about that last year. And then we also had the folks from QB Commerce. Come on last year and talk about the future of it. That was what more than nine months ago, and I haven't seen much more change to be quite on. So it's a slow boat as far as the future getting now, but there are some things that are coming in the future with QB farmers that are cool, like variants, right? And this will be part of the. Products and services with coming into your list of being able to actually do variances. Now there was a hint of sales orders coming in and this is all part of in service to, the this solution, being able to do these things, but they're not there yet. So that's you can take a look at those things as well, but here's what it does and what it does pretty well. It records sales and refunds. It records the payout deposit, it records the channel fees, it records shipping income, and then it also allows you to enter in sales tax because it's actually creating a sales transaction inside of QUIC. So you can look at, there's going to be an overview, there's there's orders and there's payouts, right? So that you'll see those different things. Being able to those different areas of your connector being able to be brought in into into QuickBooks. What doesn't it do, right? It won't track inventory, right? So even though you're selling things on Shopify and those may be inventory items, the transactions that come into QuickBooks aren't. Based on an item, right? That may be a future state, but as of today it does not, right? So those sales that are going to be recorded. Yes, they're sales and they're in affecting sales tags You're only going to have one sales item that you can map that to in the setting So that means all of your sales are going to one sales item inside of QuickBooks Now you'll see the order And there may be some reference to what would actually have been sold, but in the memo, for example, or the detailed description, but the actual item that's going to be posting to is going to be mapped in the settings and therefore you only will have that one item to be able to use, right? I was testing this out before, last week. I have a client who's using he was testing out. We integrate with. The Shopify connector and some other ones that are out there. We won't mention and we were We had it. I tried to have it mapped to an inventory account and those things wouldn't post right because it said hey You can't do that. And he only had one item for sale So it was like hey, this is perfect because I can choose the one item That's the inventory item. But as soon as you choose an inventory part as a sales item those orders then don't post. So you won't be able to track inventory inside of QuickBooks online. And maybe that's what you want, right? Not being able to track, track inventory. And if that, is where your client's workflow exists, maybe they're doing it entirely in Shopify. And then you're just managing the information in QuickBooks. That's a possibility to be able to do that. Another big challenge is that the sales are going to be recorded on the date of the payout. Terrible. That's a, if you're wanting to account for the revenue, then great. Do it on the day that it was actually sold. Michelle, would you agree that is, that's like a, I
Michelle Long:agree. And the other big thing I have a problem with the QB Commerce is the cost of control. It's it's missing, you don't account for the cost. And so QB Commerce is a great, like the one. It has a lot of room for growth and improvement. But, change is slow, as you said on there.
Dan DeLong:The things that that we've been the horizon. And, Marc, you can probably attest to, yeah we'd love to do all these things all at once. But, there, there is a, no, there's a process, to, to making these things come in that, I think the best way that I I heard it described as code or programming code is like a ball of rubber bands, right? And you don't know what you're going to be modifying when you go into and change that code. And maybe it's in the middle of the ball and you got to take all of the other rubber bands off. In order to fix one thing and then you got to put all those rubber bands back in the exact same way or else You've got a mess on your hands which is part of the challenge of making, changes to Basically a live product when you're dealing with a with an online That's based software, right? So that change has been coming, pretty slow with regards to the commerce connection, right? So let's go ahead and launch our next poll of do you have clients using the commerce accounting or QB commerce or on the left side you've got that commerce option. Do you have clients using that?
Michelle Long:Have you come across any clients using this, Dan?
Dan DeLong:Yeah, I've been curious as to what it looks like. I've been using it mostly For testing purposes, just to see, what it does and what it does well. And, there may be a lane that, that a client is driving through that uses that, which is okay. But typically you're going to find that be the shallow end of the pool when it comes to that sort of thing.
Michelle Long:Yeah. I haven't. Had a client using it and I definitely haven't had a reason to recommend it. Yeah
Dan DeLong:The one one thing this is off topic with amazon one of the things about amazon and amazon is a unique individual Unique situation altogether, like completely different than a shopping cart uh, like shopify but amazon Will will basically impound your fee or pounder, basically everything's a fee, but they'll impound your your money, and basically hold onto your money for two weeks and then every 14 days is when they do a deposit. One thing that, that I did like about the commerce connection is that because there's a two week span of the money coming in when it does that over a period, It creates two transactions in the right period, right? So your your month end would be allocated appropriately as far as what sales occurred when but again, it's one item. So there's no inventory with that. And the one I did on January for. That included December it, put it in the wrong date for, it put it in 12 31 20 23 or 2024. So it put it in the wrong year the last years sales. But I did appreciate that was only for the year. Months were fine. But that's curious. That's that's, a different animal altogether. So go ahead and I'm going to go ahead and stop sharing and kind of pass things over to to Marc there, but I didn't want to share the results of the poll. It looks about 7 percent tried it, didn't work as expected. We're not too surprised, but 10 percent are currently using it. And It does have a place. No 65 percent of you said this was the first time I've heard about e commerce. So that's a, that's good. That's good as far as an education piece. And then they, maybe they tried and then 20 percent have tried it and had some issues with it. So Marc, let's talk about the other end of the pool that, that people are needing and where integrate, where we integrate can come in.
Marc Kalman:Yeah, absolutely, Dan. Appreciate that. And hopefully you guys can see my screen. Okay. There's lots of things we could share and show today and we will get into a live demo here in a couple minutes. Want to focus in on maybe these five key points for today. I will make a couple of general statements for starters. I know we're talking a lot about Shopify and I don't know about you, but as soon as I hear Shopify, my brain goes into the e commerce online world. But let's not forget, Shopify also plays a pretty significant role these days in the POS world. And I do want to point out, if anybody has any clients whether they're exclusive POS on Shopify or a hybrid our one connection can support all of it. One of the things that we have built into WeIntegrate, which we'll show a little bit about in, in our demonstration, is we have a really keen address algorithm that helps QuickBooks better understand. To what reference a sale is being processed in a particular locale so it knows how to organize sales tax properly, right? Because Shopify in inherently is a, multi-location, tax collecting type of an environment that deals with Nexus and all that stuff, and knows the difference between an online sale in a physical locate store in different locations. QuickBooks, has that capability, but like when you think about how you're putting a. Sales receipt into the system when you're doing it manually even, right? There's no sort of. Way that QuickBooks knows how to default which address you want, right? So unless you specifically change it on the sales receipt and know how to do that, know that it's even relevant, your taxes won't line up in the right place. So we have a really cool algorithm that makes that flawless and accurate. We'll get into that a little bit. And the other thing when we go through this process is to think about that something you said earlier, Dan made me think to say this is that We don't reinvent the wheel with what we're doing. We just figure out how to, make sure QuickBooks is, to the best it can be. But at the end of the day, what we're simply doing is we're emulating the process as if you were sitting in front of a computer without you having to sit in front of a computer. And so it inherently goes well with the way people are used to running their bookkeeping practices. Okay. So the five areas we want to focus in on here is we want to talk about some of the value that we bring by creating and updating sales receipts and refunds, by the way, that come from Shopify into QuickBooks online. Dan, you mentioned about sales items earlier. We do give up options, right? So as an example, and I'm not going to cover this as much of the demo. So I'm just going to mention it now is when you do think about. Customer management and item management, right? Some people like the idea of bringing sales receipts in. They like that idea over journal entries for all the reasons you mentioned earlier. But on the other hand, sometimes people get intimidated by that because now they're thinking, Oh my goodness, if I get a thousand sales, am I going to get a thousand one time customers now clogging up QuickBooks? And people don't, some people don't want that. I don't actually want that, but a lot of people don't want that. So you get to choose if you want the customer details coming in, or would you rather it go to just a bulk customer? You can decide in our system. Same thing with items, right? So you can decide, hey, inventory is great. I want to manage inventory or I want to manage my sales by items. But maybe I don't, maybe I still want that sales receipt coming in, but I don't want those item details. So same thing. You can decide if you want to, track those details or load it in as a bulk item. And by the way, when you do choose to track details, you have options on how you want to map, right? So you can map like on a customer side, things like email to email or phones and names and all that sort of stuff. And then on the items you can do. Standard product name matching. You can do skew matching. I heard you mentioned variants earlier. We support variants as well. So it's all cool things you get to choose from. So that's one point. Another point is in this demo, you're going to see that we do it fast, right? You mentioned about the sale getting booked on the payout date with us. The sale gets booked instantly. Generally speaking from the time it goes from Shopify to QuickBooks, usually it's within seconds, it's a minute or two at most. And you'll see that. Yeah. Yeah. By
Dan DeLong:the time you get to look at it on the dashboard. It's already posted.
Marc Kalman:Yeah, which when you think about the next topic inventory is a critical component, right? Because if you truly do intend to manage inventory in QuickBooks, right you want it's all about how fast and how accurate and right because seconds can make the difference between You know whether I have it or I don't have it or my customer thinks I have it and I really didn't have it and how you deal with those stock out situations, but we do have a way to update inventory inside of QuickBooks. And I'll show you that here today. And then one of our newest features that people are incredibly excited about, Dan included, by the way is that we now have Shopify payouts coming through. And we've separated the concept of we let sales be sales. And we let payouts be payouts. So now you can have your sales come in book the sale at its gross level As it should in let's call it, Instant time right as soon as possible as it comes in from one time customer place the order recognize your inventory adjustments Etc. And then three days later when that payout comes through, we bring that payout in, auto create the deposit, reconcile against those sales. So you don't have to now think, Oh my goodness, I have to check off a thousand sales that came in on that payout. Nope. We do that for you all automatically. And we take all the fees and we drop it down at the bottom of the payout. So your net payment is a hundred percent accurate, the bank statement, which now you can reconcile against your actual sales.
Dan DeLong:So Michelle's top video on YouTube of how to clean up the undeposited funds account is basically a non issue anymore with this because it does all that for you. Yeah. Yeah. Sorry, Michelle. Hey,
Michelle Long:that's great. That is absolutely great. And you know what, Marc? I can't believe nobody's done it before. It seems so obvious, but I'm so glad you guys are doing this because Oh, thank you. Thank
Marc Kalman:you. Yeah, I get it. Definitely. It was obvious to us when we got in there, I can tell you it was very tricky. So we can understand why people may not do it. But but it was Yeah, I'm glad to hear you say that because that you know we do the value to us is when you know people like yourselves, state see these sorts of things that shows us that we're on the right track to making the kind of difference that we're looking to make. Which is awesome. And then another awesome thing we'll talk about today, too, by the way, is our tax management capabilities, I guess I'll call it, but not that we're managing taxes, but we ensure and we make sure that the taxes in QuickBooks are 100 percent accurate with the taxes that are in Shopify. And that takes on two, two focuses. One is that the actual amounts are accurate, right? So if you've tried to do this sometimes. You might see where QuickBooks gets like pennies off per transaction because, sometimes there's some rounding things differently between two systems. And then the other is, as I mentioned before, where those taxes are actually supposed to get located, like which agency is that tax associated with. And then, That other one about tax nexus, right? Physical nexus versus economic nexus, where you have to get add ons to manage all this again, we have this algorithm built in that, that lets QuickBooks be as smart as Shopify when it comes to those things.
Dan DeLong:Yeah. And you're really using, the information that you get from Shopify as the guidance of what this should actually be, you know, cause things will change. After, the transaction posted or anything like that. So you use Shopify as your source of truth of what to tell QuickBooks and leave it up to customers or leave it up to clients to make things a little bit challenging when it comes to that sort of stuff. So let's we've got, other, screenshots and things like that in the slides. So if people want to download the. The slides off the website, they can certainly, go through some of these things, but I want you to, I want to take a look in your dashboard and show, and highlight some of these things. So to answer to with the, with your payout functionality that I think that is a game changer in this in this space, right? Because of all of the connectors that I've seen and looked at is that everybody wants to use these clearing accounts, right? And then that just makes more work for the accountant. To make sure that the transactions that are deposited and the payouts are deposited match right so that instead of reconciling the bank account, you're also reconciling these clearing accounts on top of all that, but you're taking a different approach where this is actually going through undeposited funds of all things right the payments to deposit is actually going into the undeposited funds and you can't make a deposit and this was a thing that I was like leery about using under positive funds because it is a special QuickBooks account and I'm not talking like short bus special account, but it's got some functionality tied to it inside of QuickBooks to make sure that you do this right so that it's not causing a problem with your connector versus the reality of what's coming in. But the goal is. When a payout comes in, it gets deposited through under positive funds into the bank into the into the bank account. And then the bank feed just then matches to that because the bank feeds coming from Shopify are horrible because there's just Shopify transfer. What was that for? Was that the payout or was that a fee that I had to pay? Or was, what was that? That, that came in or was it a refund or whatever it is, it's hard to tell just from the bank feeds, but if you have all that information in there, in the bank account, and then the bank feed comes in then it just matches because that's what it's looking at first is the amount and you guys again, take that. Gospel according to Shopify as the amount. And that's what typically will show up in the bank. I'm sorry. I stole your thunder.
Marc Kalman:No, please do. And, and one other thing too Dan, as we had discussed previously is that for those that maybe, if, cause, cause we integrate allows you to connect multiple Shopify. Stores right to one reintegrate account and load all that into QuickBooks online. So one concern that we've heard is if you start doing that and I have all this going into undeposited funds, how can you segment it, right? Cause maybe you want to put, one store, one thing, your account or one or another, right? That sort of thing. But we have in our defaults, a setting at the connection level. Where you can specify a location a QuickBooks location comes right out of your QuickBooks table into our system. And you pick a QuickBooks location so that when your sales get posted, you could have one channel posting a one location in undeposited front, on the sale and the other two other, so when you go to filter your undeposited funds, you now do that by location and emulates that same concept of splitting out, those sales that you're trying to keep track of.
Dan DeLong:Yeah. Cause that was my other big concern about using undeposited funds is that if every, all of the sales receipts are coming into undeposited funds, that's going to make a huge problem, especially if people are using undeposited funds for other things that aren't, Shopify based, right? Like they create an invoice and they receive a deposit, goes through undeposited funds. Oh, good Lord. How do I get through this mess? So your point, you can set up locations and then choose the location on the positive fund screen to only show specific locations so it can weed out those extra transactions.
Marc Kalman:Yeah, exactly. Cool. So I'm just jumping ahead to where people would have to do this, although I have to do it. It's just part of the demo. Is I think the first thing we'll do, we'll get, I'm going to focus on the, that payout since we've kind of like, discussed it right now. So it might as well, like on that, but before I do that, I'm just gonna drop a couple of quick sales in that we will run the payout against in the demo. So I can show a couple of things. One is I will show how we process the sale and how that goes into QuickBooks. And then people can also see how fast it generally does go. So I'm just going to make up some fake. Customers here
Dan DeLong:Yeah and while you're doing that I wanted to address the question in the chat Is that shopify handles different payment methods and how does this connection handle those methods? So as long as it's coming through shopify payments, like there's a recent change where amazon pay is now being in included in shopify payments So as long as they have some kind of connection Into shopify payments Then this will continue to do this I think the best word in the Intuit buzzword is automagically to be able to do this now, if they're using something outside of that PayPal or Sezzle that where it's, completely outside of the Shopify payments realm then this won't work. That's not like the end, the be all and end all that's on your radar for, for that to work for other payment methods.
Marc Kalman:Correct. Correct. I'm going to go ahead and push through the cell. Just one thing I want to point out is, so I put this sale in for an address at a New York Manhattan and Shopify knew enough to calculate tax on it because one of the locations we have set up inside of Shopify is a New York address, right? So Shopify, just pointing out as we do this, Shopify knows how to auto calculate that. So we get a total here of 100 and 16 cents. And we'll go ahead and process this in one order. Okay. And then I'm just going to drive the same exact thing for you on a second order real quick. And then we will show the output of that and do the payout.
Dan DeLong:And your main focus is let's start with Shopify because that's the most commonly used one. And then you'll take all these learnings and move them into other channels. So like Ross was mentioning in the Q and a, what about Squarespace, what about WooCommerce? What about, Fill in the blank, you're going to take these learnings that you're learning with, the big hairy beast of Shopify and then, Taking those into the other sale online sales channel.
Marc Kalman:That is correct. Yes and we chose to go deep into shopify first, you know You just go deep and really knock out everything we can and then yes Take that and move over to the next one Do you regret
Dan DeLong:that decision?
Marc Kalman:Not at all Because it's been part of what's like showing people that there's a, there's another way to do this, right? That, that can make things a lot easier. I'd rather help people get really easy on one thing, right? Eat
Dan DeLong:the elephant first, and then, everybody else is kittens and kittens and puppies. Exactly. All right, so this one And what's interesting
Gennady Kleyner:is that Shopify has recently opened itself up to other platforms. So we now have Shopify orders coming through from Amazon and eBay and others that, that are going through Facebook Marcetplace. So they're basically being the consolidator and we obviously support that from the get go. And so we're now having those types of orders come through as well.
Dan DeLong:Yep, yep,
Marc Kalman:exactly. One thing I thought I was about to mention before I switched over, so that second sale I did based out of Georgia, and Shopify knew not to charge tax on that one because I don't have a physical location set up inside of Shopify for Georgia. Got it. Now you'll see we already have a number two here, the two sales we process and on one other point real quick, just so there's no confusion, I am inside of WeIntegrate today because I am demoing how it works. WeIntegrate is a sort of set it and forget it type of a system. So you don't have to come in here. There's no buttons to push. Just build a connection and then everything automates whether you're in our application or not. But you can come in here,
Dan DeLong:it's a crockpot application. You just load your ingredients and then, wait. Wait for dinner. Exactly.
Marc Kalman:And now you'll see here these two lines here at the top. These are the two orders I just processed out of Shopify. So we're showing you Shopify orders number 1552 and 1553. For their total amounts. You can see, if you remember what I showed on the screen the whole total of the first one was 116, which includes some shipping and tax, and this one doesn't have any tax at all. And We show you the ship status and pay status here. So we take a little bit more of an operational flow on what we do too. So for example I'm just going to rest for one minute here. I think we've got enough time. So I'm going to squeeze it in is if I take Shopify, if I take one of these orders and if I if I take one, let's say I take the second one here. And if I open it up and now I want to fulfill it, whether I'm doing it in Shopify or a third party app or even a third party warehouse connected to, to Shopify and that fulfillment is done right here. I'll just put some values in right into the screen, whatever tracking number, and then we'll leave start tracking for carrier, et cetera, et cetera. And then say fulfill what will happen in we integrate first of all. And I'll just keep that. A couple seconds here. So I'll just point back over here. So we show you the pay status that we've been paid, the ship status. They're still showing us open. They haven't shipped yet. They've been received, a certain period of time ago. And then last sync. This is the last time it went, got connected here with QuickBooks. And you can see that one that I shipped now shows that it's been partially shipped, right? Less than a minute ago. If I hover over here, we show you the actual date and time. But now we show you the QuickBooks sales receipt number that got generated inside of QuickBooks, right? So 3174. And then on this one, it was 3173. We do give you an option that you can map the Shopify order number as the QuickBooks sales receipt number if you want. Or you could use the QuickBooks. Auto generated number both have a place, but regards to which we choose, we make sure it's clear to you that there's a connection between this sales receipt number and this order number. I'm just going to quickly go in here and show you these two sales that we just generated and then we'll go ahead and run that payout through for the deposit. So here are the two sales receipts, 3173 and 3174. You'll see here in the memo, we show you the actual Shopify order numbers right here. So you don't have to go very far to see that, this sales receipt is that order number. You'll notice they are exactly to the penny of what I showed on the Shopify side. If I come into this first one here for 116, I'm sorry, 100 and 16 cents you'll see that the the taxes I'll see if that rolls. Sorry. Just give me a second. There we go. The taxes are all accounted for. It knew the, it knew to do all the taxes while I was loading. And one of the ways that we accommodate that is, we show you here the ship to. And address information. But then we also replaced the ship from based on that physical location that we saw inside of Shopify. So QuickBooks now sees this as a ship to New York from New York scenario and knows that on its own, not just that it needs tax, which we overwrite anyway from Shopify, but then where to put that tax, like that tax belongs to that New York tax agency. And you can see it's 8 and 18 cents right out of Shopify.
Dan DeLong:And if it's a return, it would just be a return receipt with the exact same information.
Marc Kalman:Correct. And because we're doing that too, when the payouts are coming through and they have those returns embedded inside of them it it will it will account for it properly. It's really cool. All right, so that while Gennady, maybe while you're processing that payout, I am going to go ahead and show this other second sale receipt real fast.
Dan DeLong:We might go over a little bit. Especially if folks have, good questions that I'm seeing, rolling in here as well, but we do want to make sure that we see this payout because this is, that is the biggest game I'm just going to say it's a game changer in this space where you're actually going through undeposited funds.
Marc Kalman:Okay. So on this sales receipt here this one is the second one they did when I shipped to Georgia. So you see it shipped to Georgia. You'll notice the address here is you wouldn't know it by inherently, but you see it's a different address. This is based on the default QuickBooks address now, because we couldn't find a, an address matching our algorithm to control that physical nexus. So what will happen is. And I'll show you in the nexus area in a second here that gets tracked by QuickBooks is economic nexus tool. But you'll see down here at the bottom, there's no sales tax applied. And the total comes out to the exact penny that was on the Shopify side. One of these, we also do by the way remember I did that fulfillment on the Shopify site. It's a little website sidestep, and then I came back and dropped that in there. So when that comes available, we go back, we update the sales receipts. We have all that tracking information here on the sales receipt for those that need it. And we also are loading the shipping fees here as a line item. On the P& L, it comes out exactly the same, but there's more value here. It helps us better control the sales tax as well. But in addition to that, we're now able to show you a the service level. So you can see the shipping service level here is economy. It could be rush, it could be whatever. But then we also, when Shopify sends us the tracking info, in this case, like the URL to track the package we add that to that reference as well. Just give me some, a little additional extra value. To Dan's earlier point, you'll see it here on, under Positive Funds. So that's an example of sales receipts. And now I am told the payout has been processed for those two orders I just did.
Dan DeLong:Typically, this would be a couple days later, right? The reality is that Shopify doesn't process payments this quickly. But in your testing environment so a couple days have passed. There's now a payout. So let's take a look at that.
Marc Kalman:Yes, a couple days have passed. It's a great narrative action like that.
Dan DeLong:And while you're bringing this up, I'm going to throw up the last the last poll. Sure. So if people do need to drop off at the top of the hour they can do and where'd it go? I had it. Oh, there
it is. There we go.
Dan DeLong:So we'll just launch that poll about learning more about WeIntegrate. Alright has it, did it post already? I missed it. I blinked.
Marc Kalman:Hey, what did the payout post? Yeah yeah, it actually it did so i'm in the so we have a checking account that we set up in our demo called Shopify checking one and here's the the payment that just came through right? So we took the two cells together put them together the net deposit is 177. 41 If I hover over the split here, you'll see that pops up. I don't you guys can see the hub over You'll see there's two sales receipts, right? They're on there minus
Dan DeLong:Go ahead and edit that because one thing I really like about what you do is account for the fees separately and there's reference to it. So if you scroll all the way down to the, out of the bottom or what Michelle tells you to do and how to clean up credit card charges in undeposited funds in order to get that payout that the bank deposit to actually match is to put, negative dollar amounts in the bottom. And you actually split them out individually with the reference number to the transaction. You'll be able to see all of that in one place. And you don't have to necessarily go hunting for what was this 3. 01 for? Oh, the reference number here, that's the Shopify order number. I can go and check on that if need be, if it's if it's an odd amount or something like that.
Marc Kalman:Exactly. And we also have an overflow scenario too. So if for some reason, if like deposit came through and the payout was for, 10 sales and, for some reason, only nine of them are in QuickBooks for whatever reason, that, that overflow would get thrown into an unmatched account for whatever that variation variant would be. Differences. And at least it kind of hones you in on, Hey, it was able to reconcile everything that it had, gave you like this overflow, what's called clearing account kind of scenario. It didn't disrupt the fact that your payment matched your bank. And now you just deal with that small piece of discrepancy and figure out what went wrong on that and make your adjustment.
Dan DeLong:And the biggest concern, that I had when you were telling me that you were going to be thinking about using undeposited funds as your payment deposit account was. What if there is a payment that Or a sale that's not posted, right? Or you know if you can't use you know Because it's going through and checking off the sales receipt in the payments to deposit section And then accounting for the fees. What if somebody got click happy? deleted the sales receipt by mistake or it never posted because it Because of there was some error How do you handle that deposit and that situation because the reality is funds were deposited You Just because they're not in undeposited funds, shouldn't stop the payment from actually depositing. So how do you handle that?
Marc Kalman:Oh yeah. I'm sorry. I'm sorry. That was a question. And that's what I meant. The same way I handle the other scenario. I'm sorry. I'm sorry. I thought it was related to that. Yeah. So we have in our system, you can set up a default account where you can place a post unmatched monies. So if if the deposit, was a thousand dollars. And, the payout's a thousand dollars. We want to make sure that when that deposit here in QuickBooks gets created, that it's also a thousand dollars, right? Cause Dan's point is money's still coming in, right? It's just a matter of why did it come in? And so we make sure we ensure the integrity of the deposit. So if there's something we cannot find for some reason something's out of balance or, sales or speed went rogue that variant value will wind up getting posted to that unmatched account. And you get the opportunity to call it what you want, and you just set it up inside our system that this account gets used for this purpose. And then we we post those overflow amounts, could be positive or negative first to that. So in the grand
Dan DeLong:scheme of things, it will go into, some kind of nebulous account unmatched sales or whatever it is that you want to call it. And that's the account that you really need to look at and see okay. This is my problem child account to look through as opposed to the entire clearing account and to someone's point You have to use undeposited funds. The answer is no you can still use your clearing accounts if you're If that's what you, if that's what you used to, and you don't want people to touch on depositive funds, you can certainly not do that. This is one of those things that, what are you going to do with your free time when you're not needing to clear up all the clearing accounts? Exactly. Exactly.
Marc Kalman:And so it makes it clear.
Dan DeLong:Michelle, to you, this was like a blind Taste test, right? Like you, there's a blind reaction. What do you think?
Michelle Long:I am very impressed. I love how slick and streamlined it is. And I think it's pretty cool. I really do love it and everything. The only one thing I was sitting here wondering about, and it doesn't happen very often. But occasionally you'll have a net deposit for the day that's negative because you had returns like let's say in january after the holidays And everybody's returning their christmas gifts or their holiday gifts that they didn't like or something So at the end of the day when that deposit comes up negative Is that going to cause any problems? No That one had two transactions Let's say there were five transactions for the day or whatever and a negative deposit for the day You Is that going to cause any problem?
Marc Kalman:No, it, it does not Michelle. It actually, it works well because you'll see, we have like even in here, we've shown that we have some refunds in here, so whether it's positive or negative, it comes in and creates a deposit and we do it.
Michelle Long:That's awesome. That is just awesome. Yeah, i'm impressed. I love it So I encourage people there's been some great discussions in the chat I've been watching them and everything and I encourage people to call you all because there's been a lot of discussions Can I do this? Can I do that? What about this? What about that? I encourage everybody to schedule a demo with you all. And follow up with you for their specific questions and things like that,
Dan DeLong:so The big takeaway that i'm seeing where we're We integrate, specializes is when you need to account for the inventory inside of QuickBooks and you're solely using Shopify. That's where we integrate would do really well. There are other applications out there that will do multiple sales channels, and maybe they even, work with the payouts and those types of things. But the price point for doing that is, is significantly more than what we, when we integrate will charge. Because typically you would say, Marc, mostly the pricing strategy for, um, for this industry is volume of sales and number of sales. Channel to connect and you guys adopt that as well. But if you're just talking Shopify and and Shopify payments and inventory I don't think anyone comes close to, to where your price point is. The other players that are out there, you're looking at like a hundred dollars a month. For. Their lowest right option where you're, significantly less than that. Yeah, have a free trial
Marc Kalman:We have a 15 day free trial correct and then for those that are Let's say under 500 transactions per month. You can get started for as little as 19 a month And you get access to the full features that we showed today for that price. And when, there are some other vendors out there around the same price point, but what you'll see is where, we're 19 a month and they might be 19 a month. For the 19 a month with our competitor, you may get, let's say 200 orders a month, 200 documents a month, and with us, you get 500, not more or less.
Michelle Long:Yeah. Not to mention the time saving, it makes everything so much easier. I think you guys really hit it here. I think you guys really hit the nail on the head and you did some stuff today. Seems very obvious and you're like, why didn't anybody do this sooner? So kudos to you and job well done. So I encourage people to, call with additional questions, schedule a demo and check it out for themselves. So great job.
Dan DeLong:Thank you. All right. We did run a little over, so this is the power hour. 10 minutes plus. However
Michelle Long:everybody dig these days. We plus dig.
Dan DeLong:I know. Shopify Plus Power Hour plus. Yeah. This is the after show We appreciate you all joining us. Marc and Ani, I appreciate you joining us from We Integrate and Michelle, it's always great to see you. So we'll be here in a couple weeks with more Marceting advice from the folks at wizard of Ads. How you can build a story for, for a Marceting firm. So we'll talk to that then next time. And we'll see you next time on the QB power hour. Have a great day, everyone. Man, thank you so much.