Reconciling Shopify Reports
Reconciling Shopify Reports is recommended for exchanges and store credit due to some limitations within Shopify around returns. You can learn more about what's actually happening in Loop and Shopify to drive these inconsistencies in Accounting with Loop.
In this article, we'll cover:
- Why Reconciling is Necessary for Shopify Reporting
- How to Reconcile Shopify Reporting
How to Reconcile Shopify Reporting
Sales Over Time Report
To reconcile your reports in Shopify, you'll need to pull a Sales Over Time report from Shopify:
- Visit Shopify Admin > Analytics > Reports > Sales > Sales Over Time
- Select specific date range
- Edit columns to include: Order Name, Orders, Gross Sales, Discounts, Returns, Net Sales, Taxes, Total Sales and Gift Card Gross Sales
- View Summary In-App or select Export
Loop Store Credit Report (only if you use the Gift Card API)
You'll also need the Store Credit report pulled from the Return Transactions section of Loop's reporting if you are using the Gift Card API. You can check in the Store Credit section under Settings > General in the Loop admin.
- Go to the Loop admin, and head to Analytics > Reports
- Click into the Store Credit report under Return Transactions
- Specify Returns Processed and the date range, and export the report
- Download the report from Analytics > Exports
How To Reconcile
- Sort the exported Shopify file by Order Name, so all exchange prefix orders are at the top
- From the exchange prefix orders only - move the sum of Discount column to Returns column
- The discount value in the sales report is inclusive of the credit value of returned products applied to new orders (loop-discount) and should exist in the returns column
- From the exchange prefix orders only - subtract the sum of Taxes from Returns column and Net Sales column
- When Loop marks an item as returned without refunding money, Shopify generates an accounting adjustment to returns and net sales equal to the tax value on new exchange orders
- If using the Gift Card API to generate store credit: Open the Store Credit report from Loop, and sum up the total amount issued in Loop over the time period
- If using the Gift Card Order automation to generate store credit: Sort the exported Shopify file by Order Name, so all LGC prefix orders (store credit gift cards) are at the top, and sum the total amount of store credit issue over the time period
- Note: If the report is showing no LGC orders but you have issued store credit over your specified time period, you are using the Gift Card API automation to issue store credit
- Subtract the sum of Gift Card Gross Sales from Returns column and Net Sales column
- Gift card values mirror refunds and need to be added to the report as such
Where can I learn more about the values, from discounts to taxes, that I'm seeing in Shopify, and why they need reconciled? Learn more about what's happening behind the scenes in Accounting with Loop.
Please reach out to email@example.com with any additional questions.