About
Applies to: Finaloop Core
Finaloop receives each Shopify bill as one total and records it under one category: Software & subscriptions on your Profit and Loss (P&L) report. Your P&L total is right either way; only the split between expense lines is affected.
Shopify bills are consolidated and include expenditure from multiple categories. For example, one bill might include:
transaction and selling fees
shipping labels
app and subscription payments
Here's what you'll find:
why Finaloop records Shopify bills as Software & subscriptions, and
how to break down a consolidated Shopify bill into multiple items and apply the correct category to each one. This fine-tunes your P&L by allocating amounts to the relevant categories.
1. How Finaloop records Shopify bills
Finaloop receives each Shopify bill as one total from the Shopify integration and records it under one category.
Shopify bills are recorded in the Software & subscriptions line of your P&L (under General & administrative). We use this category because it's the most frequently used category for Shopify bills. How a bill gets there depends on how you pay it:
Paid from your Shopify payouts: Finaloop records the bill as Software & subscriptions automatically. To split these charges across categories, reach out to us at [email protected], since they don't appear on the Transactions page.
Paid by card or bank account: the charge appears on Transactions, usually with the category Software, which lands in the same P&L line.
If you would like a more granular breakdown of these bills into the specific categories, you can split a Shopify charge on the Transactions page into separate amounts, each with the correct category.
2. Split a Shopify bill into different categories
In the sidebar, click Transactions.
Find a Shopify bill transaction and click its category tag to open the Categorize transaction window.
Click More actions, select Split and click Next.
On each line, choose a category and enter the amount. For example, Shipping labels for shipping labels, Payment processor fees for transaction fees and Software for your plan and apps. Click Add a split for each extra line.
When Left to split shows $0.00, click Apply once (or Apply always for a split by percentage).
① The category and amount lines, ② Add a split, ③ Left to split, ④ Apply once and Apply always.
For every split option, see Categorizing & reviewing transactions.
3. When to use Apply once and Apply always
Apply once
Click Apply once if each bill has a different breakdown. You split each Shopify bill separately, and get this granular visibility throughout the year.
Apply always
Click Apply always to use the same split for all similar transactions from Shopify. To use Apply always, split by percentage (use Split by to switch from dollars to percent). A split by dollar amount uses Apply once.
Tip: You don't have to split every bill. You can assign the most relevant category and do the splits as part of year-end adjustments. This can be a time-saver, without it making a big difference in your P&L reports throughout the year. P&L expense totals stay accurate, even if there is some reapportionment into different categories at year end.
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Need help?
If Shopify takes its bills from your payouts and you'd like them split across categories, or you have any other questions, reach out to us at [email protected].