 Here we are in our QuickBooks Online test company file using the accountant view as opposed to the business view you can toggle between the two views by going the cog up top and switching the view down below. Let's duplicate some tabs to put reports in by right-clicking the tab up top and duplicating it right-clicking the duplicated tab and duplicating it again back to the tab to the middle reports on the left hand side we're opening up the first one the balance sheet let's go to the tab to the right the reports on the left again this time the profit and loss the income statement closing up the hamburger let's run this for the full year this time a 2025 oh one oh one two five tab twelve thirty one two five tab running it go into the middle tab same thing closing the hamburger changing the range to the same oh one oh one two five twelve thirty one two five and running it let's go back to the tab to the left we've been thinking about e-commerce situations where we're selling inventory but not on ground in a store but rather online in the cloud with the help and use of third-party apps such as a Shopify or an Amazon and thinking about ways that we can pull that information from the third-party app into our accounting software in prior presentations we thought about manually pulling that information as well as just simply using the bank feeds to record our data now we want to move on to the QuickBooks online integration that they have in the QuickBooks online system so if you open up QuickBooks online and you go down to the commerce tab that's the integration that we're going to be taking a look at now so the general concept it's going to be much the same very similar to what we have looked at before remembering that our methods for being able to pull this information in from a third-party platform into QuickBooks is either number one just integrating the bank feeds and not using any other integration but you're going to lose data if you do that it won't be as detailed or you can use a manual entry system which we have taken a look in prior presentations and that system will be similar to the next system we're looking at now which is QBO commerce because the QBO commerce is doing what most people kind of recommend on the bookkeeping side for many people that use a third-party commerce platform which is don't pull in all of the information in order for in order to have like each sale recorded to have each customer recorded because it's going to overload the information in QuickBooks and in order to properly account for things like the inventory on a perpetual inventory system you would have to set up all the items properly and so on and it could get quite complex to set all that up and it might be redundant because you already have that information for the most part in the Shopify side of things so the idea would be that we're going to consolidate the data in the similar process we did with the journal entries but see if we can automate that process so QuickBooks is going to pull in that that information and try to and try to group it together for us now third-party apps I could do a similar type of thing like an a2x is quite popular and again if you're looking at third-party apps there's some apps that might group the data together in a similar fashion as we're talking now like an a2x and there's some apps that possibly means that you can pull in all of the data and try to recreate the information in QuickBooks online and try to track the inventory for example on a perpetual inventory system again most a lot of bookkeepers don't really recommend that for many people trying to integrate QuickBooks in the third-party platforms because it could be complicated and bog down the system so if we look at the commerce within QuickBooks online it's still relatively new as of the time of this recording but it looks like they're trying to do the the most simplified type of thing which would make sense for QuickBooks online they're trying to streamline and automate things so it looks like they're they're doing what most people kind of recommend in grouping this information as they pull it in but because they're trying to make it simplified there may be less options in it as there would be if you use some kind of other integrations like an a2x or something like that so first i'm gonna i'm gonna jump on over here to the sample company file which you can find and and you might want to open a separate window if you want to open these two files up at the same time if you have two files open so that it doesn't mix up your log in so you can open an incognito window if using google chrome by selecting the three dots new incognito window type into the search engine QuickBooks online test drive select the option that has into it in the url into it being the owner of QuickBooks and that's how we get here i just want to scroll down to the commerce section in here because it's not turned on yet so if you have not connected commerce then the connection process is generally the easy process so if you have something like a Shopify or an ebay or an amazon then you need to connect to it and to do that i'll just read through this quickly here seamlessly connect your sales channel will automatically bring your orders and payouts so you can track everything in one place you can check out the little video if you'd like to get more information on it there brief summary uh match payouts with bank deposits run reports and see trends at a glance stay on top of cash flow effortlessly and then of course you can go through the process of connecting your channel choosing the item that you want to connect for example we turned on a Shopify channel bring in your past orders so what this means you can view sales trends and insights across sales so how far back do you want to go so it depends on the platform in terms of how limited oftentimes or how far back you can go to bring in the data oftentimes you would want to bring the data in for an entire year if you if you can and so i'm going to say next and then connect your Shopify in a few quick steps uh we'll get your accounts synced first you'll choose how much of your Shopify data to share with us two next we'll take you to Shopify to sign in your account and authorize in three and then we start bringing in the transactions so i will continue here need consent into it needs consent here this is where they're going to bring the data in from and then we can say okay i agree in consent and then you'd have to finally give them your Shopify email they already have the dot Shopify here and you can't really get rid of that so when you when you type in your your URL make sure that you're accounting for the fact that this piece is going to be connected to the end of it if you double it up if you put if you put Shopify dot com twice in there it won't recognize your url all right so that is that so that's the connection process so once it's connected it's going to look something like this now we have a very basic information this is our Shopify store so we're imagining stuff is happening over here in our Shopify store we're making sales over here we're tracking the inventory on this side of things at least from from a unit perspective so that i can stock my inventory and have sufficient inventory to meet what i presume will be the demand in the future and whatnot remember that as we pull this information as we've talked about with the prior methods we're breaking out the concept of of the sales and inventory happening at the same time in other words we're not using a perpetual inventory system we're going to use a periodic inventory system so we're mainly thinking then about this integration pulling in the sales side of things and we're still going to have to deal with the the inventory side of things it having its own issues because it's going to be tied not to the payouts but to an inventory flow assumption like a fife or weighted average so we'll deal with that later this integration isn't generally designed at this point and QuickBooks could give you more options in the future but i would think that they're going to try to keep it simplified and therefore not and have the so therefore your inventory will be a separate kind of thing we're pulling in the sales side of things we'll talk about inventory later okay so the sales are happening here and then we've got we've talked about before our final