There are five month end reports requested by our finance team:
- Accounts Receivable: a listing of all internal accounts and their orders for the month
- Item Value List: a list of inventory as of the end of the month, including cost and (retail) price
- Sales Report: a list of all sales for the month
- Sales Tax Collected: a list of all taxes collected for the month
- Tender Summary: a list of all payment types and amounts for the month
Sales Tax Collected
This report can be generated in Shopify, with some help from Stitch Labs.
In Shopify, go to Reports > Finances > Taxes.
Click on "Month to date" in the top right corner and select "Last month" from the drop down.
Click Export in the top right corner, choose "Full report" and then press Export. This will be your Sales Tax Collected - Detail Report.
Click Export in the top right corner, and choose "Current page" and then press Export. This will be your Sales Tax Collected - Summary Report.
We will also need to add in any taxes from internal orders. These are always Ontario HST, with a percentage of 13% (except for Exec Ed orders, which do not pay taxes). You can pull these in from the Accounts Receivable report (for date and taxes collected). Just paste this on to the bottom of the Detail Report, and add their total to the bottom of the Summary Report (under "Canada", "Ontario", "HST", and "13%" as the Country, Region, Name, and Rate).
Additionally, we will also need to subtotal each tax rate. Add a new row to the bottom of the Detail Report. Use an Excel formula to sum all of the rows that fall under this rate. Do this for each of the tax rates.
The Overall row at the bottom will be a total of all the taxes. It should match the total from the Taxes column on your Sales Report and the total on the Summary Report.
Note on refunds
If there have been any refunds on Internal Orders only then you need to manually add these refunded taxes to the Detail Report, and subtract the refunded tax from the Summary Report.