As you get paid for orders in Shopify, you'll need to configure how the payments are to be posted in Xero per payment gateway.
To do so, click on the "Add Payment Gateway" button in the "Setup - Payouts" screen.
A pop-up will appear for you to configure the relevant payment gateway information.
|Payment Gateway Name
Select the payment gateway you'd like to configure.
If a payment gateway is not listed, please reach out to us via Live Chat or email (email@example.com) with the payment gateway name you'd like to add.
|Payment Gateway Supplier Name
The name of the payment gateway supplier (eg. for Shopify Payments, it might be Shopify International Limited).
If the supplier does not already exist in Xero, you can create a new supplier in Xero from the screen.
|Xero Bank Account
|The bank account where payouts, and the relevant fees from the payment gateway goes to.
|Xero Clearing Account
If a payout is banked for a period of time (ie. a day, a week, a month etc.), you'll need a clearing account configured. If you've created one in Xero, ensure that the "Enable Payments to this account" is checked in the Xero Chart of Accounts.
If it isn't already created in Xero, you can create one within the screen.
You can read more about clearing accounts here.
|Payment Gateway Fee
If the payment gateway charges you a fee, enter that fee here. This could be a percentage (%) and/or a dollar ($) figure.
For Shopify Payments, this is not required as it is pre-determined and set by Shopify based on your store's Shopify plan.
|Xero Fee Account
|The expenses account in Xero where payment gateway fees gets posted / booked to.
|Xero Fee Tax Rate
The fee tax rate that the payment gateway fee gets defaulted to.
If you're unsure, you can look up docs from the payment gateway or speak to your accountant / bookkeeper.
Click on the "Add Payment Gateway" button.
You will then be directed back to the "Setup - Payouts" screen. If you don't need to change any other information, hit the Save button.