The financial health of your company plays a key role in the success of your business. In this article, we’re exploring why you need to balance your books (i.e. reconcile sales) and gain an accurate understanding of your finances.
Why balance your books?
At Returnly, we know there are many possible outcomes of a return -- refund for store credit, exchange, repurchase for something new, even a return of an exchange.
Shopify however reads all of these transactions as a return that should result in a refund. The refund doesn’t occur though, since the customer purchased something else. Therefore, Shopify assumes they should reverse the return transaction, ultimately under calculating returns and inflating sales totals in your Shopify reports.
To solve for this, Returnly creates a simple report that can easily be added to Shopify’s data to arrive at accurate sales figures. To get started, click over to this article.