Question 1

How does inventory accounting work for Canadian retailers?

Accepted Answer

Inventory accounting tracks the cost of goods you have on hand and records the cost of goods sold (COGS) when items are sold. We use the FIFO (first-in, first-out) or weighted average method, depending on your business, and reconcile your inventory balances monthly. Accurate COGS tracking is critical for understanding your actual gross margins.

Question 2

Can you reconcile Shopify, Amazon, or Etsy transactions?

Accepted Answer

Yes. We import and reconcile transactions from Shopify, Amazon FBA, Etsy, and other e-commerce platforms into QuickBooks or Xero. We account for platform fees, refunds, returns, shipping costs, and currency conversions — giving you a clean, accurate picture of your e-commerce revenue.

Question 3

How is HST handled for online retail in Canada?

Accepted Answer

For sales to Canadian customers, HST/GST/PST applies based on the customer's province. For US or international sales, those are generally zero-rated (no Canadian HST). We ensure your e-commerce HST is set up correctly for all jurisdictions and properly reported to CRA.

Question 4

Do you handle multi-location retail bookkeeping?

Accepted Answer

Yes. We can track revenue, expenses, and inventory by location, giving you a clear view of which locations are profitable. We use classes or tracking categories in QuickBooks/Xero to separate each location's financials.

Bookkeeping built for
retailers & online sellers.

Know your true
gross margin.

Online, in-store, or both.

Retail bookkeeping
questions answered.

Focus on selling.
We'll handle the numbers.

Bookkeeping built forretailers & online sellers.

Know your truegross margin.

Online, in-store, or both.

Retail bookkeepingquestions answered.

Focus on selling.We'll handle the numbers.

Bookkeeping built for
retailers & online sellers.

Know your true
gross margin.

Retail bookkeeping
questions answered.

Focus on selling.
We'll handle the numbers.