Shopify Bookkeeping Guide for Canadian Businesses

You can set up Quickbooks Online with Shopify by following these steps:

1. Sign up for Quickbooks Online and pick a plan. Your plan depends on what you need Quickbooks to do. For most Shopify businesses, the Plus plan will be sufficient.
2. Connect the bank accounts you use for your business in the Business Transaction section
3. Review and edit your Chart of accounts. Add any accounts to your assets, liabilities, equity, expenses and income account that will be helpful for you to track finances
4. Setup your sales taxes if you collect them, using the Taxes module
5. If applicable, connect Shopify with Quickbooks Online with a connector such as Shopify Connector by Quickbooks, or you can use other 3rd party connectors like A2X. Shopify Connector by Quickbooks is free while A2X may require a payment plan.

It depends on your business workflow. If your workflow involves simply getting sales orders in Shopify and fulfilling it right away, then a connector is ideal to reduce manual data entry. However, if your workflow involves something more complicated like entering or tracking deposits, then a connector may actually create more work for you.

For more complicated workflows it is best to not connect Shopify directly to ensure every transactions is reviewed and entered correctly. Once you are comfortable with how your sales and other data is captured in Shopify, then you can consider connecting it directly to Quickbooks Online.

Common accounts include product revenue, shipping revenue, discounts, refunds, merchant fees, inventory, cost of goods sold, GST/HST payable and Shopify Payments clearing. For more information on the chart of accounts needs for a Shopify business, read this article: https://paperlessbooks.ca/blog/bookkeeping-for-ecommerce/free-quickbooks-chart-of-accounts-templates-for-shopify-businesses

You can use Quickbooks Online or Xero for Shopify bookkeeping. Quickbooks Online however has a strong edge over Xero because of its automation features with AI.

To record Shopify sales in Quickbooks without duplicating income, you have to use one of 2 ways to record income:

1. Use a Shopify connector to import sales directly from Shopify to Quickbooks Online
2. Import sales using sales reports from Shopify to Quickbooks Online

Do not use both methods at the same time to import sales otherwise you may risk duplicating income.

A Shopify clearing account is a Quickbooks account used to track the movement of money in and out of your Shopify account. The transactions you will see going out of your Shopify clearing account include your Shopify payouts, refunds and fees. Transactions you will see coming into your Shopify clearing account include Shopify sales and sales taxes collected.

Yes, it is often helpful. A Shopify clearing account tracks amounts Shopify owes you between customer payment and bank settlement, including adjustments and fees.

Yes. Here is is how to do it:

1. Export the appropriate Shopify reports. Ensure the right date range is selected.
2. The report should include a minimum of sales taxes collected and total monies collected for each sale.
3. Review the totals of your report before downloading your Shopify sales report as a csv.
4. Transfer your downloaded Shopify sales report to a Quickbooks invoice or sales receipt template.
5. Upload the invoice or sales receipt csv into Quickbooks.

There are 3 main sales reports in Shopify: “total sales reports”, “sales by sales channel”, and “sales by customer name”. To ensure you know where each sale comes from and to easily track sales between your Shopify and Quickbooks accounts, the “sales by customer name” is the best option to upload into Quickbooks.

Quickbooks uses a sales tax module to track all sales taxes. To set up your Shopify sales tax account in Quickbooks, do the following:

1. From the side panel of Quickbooks, find the Sales Tax module, then click overview
2. Click Manage Sales Tax in the top right corner, the click Add Tax
3. Select “Start tracking in a new province”
4. Select the province you want to track and complete the following: Next period start month, filing frequency, reporting method. Optionally, add your sales tax number.
5. Click Add and you are done.

If you are using a Shopify connector to import your sales, make sure your sales taxes you collect in Shopify are mapped and matched to the correct sales taxes in Quickbooks Online.

Neither is wrong and it all comes down to preference.

Post each Shopify order in Quickbooks if you want your Quickbooks to match everything going on in Shopify in realtime. Posting each other has the advantage of being able to pin point errors for a specific order and make corrections without affecting other orders directly. It also allows you to see everything that is happening in Shopify in Quickbooks, giving you more real time data of your business activities. The problem with posting each Shopify order however is that if you have a lot of sales, you may be overwhelmed with making corrections to multiple sales.

Daily sales summaries are create for those who do not to see real time Shopify data in Quickbooks. It allows you to import all orders for the day as one entry. This makes it extremely easy to make corrections as it involves finding only one entry and making changes to it. The downside of posting daily sales summaries is that your data will not be as detailed as it would if you posted each sale.

To correct an incoorect Shopify integration mapping, do the following:

1. Pause the sync
2. Identify affected entries in Quickbooks online and correct them if needed
3. Correct the account and tax mappings, and reverse or repair errors without duplicating prior transactions.
4. Reconcile a sample period before restarting the integration

No. A Shopify payout is a net transfer from Shopify to your bank account after sales less fees, refunds and adjustments. Sales revenue is the gross amount you receive after a customer makes a purchase from your Shopify store.

Shopify sales should be recorded as gross sales. Processing fees should be recorded separately in your books from gross sales. For example if you made $100,000 in sales and $800 in processing fees, record $100,000 as your sales amount, then record the $800 in processing fees as a Shopify processing fee expense. This gives you a more clear audit trail of the transactions in your Shopify.

In Quickbooks, you can track discounts as reductions of the related sales amount or in a separate contra-revenue account.

To track discounts using a contra-revenue account in Quickbooks, do the following:

1. Use your Chart of Accounts module then click Add New Account
2. Enter the account name as “Discounts” or “Sales Allowances”
3. Make the Account type “Income”
4. Make the Detail type “Discounts/Refunds Given”
5. Click Save.

Keep tax treatment consistent with the actual discounted transaction.

Shipping charged to Shopify customers can be recorded as a separate income account or inclusive of your sales in your accounting software.

To record shipping charged to customers as a separate account in Quickbooks, do the following:

1. Use your Chart of Accounts module then click Add New Account
2. Enter the account name as “Shipping Revenue”
3. Make the Account type “Income”
4. Make the Detail type “Income”
5. Click Save.

Usually no. The amount received for an unredeemed gift card is generally a liability in Quickbooks until it is used for a sale. Once a customers uses the gift card to make a purchases, the cost of the item is transferred from the liability account into the revenue account. For more details on handling Shopify gift cards in Quickbooks, read this blog: https://paperlessbooks.ca/blog/bookkeeping-for-ecommerce/shopify-gift-cards-how-to-account-for-them-in-quickbooks-or-xero

Reduce the gift card liability and recognize the relevant sale when the goods or services are supplied. Record ales tax rules for the transaction as needed. For more details on handling Shopify gift cards in your accounting software, read this blog: https://paperlessbooks.ca/blog/bookkeeping-for-ecommerce/shopify-gift-cards-how-to-account-for-them-in-quickbooks-or-xero

It depends on how the tips are distributed. If the tips are to be distrubted to employees, then they should be recorded as part of payroll liabilities and paid out with applicable payroll taxes deducted. If they are sales for the business, it can be recorded as revenue right away, separate from the main business income.

Shopify reporting definitions can differ by report. Typically gross sales reflect product sales before discounts and returns, while net sales reflect deductions; taxes and shipping may be reported separately.

Unpaid Shopify sales that are expected to be fulfilled should be treated as sales. However, do not treat the unpaid order as collected cash. Recognize it as a receivable. Once the sale is paid, record the cash received and clear the receivable account for the sale.

Sales discounts should be calculated after sales tax is charged on the account amount of the sale, not before.

Start with the Shopify payout report, trace its included transactions and adjustments, then match the net payout to the bank deposit. Investigate any unmatched clearing balance.

Go to Settings > Payments > View payouts > View Transactions > Export, pick the date range, and export the balance transactions CSV. Each row is a single transaction with its type and the payout it belongs to. In a spreadsheet:

1. Filter to the payout date in question.
2. Pivot by Type and sum Amount and Fee. The charges, refunds, chargebacks and adjustments should then add up to the net deposit. If they don’t, something is missing from your range.
3. For the adjustment rows, check the reference or description columns to separate Capital from disputes. (Since the help article doesn’t promise a separate Capital label, check one known payout against what support told you.)
4. For the books, treat each payout as a clearing entry. Gross sales go in as income. Fees are an expense. Refunds and chargebacks reduce income. Capital deductions are booked against the loan liability, not as an expense. The net figure should equal your bank deposit to the cent.

To reconcile Shopify Capital repayments grouped as payouts “Adjustments” do the following:

1. Export payout/balance transactions and identify each repayment against the Capital repayment schedule.
2. Once the repayments are identified, use a bill or expense module to debit the Shopify Capital loan liability and credit the Shopify Payments clearing account;
3. Recognize any separately identified financing cost according to the loan agreement and accounting policy.
4. Record sales, fees, refunds and disputes separately, then match the clearing account’s net payout to the bank deposit.
5. If the export does not identify Capital deductions, obtain an itemization from Shopify Support rather than guessing.

Shopify payouts will never match total sales because of deductions such as fees, refunds, reserves, timing, chargebacks and other adjustments. Shopify payouts are essentially total sales less payment processing deductions so they will not match.

A Shopify clearing accounts is a temporary balance sheet account that keeps tract of monies coming in and out of your Shopify account. If you collect money from Shopify, think of the Shopify Clearing account as a bank account that collects the money from sales – i.e., this is where your sales figures are recorded in your accounting software. It is also used to record money transferred from it, to your actual business bank account, i.e., your Shopify payouts.

You must first use your Shopify clearing account to record all payouts – i.e., all payouts into your actually bank account, should be recorded as coming out from the Shopify clearing account.

Next, you need to record net sales and subtract any fees associated with your payouts into your Shopify clearing account. The result balance should clear the Shopify clearing account. If done correctly, your Shopify clearing account in your accounting software should have a final balance of your next payout.

Record Shopify Payment fees as a processing charge or merchant charge in your accounting software.

Paypal sales from Shopify need to be tracked separately from Shopify payment sales. To reconcile Paypal sales from Shopify in your accounting software, do the following:

1. Connect your Paypal account to your accounting software or create a Paypal clearing account for it
2. If you are using a Shopify connector for your accouting software, map it so that Paypal sales go into your Paypal account or Paypal clearing
3. If you are not using a Shopify connector and are recording sales manually, use the reports by payment provider report to record Paypal sales from Shopify into your Paypal account or Paypal clearing
4. Find the Paypal transaction report from your Paypal account and record any fees associated with using Paypal as a payment provider as coming out from your Paypal account/clearing
5. Record payouts from Paypal to your business bank accounts as transfers coming out from your Paypal account/clearing to your bank account.

If Shopify payout and the bank deposits differ by a few cents, it could be due to rounding difference, currency conversion, Shopify capital payments, or even the timing. Investigate the source of the difference by reviewing all the transactions associated with the Shopify payout. If something feels off, notify Shopify directly. The Shopify payout should not be different from what you receive in your bank deposit.

If you don’t see a Shopify payout in your bank account, check payout status in your Shopify account first. Verify your bank details, payout holds, payment schedules and date ranges to make sure those are all correct. If everything in your Shopify is fine and you still have not received a payout into your bank account, contact Shopify directly.

Yes, if transaction volume and controls permit.

Review refunds, chargebacks, fees and reserve adjustments that exceeded new receipts. Confirm how Shopify recovered the deficit and record the settlement accordingly.

Business owners in Canada must register for GST/HST when they exceed the CRA small-supplier threshold, generally $30,000 in taxable worldwide supplies over the relevant period.

No, Shopify does not automatically remit GST/HST/PST to CRA in Canada. Shopify only calculates and collect tax according to your settings, but you are responsible for registration, returns and remittance of GST/HST.

Compare Shopify tax collected by province or tax code with the QuickBooks tax summary report. Make adjustments to invoices or journal entries in Quickbooks to match the sales tax collected to the sales tax in Shopify.

No. GST/HST collected on behalf of the government is recorded as a tax liability, not sales revenue. This liability will later be paid to CRA.

Review the invoice for tax actually charged and whether it qualifies as an input tax credit. Post eligible recoverable tax separately from the expense.

A GST/HST registrant can claim eligible ITCs for qualifying business purchases with proper documentation. To claim input tax credits, Shopify owners must have a receipt or bill clearly showing the following:

• Name of supplier
• Description of items purchased
• Total amount paid or to be paid
• HST/GST/PST paid on the purchase

Shopify can automatically track provincial sales taxes on orders after you’ve have activated and setup your sales taxes in your Shopify settings. In your Shopify settings you can choose what to charge provincial sales taxes on – on shipping, sales prices, or both.

If Shopify charged the wrong sales tax on your orders, here is what you can do:

1. First check your setting and make sure the correct sales tax settings are setup
2. Next calculate the new tax that should have been charged on the the total the customer paid. For example, if the client paid 105$ for GST on $100 but should have paid $113 for HST on $100, recalcuate the HST inclusive in the $105 total.
3. Once the corrections have been made, apply the correction to your accounting software using a journal entry.

Review Shopify sales and tax reports, QuickBooks GST/HST summary and detailed reports, your balance sheet tax liabilities and bank or payment reconciliations. For more information on which reports to review before filing a GST/HST return for Shopify, review this blog: https://paperlessbooks.ca/blog/bookkeeping-for-ecommerce/shopify-quickbooks-reports-to-review-before-filing-gst-hst-return

To record a Shopify refund do the following:

1. Log into your Shopify account and click Orders
2. Find the order you wish to refund and click the Refund button
3. Adjust the items and quantities you wish to refund for the order
4. In the shipping section, enter the specific amount your are refunding for shipping costs
5. Choose the refund method – you can refund to the original payment, store credit or a combination of both
6. Adjust the inventory for the refund return
7. Finalize the refund

The refund will be taken out of your next payout or bank account in 3 – 5 business days.

If you are using a Shopify connector, the refund will automatically update in your accounting software.

If you are not using a Shopify connector, the refund will come out of your next Shopify payout and you can reconcile it when you upload it to your accounting software.

Use the original card or Shopify-supported store credit where possible. If a permitted manual cash adjustment is made, document the order reference and approval, record a cash paid-out, and reconcile the cash drawer and card processor separately. Restock returned goods and reverse cost of goods sold only when inventory is actually received.

Shopify returns should never be recorded as expenses in your accounting software. Instead, they should be recorded as a contra-revenue. This will allow it to show up under your revenue account as a negative number to represent the refund.

Post the processor fee as a merchant or chargeback expense, separate from the disputed sale amount.

When a Shopify order is refund, the GST/HST is reversed. The means the GST/HST is recorded as a refund back to you if you already paid it to CRA. In your accounting software, record the GST/HST refund as a sales tax receivable to be paid back to you in the future.

To record a Shopify partial refund do the following:

1. Log into your Shopify account and click Orders
2. Find the order you wish to refund and click the Refund button
3. Adjust the items and quantities you wish to partially refund.
4. In the shipping section, enter the specific amount your are refunding for shipping costs
5. Choose the refund method – you can refund to the original payment, store credit or a combination of both
6. Adjust the inventory for the refund return
7. Finalize the refund

Track the return and replacement product movement, and any price or tax difference. Avoid recognizing the replacement as an unrelated second sale.

If a return product cannot be resold, do not restore it to sellable inventory at full cost. Assess the damage, write-down or disposal under your inventory accounting policy.

Match each refund to its original order and processor adjustment, then clear it through the payout reconciliation even if the original sale settled earlier. Do not back date the refund to the original order date. Use the payout date as your refund date.

Shopify subscription can be recorded to “Software & Subscription” expense or “IT Software” expense.

To record Shopify transaction fees in your accounting software, do the following:

1. Download the Shopify payout report
2. Sum up the fees associated with each payout
3. In your accounting software, record those fees as “Merchant Fees” expense coming out of our Shopify Clearing account.

Yes, Shopify app subscriptions used to operate your business are a deductible business expense.

To record advertising costs on Meta and Google, do the following:

1. Download the receipt and bills related to the advertising costs on Meta and Google and upload to your accounting software
2. Categorize the Meta and Google costs as “Advertising” expense in your accounting software and allocate the appropriate taxes paid according to your bill or receipt
3. Save your entries

Packaging materials should be reported as an expense. Although some businesses may choose to record it as a COGS to track the total expenses associated with selling one product from picking to shipping.

should be reported as an expense. Although some businesses may choose to record it as a COGS to track the total expenses associated with selling one product from picking to shipping.

In your accounting system Shopify Capital advances should be recorded as a liability. Once recorded it should appear on your balance sheet.

Record the expense in your functional currency using an appropriate exchange rate and recognize bank or foreign exchange differences separately.

Recognize cost of goods sold when a product is sold.

Capture the transaction currency and convert to the accounting functional currency using the applicable exchange-rate policy. Track settlement and conversion differences.

Compare the recorded receivable or processor balance with its settled value in the functional currency, and recognize the difference in foreign exchange accounts.

Some exports of goods can be zero-rated when statutory conditions and documentation are met. Destination alone does not determine the result; verify the export rules.

Track sales tax collected for U.S. jurisdictions as separate liabilities where you have collection obligations. Do not combine it with Canadian GST/HST.

Yes, if you sell into U.S. states. Economic and physical nexus thresholds differ by state, so assess obligations as sales expand.

Record the customer refund, return freight, inventory status and any duty or tax recoveries separately. Keep customs documents supporting re-import treatment.

Record an approved duty refund as a receivable or recovery against the original cost classification, based on the facts and accounting policy.

Determine whether the merchant or customer bears the duty under the delivery terms. Record merchant-borne duties consistently as fulfillment or inventory-related costs.

Delivered Duty Paid generally puts import duty and tax responsibility on the seller, while Delivered at Place generally leaves import clearance and charges with the buyer. Verify the actual contract terms.

Reconcile transaction currency activity, processor conversion details, exchange fees and the final bank currency deposit. Maintain a clear FX adjustment trail.

Review sales, discounts, returns, taxes, payouts, payment fees and inventory reports, then compare them with the general ledger and bank activity.

Reconcile all banks, cards and payment clearing accounts; review sales tax, inventory, COGS, accruals and balance sheet accounts; then lock the period.

It shows assets, liabilities and equity at a point in time, including cash, inventory, unpaid taxes, debt and amounts due from payment processors.

Profit includes accounting income and expenses, while cash also changes through inventory purchases, loans, owner withdrawals, tax payments and payout timing.

Bridge Shopify gross sales to accounting net revenue by adjusting for discounts, returns, shipping, tax exclusions, timing and any channel-specific entries.

Match bank statement transactions to recorded deposits, fees, payments and transfers. Investigate uncleared items and reconcile every account, not just the main checking account.

Look for duplicate revenue, negative clearing balances, unexplained tax differences, large suspense balances, missing COGS and unusual month-over-month changes.

Monthly review is a practical baseline; higher-volume stores may benefit from weekly SKU or product-category margin monitoring.

Provide reconciled ledgers, financial statements, tax filings, inventory valuation, fixed asset schedules, loan statements and explanations of unusual transactions.

Track net sales, gross margin, contribution margin, refund rate, processing fees, inventory turnover, operating cash flow and tax liabilities.

Track net sales, gross margin, contribution margin, refund rate, processing fees, inventory turnover, operating cash flow and tax liabilities.

Many imports, categorizations and matching steps can be automated, but exceptions, tax decisions, inventory valuation and month-end review still require oversight.

Standardize accounts and reporting first, choose one reliable transaction source, test mapping, automate routine entries and retain monthly reconciliations.

Choose a single source for each sales entry, use unique order or payout identifiers, and configure bank-feed matching rather than adding deposits as sales.

A negative balance can signal refunds or fees exceeding receipts, missing sales entries, duplicate settlements or incorrect posting dates. Reconcile the underlying payout detail.

Specialist support can be valuable when you have multiple payment gateways, high order volume, inventory complexity, cross-border sales or recurring tax reconciliation problems.

Weekly processing with monthly reconciliations suits many stores, while high-volume or cash-constrained businesses may need more frequent reviews.

A spreadsheet can work at low volume if controls are strong, but manual processes become riskier as orders, gateways, refunds and tax jurisdictions grow.

Keep sales, purchase, tax, payout, bank, inventory and supporting transaction records for the periods required by CRA and other applicable authorities. Electronic records must remain accessible.

Export prior data, document opening balances and mapping, choose a cutover date, disable overlapping syncs and reconcile the first period after migration.

Common mistakes include recording net payouts as sales, duplicating bank-feed income, mixing tax with revenue, ignoring inventory costs and leaving payment clearing accounts unreconciled.

Many imports, categorizations and matching steps can be automated, but exceptions, tax decisions, inventory valuation and month-end review still require oversight.

Standardize accounts and reporting first, choose one reliable transaction source, test mapping, automate routine entries and retain monthly reconciliations.

Choose a single source for each sales entry, use unique order or payout identifiers, and configure bank-feed matching rather than adding deposits as sales.

A negative balance can signal refunds or fees exceeding receipts, missing sales entries, duplicate settlements or incorrect posting dates. Reconcile the underlying payout detail.

Specialist support can be valuable when you have multiple payment gateways, high order volume, inventory complexity, cross-border sales or recurring tax reconciliation problems.

Weekly processing with monthly reconciliations suits many stores, while high-volume or cash-constrained businesses may need more frequent reviews.

A spreadsheet can work at low volume if controls are strong, but manual processes become riskier as orders, gateways, refunds and tax jurisdictions grow.

Keep sales, purchase, tax, payout, bank, inventory and supporting transaction records for the periods required by CRA and other applicable authorities. Electronic records must remain accessible.

Export prior data, document opening balances and mapping, choose a cutover date, disable overlapping syncs and reconcile the first period after migration.

Common mistakes include recording net payouts as sales, duplicating bank-feed income, mixing tax with revenue, ignoring inventory costs and leaving payment clearing accounts unreconciled.

Shopify POS sales should be recorded based on gross sales, discounts, returns, applicable sales taxes, and payment methods. A daily sales summary can be used instead of entering every transaction individually, provided the underlying transaction details are retained. Cash, card payments, and gift card redemptions should be tracked separately. Shopify Payments transactions should pass through a clearing account so deposits can be reconciled without recording revenue twice.

Compare the cash sales recorded in Shopify POS with the physical cash counted at the end of each shift or business day. Account for opening cash floats, cash refunds, paid-outs, and cash removed from the register. Any difference should be investigated and documented. Cash shortages or overages can be recorded in a separate account once the cause has been reviewed.

Record the full sale amount as revenue, excluding sales taxes, and recognize the payment processing fee separately as an expense. For example, if a customer pays $113 including $13 HST and the processor deducts $3, record $100 in sales, $13 in HST payable, $3 in processing fees, and $110 received through the payout. This keeps revenue and processing expenses accurate.

Start with the Shopify Payments payout report and identify the transactions included in each payout. Reconcile gross payments, refunds, processing fees, chargebacks, and adjustments to the net deposit received in the bank. Use a Shopify Payments clearing account in QuickBooks or Xero to track transactions between the sale date and payout date. The clearing balance should represent legitimate unsettled transactions.

Canadian Shopify POS sales should be assigned the applicable sales tax treatment based on the transaction, location, product, and relevant provincial rules. For example, a taxable in-store sale in Ontario generally attracts 13% HST. Businesses operating in provinces with separate PST or QST requirements may need additional tax accounts. Reconcile Shopify’s tax reports with the tax liability accounts in QuickBooks or Xero before preparing returns.

Refunds should reverse the appropriate revenue and sales tax amounts and reflect any inventory returned to stock. For exchanges, record the returned item and the replacement sale so changes in price, tax, and inventory are accurately reflected. If a refund is issued through a different payment method than the original sale, reconcile the resulting cash or payment clearing movement separately.

When Shopify POS and the online store share inventory, maintain consistent product SKUs and track inventory movements across locations. Reconcile Shopify’s inventory quantities and valuation records with the inventory asset account in QuickBooks or Xero. Transfers between stores generally change inventory location rather than creating sales or expenses. Review shrinkage, damaged products, returns, and cost of goods sold separately.

When a customer purchases a gift card, the amount is generally recorded as a gift card liability rather than immediate sales revenue. When the gift card is redeemed, reduce the liability and recognize the underlying sale and applicable taxes according to the transaction. Canadian GST/HST rules generally treat qualifying gift cards differently from ordinary product sales, so the card’s terms and classification matter. Reconcile outstanding gift card balances regularly.

Tips collected through Shopify POS should generally be tracked separately from the business’s sales revenue. Record amounts owed to employees as liabilities until they are distributed. The payroll and tax treatment depends on whether the tips are controlled or direct tips under applicable CRA rules. Reconcile tips collected through card payments with the amounts paid to employees to avoid overstating revenue or understating liabilities.

Review Shopify’s sales by POS location, sales by payment method, cash tracking, refunds, discounts, taxes, gift cards, and inventory reports, where available under your Shopify plan and reporting setup. Compare these with Shopify Payments payouts, bank reconciliations, inventory balances, and financial reports in QuickBooks or Xero. Investigate differences before finalizing monthly revenue, sales tax liabilities, and cost of goods sold.