Multi-Bank Settlement For Shopify Payouts | Build with Bookkeep

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Bookkeep’s Multi-Bank Settlement feature allows you to split a single Shopify payout into multiple deposits that reflect how funds are actually received across different bank accounts. This is especially useful for businesses operating multiple sales channels, POS locations, or legal entities.

Why This Matters

By default, Shopify issues a single payout that aggregates transactions from across your entire domain. However, many businesses require those funds to be split before reaching their bank accounts due to:

• Multiple retail or POS locations
• Separate sales channels (e.g., online vs. in-store)
• Distinct legal entities with their own bank accounts
• Internal financial or operational requirements

Bookkeep solves this by enabling payout splitting at the settlement level.

How Bookkeep Handles Payout Splitting

1. Payout Groups

Bookkeep allows you to define Payout Groups, which are configurable groupings of:

• One or more Shopify sales channels
• One or more POS locations

Each group represents a portion of the overall Shopify payout that should be routed to a specific bank account.

2. Order-Level Allocation

When a Shopify payout is created, Bookkeep:

• Analyzes all underlying transactions
• Assigns each transaction to the appropriate Payout Group
• Calculates the exact amount that belongs to each group

3. Funds Movement (via Partners)

Bookkeep partners with third-party providers such as Straddle to facilitate the movement of funds.

• Bookkeep does not take possession of funds
• Funds are split and routed directly to the appropriate bank accounts based on Payout Group configuration

What Gets Synced to Your Accounting System

Because the original Shopify payout is split before reaching your bank accounts:

❌ The original, full Shopify payout is NOT synced

Instead, Bookkeep creates and syncs:

✅ BK Payout Group Deposit (Journal Entry)

Each Payout Group generates its own journal entry representing:

• The portion of the payout allocated to that group
• The actual deposit received in the corresponding bank account

This ensures that your accounting system reflects real-world cash flow, not Shopify’s aggregated payout.

Example

Let’s say Shopify issues a $10,000 payout that includes:

• $6,000 from Online Store (Entity A → Bank Account A)
• $4,000 from Retail POS (Entity B → Bank Account B)

With Bookkeep:

• Two Payout Groups are defined:
  • Group A → Online Store
  • Group B → Retail POS
• Bookkeep splits the payout:
  • $6,000 → Bank Account A
  • $4,000 → Bank Account B
• Your accounting system receives the following entries:
  • BK Payout Group Deposit (Group A): $6,000
  • BK Payout Group Deposit (Group B): $4,000

Key Benefits

• Accurate Bank Reconciliation

Matches deposits exactly as they appear in each bank account

• Entity-Level Financial Clarity

Supports multi-entity and multi-location operations

• Automated Allocation

No manual splitting or journal entries required

• Seamless Integration

Works within your existing Bookkeep workflows and accounting sync

Important Notes

• Multi-Bank Settlement changes how payouts are represented in your accounting system
• Reporting should be based on Bookkeep journal entries, not raw Shopify payouts
• This setup is ideal for businesses with operational or legal separation of funds

Learn More

For additional details and common questions, see the full FAQ here:

https://www.bookkeep.com/docs/multi-bank-settlement/FAQ-multi-bank-settlement

Need Help?

If you’re unsure how to configure Payout Groups or want guidance on best practices, contact support@bookkeep.com and our team will assist you.