The end of the quarter is approaching, and that means it’s time to get your bookkeeping in order. For Shopify store owners who use Moneybird, the quarterly closing can be a stressful task, especially if you’re doing it manually. In this article, we’ll walk you through a complete checklist step by step, so you don’t overlook anything and your accounting is accurate for the VAT return.
Why quarterly closing matters
Many entrepreneurs see the quarterly closing as a mandatory chore to get through as quickly as possible. But a proper closing is more than just filing your VAT return. It’s the moment to verify that your entire administration is correct, that all invoices have been sent, and that there are no gaps in your bookkeeping.
A sloppy quarterly close often leads to problems later in the year. Think of incorrect VAT amounts, missing invoices, or duplicate entries. These are exactly the kind of errors you want to prevent. By taking the time each quarter for a thorough review, you save yourself hours of work during the annual closing.
Step 1: Check open orders
Start by reviewing your open orders in Shopify. Are there orders that haven’t been completed, cancelled, or refunded yet? Open orders that have been sitting there for weeks can cloud your administration.
In your Shopify admin, go to Orders and filter by “Open”. Review each order and decide: does it still need to be shipped, cancelled, or written off as lost? Handle this before closing the quarter so there are no “floating” orders left behind.
Step 2: Process all returns and credit notes
Returns and refunds are a common source of accounting errors. When a customer returns a product and you issue a refund in Shopify, a credit note should also be created in Moneybird. If this doesn’t happen, your revenue figures and VAT amounts won’t add up.
With Schakel, credit notes are automatically created when you process a refund in Shopify. At the end of the quarter, verify that all credit notes have been processed correctly by comparing the number of refunds in Shopify with the number of credit notes in Moneybird.
Step 3: Reconcile payments
One of the most important steps in the quarterly closing is reconciling your payments. The amounts you receive through Shopify Payments, iDEAL, or other payment methods should match what appears in your bank account.
In Moneybird, you can import bank statements and match them with invoices. Check that all Shopify Payments payouts have been correctly matched. Pay special attention to the difference between gross order value and net payout, as Shopify deducts transaction fees. Read more about this in our article on Shopify payments in Moneybird.
Step 4: Verify VAT rates
The Netherlands has multiple VAT rates: 21% (standard), 9% (reduced), and 0% (exempt or export). Check that your invoices contain the correct rates. This is especially important if you sell products with different VAT rates or if you deliver to customers outside the Netherlands.
For sales within the EU to consumers, the OSS (One-Stop Shop) regulation applies since 2021. If you exceed the threshold, you need to remit VAT in the customer’s country. Learn more about how to handle this in our article about the OSS regulation for Shopify stores.
Step 5: Review ledger accounts
Are your Shopify revenues being posted to the correct ledger accounts? This might sound like a detail, but incorrect categorization can have major consequences for your financial reports. If you book shipping costs to the same account as your product revenue, for example, you get a distorted view of your margins.
In Schakel, you can configure which ledger account revenue is posted to for each product type. At the end of the quarter, take a moment to spot-check a few invoices to verify they’ve been categorized correctly.
Step 6: Collect all missing invoices
Not all costs come in automatically. Think of supplier invoices, marketing expenses, software subscriptions, or one-time purchases. Go through your email and bank statements to check whether you’ve forgotten to book any purchase invoices.
In Moneybird, you can easily see which bank transactions haven’t been matched yet. These are potential missing invoices. Work through this entire list before closing the quarter.
Step 7: Create a quarterly overview
Once all previous steps are complete, it’s time to review your quarterly figures. In Moneybird, you can easily generate a profit and loss statement for the past quarter. Compare it with the previous quarter and with the same period last year. Large deviations may point to errors or trends that deserve attention.
Look specifically at:
- Total revenue versus number of orders: has the average order value changed?
- Returns as a percentage of revenue: is this increasing?
- VAT amounts: do these match what you’d expect based on your revenue?
- Outstanding receivables: are there customers who haven’t paid yet?
Step 8: File your VAT return
With all previous steps checked off, your VAT return should hold no surprises. In Moneybird, you can generate the VAT return based on your bookkeeping. Double-check the amounts one more time before submitting to the Dutch Tax Authority.
The deadline for the Q1 2026 VAT return is April 30, 2026. Don’t wait until the last moment, because if you discover errors you won’t have time left to correct them.
Automate it with Schakel
A large portion of this checklist can be automated with Schakel. Invoices are automatically created in Moneybird as soon as an order comes in through Shopify. Credit notes are automatically processed for returns. VAT rates are correctly applied based on the customer’s country. And ledger accounts are automatically configured per product type.
This means that during the quarterly closing, you only need to verify rather than manually enter everything. What normally takes hours becomes a matter of half an hour of checking with automation.
Want this handled automatically? Pick your connector.
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