July is here, and for webshop owners that means one thing: the first half of the year is over. A mid-year review is the ideal moment to go through your Shopify bookkeeping in Moneybird, fix any issues, and get a clear picture of where you stand before the second half begins. Here is a step-by-step guide to everything you should check.
Why the mid-year review matters
Most entrepreneurs only dig deep into their bookkeeping at year-end. That is understandable, but expensive. Errors made in January or February are much harder to fix in December. A mid-year review gives you the luxury of looking back over six months, making corrections, and giving the second half a solid start.
Here is what a thorough mid-year review delivers:
- A clear picture of your revenue, costs, and margin for Q1 and Q2
- All VAT returns for the first half correctly processed
- Your Moneybird administration fully in sync with Shopify
- A realistic financial forecast for the rest of the year
Step 1: Verify all orders are synced
Start with the basics: are all Shopify orders from January 1 through June 30 present in Moneybird as invoices? Open Moneybird and filter invoices by the period January through June. Compare the total with the number of fulfilled orders in Shopify over the same period.
Numbers do not match? Some orders were probably missed. This can happen if the connection was briefly offline or if you recently changed plans. With Schakel you can run a manual resync to fill any gaps.
Step 2: Process outstanding credit notes
Every return or refund in the first half needs to be processed as a credit note in Moneybird. Go through your refunds in Shopify and verify that each one has a matching credit note in Moneybird. Missing credit notes inflate your revenue and can throw off your VAT return.
Read more about how this works automatically in our article on credit notes and returns in Shopify.
Step 3: Reconcile your bank account
Import all bank statements from January through June into Moneybird if you have not already. Check that all Shopify Payments payouts are matched to their corresponding invoices. Remember: Shopify pays out your gross revenue minus transaction fees, so the amount on your bank statement will be lower than your invoice totals.
Are there unmatched bank lines? Work through them now. Unmatched lines at year-end are a common source of stress. Deal with them while everything is still fresh.
Step 4: Review your VAT for the first half
If you file quarterly VAT returns, you have already submitted two: Q1 (due April 30) and Q2 (due July 31). Check in Moneybird that the VAT figures in your returns match what is actually in your bookkeeping.
Also check the OSS scheme if you sell to consumers in other EU countries. Have you exceeded the 10,000 euro threshold? Then you need to remit VAT in the customer’s country via the OSS return. More on this in our article on OSS and EU sales via Shopify.
Step 5: Generate a mid-year profit and loss statement
Generate a profit and loss statement in Moneybird covering the first half of the year. This gives you a clear overview of revenue, costs, and gross margin per category. Compare the figures to the same period last year. Are there notable differences? Big swings up or down? Now is the time to understand why, so you can adjust course in Q3 and Q4.
Pay particular attention to:
- Revenue per product group or sales channel
- Returns as a percentage of revenue (a rising rate can signal quality or expectation issues)
- Transaction fees and marketing costs as a percentage of revenue
- Outstanding receivables from B2B customers
Step 6: Chase outstanding B2B invoices
If you sell to business customers, check for open invoices. In Moneybird you can easily filter for unpaid invoices older than 30 or 60 days. Send reminders and follow up. The mid-year point is a good time to clean up your receivables before more pile up in H2.
Step 7: Archive and document
Once everything checks out, create a snapshot. Export your profit and loss statement and balance sheet as of June 30 as a PDF and save them. This gives you a reference point for the rest of the year and makes your accountant’s life much easier at year-end. Also make sure all purchase invoices, supplier bills, and receipts are correctly booked and archived in Moneybird.
Automate the heavy lifting
The most time-consuming parts of a mid-year review, checking that all Shopify orders are invoiced and all returns have credit notes, can be fully automated with Schakel. The moment an order comes in on Shopify, an invoice appears in Moneybird within minutes. A refund triggers a credit note automatically.
That makes the mid-year review far lighter. Instead of spending hours manually entering invoices, you just verify the numbers add up. What normally takes half a day takes about an hour with automation in place.
Want this handled automatically? Pick your connector.
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