New 'Tax' Incoming payment from disbursements?
Bit random, have been selling for a few years, was recently getting sick of doing invoices out for business customers, so i enrolled in amazon vat invoicing. This is the only thing i have changed on my amazon in months and months,
Recently doing out my accounts, seeing a ‘Tax’ charge in the incoming side of disbursement breakdowns, not a small amount few hundred every disbursement.
Looking further im seeing that this has been going on for a few weeks, but only started mabye a few weeks ago. Nothing like this in any disbursement in the past two years of selling.
So my question is, what is it? is it vat being collected, if so why have a not been getting this for the entire time ive been vat registered?
Im certainly not complaining about additional money coming in, but im curious as to why it only started and what it is?
0 replies
Seller_qZO3ZCjoBXEeL
I don’t use the service but possibly they are breaking out the VAT portion of the sales to simplify the accounting and remittance.
Seller_XrsxyuONn8r2w
I see tax also. Nothing to worry about, its simply a breakdown of the monies.
Seller_yOXMggIgIJUeI
I’d recommend you automate the accounting, I know this is not a direct answer to what you are asking, however, the invoicing gave me a headache too.
I use link my books to translate the transactions within amazon and it links to Xero and correctly categorises the line items within a settlement and correctly updates the cost of goods sold for each settlement.
it saves me loads of time.
The tax is likely just amazon breaking out the tax from the product cost for you.
