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How accurate is Data on Link my Books?
Hello Dear Sellers,
I have signed up to link my books. Can their data be used for VAT returns? I am bit confused as Amazon Reports and Link my books data doesn't match up . There big difference between Link my books data and Amazon reports Repository.
Thanks in Advance
0 replies
Seller_uPuf4V7GDz2aH
It's very reliable - most accountants who deal with Amazon sellers use LMB (or the alternative A2X). My accountant uses the data for my VAT returns yes.
LinkMyBooks's help site is actually really helpful, also their support is second to none, any time i've been confused about something they've gone out of their way to make sure it's answered fully. You should consider taking a look there if you're unsure.
Have you had an onboarding session with them? They should go through this all with you including making sure all the VAT rates are correctly mapped etc.
Seller_loEV4365m0Vd7
I agree with the above, have been using them since they first set up - got my accountant to give it the thumbs up and have had no issues at all
Seller_b11h3MR4zGx1G
With the introduction of Amazon's Deferred Transactions, LinkMyBooks and A2X currently do not support this and will require manual adjustments by your accountant to produce accurate VAT Returns. This is outlined on their respective support websites.
Seller_g1iS3CyD4zQ2y
The data on Amazon's VAT reports is not from the same timeframe as the LMB data, which is why there are discrepancies.
In fact, this was the reason I went with LMB in the first place, as depending on which report you use from Amazon, you will get widely different results.
I have had my accountant look at the figures on a few occasions, most recently after the VAT change last September, and he says it looks OK to him so I'm going with that. We also had a VAT inspection at the beginning of last year which we were able to sail through fairly easily as we were just using LMB, so no argument!
Seller_w200z8QBGW6io
LMB will get you say 98% correct, but honestly that's as good as what is possible I'd say. The reason for this is there are some incorrect and messy settings in the default tax tree. I have asked them about this over the years with specific examples where the suggested tax rate is objectively wrong and all they can say is check with your accountant. Because there are around several hundred places something can be coded to in their tax mappings settings there are some wrong in their defaults. It is very messy to sort out.
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