Correct entry into QuickBooks
Would somebody please share the best way of entering data into QuickBooks (accounting), e.g. sales, amazon fees, reimbursements for the FBA seller.
Thanks
6 replies
Seller_fMsCVAHNu4txH
After the best part of a year banging my head against Amazons figures I’ve finally resorted to paying for an additional Quickbooks App (called Amazon to Accounting).
Best £21 a month I’ve ever paid.
It’s still not perfect. Amazons VAT calculations are a few pennies off in every disbursement that I have to write-off as accounting discrepancies, and I have to put VAT rates against the items to get Quickbooks to handle the VAT.
But it now takes me about 5 minutes to process everything, on every disbursement, rather than constantly trying to figure out Amazon-Maths which always seem to round in favour of themselves.
If you’re not VAT registered, you don’t have to bother with any of that, and the import will just take about 10 seconds for each disbursement.
Seller_xsrgXB9SyT6WI
Accounting for FBM is generally straight forward, but is fairly complex for FBA. This is the breakdown of my last amazon settlement, every category has a different tax treatment:
Amazon Capital Services (other-transaction)
Commission - Amazon.co.uk (Order ItemFees)
Commission - Amazon.co.uk (Refund ItemFees)
FBAInboundTransportationFee (other-transaction)
FBAInboundTransportationProgramFee (other-transaction)
FBAPerUnitFulfillmentFee - Amazon.co.uk (Order ItemFees)
Principal - Amazon.co.uk (Order Promotion)
Principal - Amazon.co.uk (Refund ItemPrice)
Principal - Amazon.co.uk AT (Order ItemPrice)
Principal - Amazon.co.uk DK (Order ItemPrice)
Principal - Amazon.co.uk GB (Order ItemPrice)
Principal - Amazon.co.uk GR (Order ItemPrice)
Principal - Amazon.co.uk IE (Order ItemPrice)
Principal - Amazon.co.uk PT (Order ItemPrice)
Principal - Amazon.co.uk SE (Order ItemPrice)
Principal - Amazon.co.uk SI (Order ItemPrice)
Principal - Amazon.co.uk SK (Order ItemPrice)
Principal - Amazon.co.uk Unknown Country (Order ItemPrice)
REVERSAL_REIMBURSEMENT (other-transaction FBA Inventory Reimbursement)
RefundCommission - Amazon.co.uk (Refund ItemFees)
Shipping - Amazon.co.uk (Order ItemPrice)
Shipping - Amazon.co.uk (Order Promotion)
ShippingChargeback - Amazon.co.uk (Order ItemFees)
ShippingHB - Amazon.co.uk (Order ItemFees)
Storage Fee (other-transaction)
Subscription Fee (other-transaction)
TransactionTotalAmount (ServiceFee Cost of Advertising)
WAREHOUSE_DAMAGE (other-transaction FBA Inventory Reimbursement)
As with the other reply, I’ve taken to using A2X too. Unfortunately it is a paid for service, just depends on if you can value your time versus the monthly fee. Don’t forget to factor in accuracy, I was always worried I might miss something manually when trying to do my books.
Seller_fMsCVAHNu4txH
Yes, unfortunately it’s an extra paid-for service. It really depends on a time vs cost benefit to you.
It doesn’t do anything that you couldn’t do yourself, but if you’re going to spend 20 hours a month trying to get your head around the figures (that probably won’t tally anyway) then you’re valuing your own time at about £1 per hour.
Seller_72Sy9T6sEfmjl
I don’t know about Quickbooks as I use Sage but the principle should be the same. How I do it is;
I set up a new bank account for Amazon
I set up a new sales nominal for Amazon sales
I set up a new cost of sale nominal for Amazon fees
I set up new bank account called bank holding pen
Then each day I record the total Amazon sales and fees in the amazon bank account - I just separate sales, postage (for FBM) fees etc. Daily totals is sufficient you don’t need to record every single sale details unless you need to for your own inventory management if Quickbooks offers that function.
each day the total in your Amazon bank account should match the amount in your Amazon seller account.
When I do a disbursement I transfer the amount in my Amazon bank account into the bank holding pen to keep things balanced and then when the payment hits my bank account i then do another transfer from the bank holding account into the actual bank account in Sage.
Having the holding account keeps things better organised when I need to consolidate accounts. I use the transfer for Amazon and Etsy as there is 3 - 5 days delay in transferring. I can also see at a glance how much is on it’s way to the account at any one time.
