Bookeeping: Sales and FBA Fees for Dummies
Hi!
I am pretty new on this platform. As I am trying to get the hang of it, can anyone please help me with a question regarding the sales and fees?
I want to do by myself, at least for now the bookeeping and was wondering how you guys do it?
You register the sale with the amount that the customer pays Amazon, and then you raise a credit note for the fees? Do you register the sale with the name of the customer or to Amazon?
Sorry for the stupid question!
Many thanks!
7 replies
Seller_OirO3dEHuuKi0
How are you planning to keep tabs on your bookeeping? Xero or something like that?
Steve
Seller_7VbclcPFFRTnc
Without sounding harsh, if you don’t understand the basics of income and expenditure, I would pay someone to do your bookkeeping and accounting as its not something you can afford to get wrong
Seller_esvgLzKXw2YAl
Unfortunately, if you don’t understand the basics, your heading for a crash.
You can get your accounts pretty automated these days, and it doesn’t have to cost you an arm and a leg.
Look at the various accounts packages around, you can usually use them for about £15- £30 a month, depending on exactly what you choose. You can then use something like Link my Books, which will pull in all of the transactions for you.
If you haven’t already, then I would suggest that you speak to an accountant. Again, this isn’t as expensive as it might at first appear. Whatever an accountant costs you, they will probably save you in tax etc.
When doing the accounts, you need to account for all of the fees etc, this usually involves a couple of reports at least. If you are VAT registered, then it gets even more involved unfortunately.
Seller_rGtEcZnu0JTRD
No, do not raise a credit note for the fees, as this would reduce your turnover figures and would be frowned upon by HMRC, you need to add the fees as an expense. Amazon do provide invoices for the fees, which you will need to print off and keep in your records as evidence for your expenditure.
Any customer refunds can be put through as credit notes, as these are a genuine reduction of turnover.
Seriously consider talking to an accuntant though, the last thing you need as a new business is to fall foul of HMRC.
