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My Amazon FBA Day included GoDaddy Bookkeeping, Listing, Checking Sales, Shopping and a Spreadsheet

Hi everyone, this is a quick post to share what I did today that is Amazon FBA related.  When you read this, please keep in mind that I have a regular job so most of what I did was either before or after work.

Even though I may not have a lot of time to work on Amazon FBA, I do make a point to do something almost everyday.  This way I’ll always move forward and will eventually see the results that I want.

Here is what I did today broken down by major areas:

GoDaddy Bookkeeping
Last night I signed up for one month of GoDaddy Bookkeeping.

One of the features of GoDaddy Bookkeeping is that you can link your Amazon Seller Central account to GoDaddy.  I started syncing my data from Amazon to GoDaddy right before I went to sleep last night.  Sometime during the night it finished syncing and this morning I found that my Amazon sales and fees had transferred over nicely.  I then spent some time getting familiar with the program and getting things set up.  I added expense categories, added my credit card account and did research on how to track inventory and cost of goods.  I’ll be spending more time on GoDaddy to see if it’s the bookkeeping program that I want to continue with or not.  If it is, I will purchase the annual plan to save money over the monthly plan.  If I decide that GoDaddy isn’t what I want, then I’ll explore QuickBooks Online next.

Listing
Also before work, I spent time listing the new products that I purchased last weekend.  I did this in Amazon Seller Central since I won’t be continuing with InventoryLab after my free trial is over.  I had just 14 products to list and it didn’t take me very long.  I considered shipping a box out, but I did not because Amazon wanted to split my products up between 3 warehouses.  Plus I’m out of black ink in my printer so I couldn’t print a shipping label anyway.  As excited as I am to send a couple of my products to Amazon, I will wait a few more days until I find more products to send in and I get some ink.

Checking My Sales for the Day
This is the fun part and I peek at my sales several times a day.  There are some days that I don’t have any sales and there are other days where I’ll have several.  Today I had two sales – one for $69.49 (electronics)  and one for $11.98 (household).  A quick check with InventoryLab showed that after fees and cost of goods, I made a $44.17 profit between the two items.

Sourcing and Shopping
After work, I stopped at Office Depot to buy black ink for my printer.  Of course, while I was there, I went to their clearance aisles and scanned a few items.  Unfortunately, I didn’t find anything so I went home with just my ink.

Amazon Cut and Paste Spreadsheet
After work, I purchased the Amazon Cut and Paste Spreadsheet from the Solutions 4 Ecommerce site.  I’m hoping that this will help me with my inventory tracking and to analyze my products better.  Once I have my historical data entered and I’m familiar with how the spreadsheet works, I’ll write more about it in a future post.  All I did tonight was download the spreadsheet and watch the 30 minute training video.  I have not copied and pasted any of my Amazon data over to the spreadsheet yet.

A Productive Day
I feel that I made progress with Amazon FBA today.  I’ve been spending a lot of time over the past month figuring out my bookkeeping and inventory tracking systems.  I feel that it’s important that I figure this out now while I’m still in my beginning months of Amazon FBA.   Since I just have 3 full months of transactions, it doesn’t take me very long to go back and enter historical data into whichever system that I’m testing out.  The last thing that I want to do is to ignore this part of the business and then have to scramble next year at tax time.

I want to come to a decision before September 1st as to which tracking systems will work for me.  I really need to move on and focus on sourcing because if I don’t, the sales will eventually stop.  I am planning a mass sourcing session over Labor Day Weekend and will test out the ScanPower tool at that time.

I hope that you are doing well with Amazon FBA and if you aren’t selling, I recommend looking into it.  Please feel free to ask me any questions or to leave me a comment below.

Diana

Photo Credit: © tanadach14 – Fotolia.com

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{ 3 comments… add one }
  • Kelly Smith February 22, 2015, 1:56 pm

    Hi Diana!
    Thanks for this post. I realize I’m late to the game, but I’m just getting started as an FBA seller and already use GoDaddy for bookkeeping for my other home-based business. Did you decide to stick with GoDaddy? I like it, but I don’t think it tracks sales tax collected, and the tax collection/remittal is the part about selling on Amazon that seems the trickiest to get straight. Thank you!
    Kelly

    Reply
    • Diana February 22, 2015, 2:39 pm

      Hi Kelly, I ended up using Quickbooks. But I’m sure the process would be the same. I have Quickbooks automatically download my transactions from my business checking account. Amazon deposits my “paycheck” into my account every two weeks and the amount is my sales + reimbursements – refunds – Amazon Fees + sales tax. It does make it more difficult since the total deposit still needs to be broken down.

      To find out how much is sales, reimbursements, refunds, Amazon Fees and sales tax, I go into the Amazon Payment page and get all of that from the Summary and Transactions pages. I then go into Quickbooks and categorize it all in there. For my sales tax, I put it in a “Sales Tax Payable” account which is classified as a Liability account. Since GoDaddy downloads the Amazon Data for you, you may have to go through different steps than what I do.

      Also, Amazon isn’t going to collect sales tax for any state until you tell them to do so. Not sure if you’ve done that or not. Hope this helps and I didn’t confuse you. Let me know if you have questions. Diana

      Reply

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About Diana


I am working towards creating a full-time income by selling on Amazon. It's a lot of work but very fun! If you're interested in selling on Amazon, be sure to follow my blog as I'll be providing you with lots of tips!

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