Hello Everyone! In this post, I’m going to show you how I manually add in my Amazon data into QuickBooks Online Simple Start.
Before we get started, please keep in mind that I’m not a professional accountant or bookkeeper. If you’re uncomfortable with doing your own bookkeeping, I recommend hiring a bookkeeper.
I enter my Amazon numbers at the end of my Amazon payment cycle. I always start with the Payments -> Statement View report as it shows my deposit amount. For the period from January 7 to January 21, I did $583.57 in sales and after Amazon deducted their fees, I received a deposit of $405.19 into my checking account.
Note: I picked this date range as it includes a reimbursement.
I have QuickBooks setup so that it syncs with my checking account at the bank and it categorizes the $405.19 deposit as FBA Sales Income. At this point though, QuickBooks is showing an incorrect sales amount because my sales total was actually $583.57. So, I need to correct that and also enter into QuickBooks all of those Amazon Fees that get deducted from our sales revenue.
Using the Transaction View Report
Unfortunately, the Summary View Report doesn’t go into detail on what the individual fees are. Some people may like to lump all of their fees into one lump category called “Amazon Fees.” Others may want to know every single fee down to the Order Handling and Pick and Pack fees. I’m somewhere in the middle and this is what I like to track:
- Inbound Shipping Fees
- Inventory Placement Fees
- Storage Fees
- Monthly Professional Seller Fees
- Return Fees
- Amazon FBA Fees – Order Handling, Pick and Pack, Referral, Weight Handling
Each time I get a new fee, I make a decision as to whether I want to track it separately or add it to Amazon FBA Fees.
I use the Transaction View Report to calculate the different fees. For example, to get your Inbound Shipping Fees, you can filter the view by “Service Fees” and then manually add up all of the “Inbound Transportation Charges.”
For those that track your numbers in InventoryLab or elsewhere, you should check to see if there’s a report that totals up the different fees for you and then you can just use that. I’m actually able to get these same numbers from the Excel spreadsheet that I use, but I prefer calculating my fees from Seller Central.
I also use the Transaction View Report is to find the sales tax that I collected. I’m sure I could get the same information from TaxJar or from one of Amazon’s other reports, but I prefer using this report.
What I do is print the Transaction View Report, then whenever there’s a number other than zero in the “Other” column, I click on the “Total” column to get the sales tax. I then write that on my printout so I can add them all up in Excel in the next step.
Tip: To save on paper, change the setting on the bottom to show 50 results per page.
I love Excel and use this little worksheet to calculate my numbers so that I can enter them into QuickBooks:
I then verify that the Sales and Deposit amounts matches those from the Statement View Report. As an additional check, I make sure the sum of the Inbound Shipping, Inventory Placement, Storage Fee and Professional Fee equals the Selling Fees -> FBA fees amount from the Statement View Report. For this example, the fees are $47.23. Also, my reimbursement of $22.89 shows up on the Statement View Report under Other Transactions -> Other.
Enter Numbers into QuickBooks
This is actually the easiest part. You’ll just open your Amazon Liability register (see Balance Sheet post) and enter your numbers. You can do this all in one entry but I like to split mine up between what I owe (fees) and what Amazon owes me (sales, tax, reimbursements).
Then I enter the sales, tax and reimbursements:
When I’m done, the number in red will be my deposit amount ($405.19) and then I reverse it out:
Run a Profit and Loss Statement
At this point, you can run a Profit and Loss Statement in QuickBooks to make sure your numbers match those from your Excel spreadsheet:
As you can see, all of the numbers match. Please note that I don’t have the sales tax in the Profit or Loss Statement because that’s not an income or an expense. The Sales Tax Payable account will show how much sales tax was collected and paid out. Also, my COGS amount isn’t showing because I enter that on the last day of the month. The P&L shown above is really for example purposes only on how to get your Amazon figures into QuickBooks and it’s not complete for the full month of January.
In the example that I used above, the pay period of Jan 7 – Jan 21 is all in the same month. This is the easiest case but you also have pay periods that are split between two months. If you’re using the accrual accounting method, you’ll follow the same process but divide your entries between months.
So, for the payment period of Jan 21 – Feb 4, I would divide the sales and fees between:
- Jan 21 – Jan 31
- Feb 1 – Feb 4
When I do my entries, I’ll enter the January numbers on January 31 and the February numbers on Feb 4th.
I hope this post helps you with getting your Amazon number into QuickBooks. If you have any questions, please ask in the comments below or on my Facebook page.
Featured Image of Work and Wealth Money Tree: © freshidea – Fotolia.com
All Pictures/Screenshots in this post: Diana Poisson