If you need help with setting up your bookkeeping system, then take a look at Jessica Larrew’s GoDaddy Bookkeeping Tutorial for Amazon FBA Sellers.
She has 15 videos where she shows each step of the process of setting up your GoDaddy Bookkeeping account so that you’ll be ready for tax time.
Now, many of you already know that I use QuickBooks Online Simple Start, so you’re probably wondering why I’m doing a blog post about Jessica’s GoDaddy Bookkeeping Tutorial.
First of all, when Jessica came out with this guide a few months ago, I was naturally curious as to why and how she uses GoDaddy. She answers why in this video located on the GoDaddy Bookkeeping Tutorial sales page:
Second, I know that bookkeeping is new and overwhelming for many Amazon Sellers and I wanted to see for myself if Jessica’s guide is in fact helpful and if it’s a course that I can recommend to my readers.
So, I asked Jessica for a complimentary copy of her tutorial so I can learn how she uses GoDaddy and review her guide.
She agreed to give me a copy of the course and added it to my The Selling Family account.
In less than an hour, I watched all 15 videos. Here’s a break down of the different topics covered in the training:
Connecting Your GoDaddy Account: The first video shows you how to open your GoDaddy Bookkeeping account. At the time of this writing, GoDaddy has three Bookkeeping options and I don’t know if they are the same ones from when Jessica created this video. If you were to subscribe to GoDaddy on the date of this blog post, I recommend the “Essentials” plan.
Connecting and Importing Your Amazon, Bank and Credit Card Transactions: Next, there are six videos which show you how to get your Amazon, bank and credit card data into GoDaddy. When you first connect your accounts and sync them with GoDaddy, most likely not all of your earlier transactions will be imported. For example, if you were to connect your accounts on Sept 1, you probably won’t have your January 1 through May 31 transactions showing up in GoDaddy.
Jessica shows you how to import your older transactions and I wish that this training was available one year ago when I first tested out GoDaddy. I manually typed in all of my historical bank and credit card transactions. Fortunately at the time, I was a new Seller with very few transactions so it didn’t take me very long to key them all in.
Chart of Accounts, Expense and Income Transactions: After you have your data imported, you’ll want to setup your income and expense categories. The training has 4 videos which shows you how to do this and also how to assign each transaction to a category.
Jessica shows the common categories that applies to most Sellers. For example, Amazon FBA Sellers will have Amazon sales income, Amazon FBA fees, Cost of Goods Sold, subscription fees and shipping supplies. Of course, there are more categories and Jessica explains what types of purchases go into each category.
She also shows you how to automatically assign categories to your future transactions based on where you purchased from. For example, you can have all of your future Walmart transactions be automatically categorized as Cost of Goods Sold.
Tracking Your Mileage: Included in the training is a printable mileage log that you can keep in your vehicle to track your mileage. In this video, Jessica shows you how to manually add in your mileage into GoDaddy.
Attaching Your Receipts: In this video, Jessica shows you how to digitally attach each of your receipts to your GoDaddy transactions. This is a great feature that I have not done myself and will start doing the same in QuickBooks. Besides having my receipts readily available and easy to find in case of an audit, my desktop and drawers will be less cluttered from not having to save so many paper receipts.
If you’re looking for a scanner to remove paper clutter, read my review of the Fujitsu ScanSnap s1300i!
Using the Available Reports: We’re all in business to make money and a Profit and Loss report will let you know if your business is profitable or not. In this video, Jessica shows you how to read your Profit and Loss report in different views and she also goes over her other favorite reports. I like to review my reports monthly to see how well my business is doing and to see which expenses I can cut back on.
Running Tax Reports: In the last video, Jessica goes over the reports that’ll help you at tax time. She goes over Annual Net Profit, Estimated Taxes Due, the Schedule C Worksheet and the Sales Tax Report. If you keep up on your bookkeeping throughout the year, then at tax time, all you should need to do is print your reports and hand them to your accountant.
Great Tutorial – Easy to Understand and Organized in Logical Steps
As you can see, a lot of information is covered in the training. What I like is that each video is short and to the point. Most are between 2 and 3 minutes long and the longest is just over 10 minutes.
In general, I personally don’t like to watch videos where the person gets off topic. I just want to get in and get out quickly and that’s what Jessica does. She doesn’t start or end each video with chit chat about her day or by promoting her other products.
In all of the videos, she has GoDaddy Bookkeeping up and running on her computer monitor. This allows you to see each step of the GoDaddy process while she discusses each topic.
It may take you a few days/nights to get your bookkeeping system setup. Therefore, it’s nice that she doesn’t have one long video that covers all topics. This way, you can do one or two steps, stop and when you come back, you’ll easily be able to find the next topic.
I really like that the tutorial is organized in logical steps and is easy to follow and understand. If you decide to go with the Cash Method and choose GoDaddy, I highly recommend purchasing the tutorial.
The cost is currently $27.00 and there is a 30-day Money Back Guarantee.
Please visit the sales page to learn more about the tutorial.
Please let me know if you have any questions in the comment form below or on my FaceBook page!