Category Archives for "Quickbooks"

Oct 31

How To Record Amazon Product Sales In QuickBooks Online

By zgraft

How To Record Amazon Product Sales In QuickBooks Online

This write up is perhaps the most simple, straightforward way of recording Amazon product sales in QuickBooks Online.  There are apps and other methods out there that may be better for you, especially if you deal in larger volumes of transactions.

The issue is that you have to create a separate step between the sales taking place on Amazon and the money being disbursed into your account because Amazon withdraws their fees prior to disbursing, so there is no way to accurately reflect the sales amount, and then really the secondary transaction of the processing expense by just entering the sales receipts into your main bank account.  This write up also assumes that you’re using QuickBooks Online to track inventory.

1. Create An Amazon Clearing Account

This is the first step!  You will want to create a separate bank account on your chart of accounts that is dedicated to Amazon sales and use it as a clearing account.  You’ll see the reasons for this in a second.

2. Great! You’ve Received A Sale On Amazon!

The seller notification email you receive from Amazon has all of the information in it that you need to accurately record this multi step transaction.

So you can see that the actual product sale was $66.29, with $5.49 paid for shipping.  And Amazon’s fees are a total of $11.76.  They will disburse to me $60.02 for this transaction.

3. Enter The Sales Receipt Into QuickBooks Online

Choosing to deposit this transaction into the Amazon clearing account, it allows me to accurately record the net margin that I made on this particular item so my books stay in order.  I’ve also added the shipping as a separate line item.  So the total deposit for this transaction is $71.78

4. Now Enter The Amazon Fees As An Expense

Now you will want to enter the Amazon fees as an expense that is being debited from the Amazon clearing account.  So in this case, I entered an expense for $11.76.

5. Now Review The Amazon Clearing Account on the COA

So upon reviewing the Amazon clearing account on my COA, I can see the balance in the clearing account is the amount of funds that Amazon states I will receive from this transaction.  At this time, I will leave it here for now(My income’s been recorded, the expense fees have been recorded-the P and L is fine).  Once Amazon disburses the funds into my bank account, I can then create a banking transfer between the Amazon clearing account and the account the money actually gets money deposited into, or I can create a journal entry.

Since Amazon and most e-commerce platforms disburse funds on a schedule and in batches rather than in individual transactions, by holding off until the money is disbursed into my account, I can add transactions to that future deposit seamlessly by using this method.

Hope that helps!

Jun 16

Quickbooks Online-now half off!

By zgraft

Now offering half-off of Quickbooks Online Subscriptions!

Quickbooks Online (QBO) is a true cloud based application that can be accessed anywhere and at any time. QBO offers several subscription levels. All subscription levels include sending and tracking custom invoices, tracking income and expenses, creating and managing estimates, and syncing bank accounts and apps.

The most beneficial subscription for your company’s needs is Quickbooks Online Plus. With QBO Plus, there are additional benefits such as managing and paying bills, instant sales and profit reports, tracking inventory, and preparing 1099s. In addition to this, up to five users can access the company’s account simultaneously and on different devices such as a smartphone, tablet, or computer.

The normal billing amount for QBO Plus is $50/month. However, as your QBO ProAdvisor, we would be able to offer you a 50% discount on your subscription if you stay on our wholesale billing account. Payroll may also be added onto your QBO account for an additional $45/month if desired. There are other applications available to use with QBO such as SOS Inventory. This app allows for more detailed inventory tracking, lot tracking, barcoding, and other benefits based on the subscription level chosen for SOS Inventory. The most popular plan is $59 and can be used by 3 users. There is no cost to import from QB Enterprise to QBO, and switching is easy and quick.

QBO has a very user-friendly interface that provides guidance as a person gets used to the application.  Because QBO is hosted by Intuit’s servers, no updating or installation is required, allowing for a more effective use of time. QBO is constantly updating so that bugs are seemingly nonexistent. QBO is a widely popular company, so FAQ’s and forums are rich with information and testimonials if help is needed.

We at Growth Business Consulting, LLC pride ourselves on our expertise in Quickbooks Online. As your accountant user, we will be able to provide you guidance and answer questions. We can be given access to your QBO account to help properly manage your finances. Since QBO can be accessed anywhere, we will be able to provide our services quickly from our own office. If your current head of Finance were to leave, we do offer virtual CFO services and are able and willing to provide our skills to manage your company’s books.

Contact us today to get started!

*Note: Prices subject to change.