QuickBooks For Amazon Online Merchant Sellers

In this learn QuickBooks training tutorial, you will learn how to set up QuickBooks for an amazon online store. QuickBooks is perfect if you have an online Amazon store. When you receive your Amazon Deposit statement, you can enter it directly in to QuickBooks with this simple, step by step, video that will make everything work perfectly. All of the different Amazon fees are accounted for as they are deducted from the bi-monthly amazon deposit. Some Amazon fees are the product cost, and some are for other services that amazon provides for you like free shipping to the customer. The net amount is what they put in to the account that you associated with your amazon account online store. If you set up your QuickBooks file this way and input the statement 2 times a month as demonstrated, your QuickBooks financial records will always be correct, and you will be able to use QuickBooks reports to really see the status and progress of your amazon online store. I assure you that all other transaction will be exactly the same as any other business. If you are recording your amazon income in to QuickBooks, then everything else on the expense and payment side of your company can be recorded in to QuickBooks the way any other business does.

This Amazon Learn QuickBooks video training tutorial you will see a very fast, abbreviated demonstration of each step in the basic file set up of an Amazon online merchant store that uses QuickBooks desktop. This is the first video in the Amazon QuickBooks playlist. After following each set up part step by step, you will be able to replicate the next video that follows this one. That’s the video where you record your Bi-monthly deposit from amazon for your net sales minus expenses. Each of these will be listed on your amazon statement. You need to put an account in the chart of accounts for each item listed on your amazon bi-monthly deposit statement. You will also see how to manage the icon bar, preference settings and file creation for a fast and easy set up to your Amazon online emrchant business.

In this learn QuickBooks training tutorial, you will learn how to set up QuickBooks for an amazon online store. QuickBooks is perfect if you have an online Amazon store. When you receive your Amazon Deposit statement, you can enter it directly in to QuickBooks with this simple, step by step, video that will make everything work perfectly. All of the different Amazon fees are accounted for as they are deducted from the bi-monthly amazon deposit. Some Amazon fees are the product cost, and some are for other services that amazon provides for you like free shipping to the customer. The net amount is what they put in to the account that you associated with your amazon account online store. If you set up your QuickBooks file this way and input the statement 2 times a month as demonstrated, your QuickBooks financial records will always be correct, and you will be able to use QuickBooks reports to really see the status and progress of your amazon online store. I assure you that all other transaction will be exactly the same as any other business. If you are recording your amazon income in to QuickBooks, then everything else on the expense and payment side of your company can be recorded in to QuickBooks the way any other business does.

This Amazon Learn QuickBooks lesson explains how the “periodic inventory system” works for your Amazon Online Store. Since you cannot keep a continues running count of the quantity of your merchandise as it comes in and goes out, you must use the periodic inventory system. This system requires that you physically count and value your inventory on hand at the end of each month. You must find the amount that you paid for the inventory on hand each month. Then, you will have to make 3 adjusting entries to properly calculate the cost of goods sold. That’s what you paid for the goods you sold the customer. Then, you will subtract that from your gross sales to find your gross profit from selling merchandise.

This Amazon Learn QuickBooks video training tutorial demonstrates and explains how to make your inventory adjustment at the end of each month so that you can know your gross profit and net income. Amazon sellers and online merchants must use the “periodic” inventory system or method. This is because it is usually impossible to track the quantity after each individual sale or each individual purchase. Therefore, you must physically count the items that are on hand as of the last day of the month and find out what you paid to purchase them. When you adjust inventory, the ending inventory of 1 month becomes the beginning inventory of the new month. You record all your merchandise inventory purchases in to the “purchases” account. This is an account that is part of “cost of goods sold”. To find your profit, you must use the textbook accounting end of month adjustment to update the inventory asset account balance for the new month and ‘zero out” the purchases account so you can clearly see how much of purchases you have for each separate individual month. The cost of goods sold will be identified in each separate month so that you can compare the profit and loss across each separate individual month.

This Amazon Learn QuickBooks video training tutorial you will learn 2 things: how to make the beginning inventory adjustment if you had inventory available to sell before you started using QuickBooks, AND you will get an overview of the Amazon Inventory Lab. This Inventory lab is an add on app that Amazon charges about $50 per month to Amazon merchants so that they can see and manage the merchandise that they sell to their final amazon customers. This video is a brief overview of what it is and how it works. Only an overview is necessary to at least see how to identify your purchase costs of the ending inventory so that you can use that number to adjust and calculate your cost of goods sold and your gross profit

This Amazon Learn QuickBooks video training tutorial you will see a very fast, abbreviated demonstration of how to record general administrative expenses for your Amazon Online Merchant store. Amazon sellers would record expenses in the” write checks” window the same way that any other company would. The expenses lower the balance of the bank account that you paid from as well as increasing the amount recorded in the expense account. The administrative non-amazon expenses will show up in the bottom of the profit and loss stamen to decrease your monthly net income. This video QuickBooks lesson will also show the best ways to find transactions that you have already entered and recorded in your amazon QuickBooks merchant file. You can use the trial balance, the “find” window and the Journal report to quickly and easily find anything in the QuickBooks Amazon Merchant store file.

This Amazon Learn QuickBooks video training tutorial you will learn how to make your “unavailable balance” asset account equal to exactly the amount that you will receive in the future. If you started doing the QuickBooks dude procedures for your amazon online merchant store, then the amount withheld for unavailable balance was zero in the first deposit statement. So, your balance in your QuickBooks records should match the balance shown for unavailable in the bottom of each amazon statement. However, if you started doing the QuickBooks dude procedures when you already had some unavailable balance, then your account in QuickBooks is not reflecting the actual amount receivable in the future from amazon. The way to fix this is to make a journal entry that corrects the balance of your asset account and the balancing account, as in all set up journal entries, is ‘opening balance equity”.