You are driving revenue, learning how to market effectively, figuring out how to design a great product and source it, figuring out how to work with your vendors… You are in the throes of figuring out how to build your business. This is best if y ou are a small e-commerce seller making less than $100K/year. This is by far the simplest, least time-consuming option, and at the end of the day your net income is correct. It will hit your financial statements and you’re off and running!
QBO will probably default to the category of Sales of Product Income and that is totally fine.You’ve synced your bank accounts and your credit cards and now the data is flowing into your Banking Center. We are assuming you are using QuickBooks Online (QBO). How you record all of these activities depends on which method you choose.ģ.1 Apps to better record Amazon sales data in QuickBooks Online Method 1 (best for small Amazon Sellers): Record Amazon cash deposits as “Sales Income” in QuickBooks Online It includes all the activity with orders, refunds, shipping services, selling fees, and other stuff. What you’re seeing when that deposit hits your account is actually a summary of everything that has happened over the past 2 weeks. But first, we need to set the stage (using Amazon as our sales channel example).Īmazon deposits into your account every two weeks. Let’s look at three different scenarios and methods to see which one may be a fit for you. What kind of decisions are you trying to make with this data?.Where does getting financial data fall on your list of priorities?.So, we suggest asking yourself 3 questions to narrow down which method is best for you right now: What works well at one level probably will not work as well for another level.
There are different methods of e-commerce accounting, and where you are in your business determines which one will work best for you now. The challenge with e-commerce accounting is that it is fundamentally different from any other type of accounting because financial activity flows through your sales channels, not your bank accounts. For a visual walk-through, you can also view our YouTube video here.
In this blog we go through three methods on how to record Amazon sales in QuickBooks Online, based on your situation.
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