June 12, 2020
Amazon Seller Central is a popular platform for selling products online. But bookkeeping for this platform presents some unique challenges. In this post, I'll share best practices for how to record your revenue and expenses in QuickBooks Online.
(This information is for educational purposes only and does not constitute tax or legal advice. This post contains affiliate links. For more information, please see my disclosures.)
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One of the biggest mistakes an Amazon Seller owner can make is neglecting bookkeeping. I know this sounds like a strong claim. But the reason is you can't make informed business decisions about your store if you don't know where you stand financially.
However, I understand why so many avoid it. Bookkeeping isn't the fun, sexy part of running a business. Nevertheless, it's necessary.
As an accountant, my goal is to empower business owners to do their own bookkeeping. That's why I made the following video to help Amazon Sellers learn how to record their sales properly.
The method I use to record Amazon Seller sales and expenses each month relies on a Amazon Seller Central report and a monthly journal entry. It's the fastest and most accurate method I have found to do bookkeeping for an Amazon Seller account.
In this video, I'll explain all the necessary steps for accurately recording your monthly Amazon Seller income and expenses in QuickBooks Online.
This method doesn't require any apps or integrations with QuickBooks to record your Amazon Seller income and expenses each month. In my experience, these apps and integrations make bookkeeping more confusing, plus they can be expensive.
As a reminder, before you implement this method, make sure you have set up your chart of accounts using this video. Also note, that this method is designed for use with QuickBooks Online Simple Start. This is the software that I use and recommend.
If you have questions, please leave a comment on the YouTube video, and I'll respond as quickly as I can.
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