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Who_Dat
March 4, 2024
Question

Amazon FBA in QB

  • March 4, 2024
  • 1 reply
  • 0 views
I’m looking to switch from QB Desktop over to QB Online. I want to do it correctly for 2024 (or maybe in 2025) when I migrate over to Online version.
 
 I own a business doing Amazon FBA. I get my monthly sales report from Amazon. The monthly report breaks down my gross sales, returns, expenses, and what gets deposited in to my checking account after all expenses are paid. 
 
 Note, as an Amazon FBA seller, we send our inventory to Amazon. Amazon does the fulfillment. We do not invoice anything to Amazon when we send our shipment to them.
 
 The way I’m currently doing it is that I record my gross sales, returns, and expenses on an Excel spreadsheet. I only record my income that I received in my Chase bank the amount from Amazon as “Amazon FBA Income”. Because of this, my P&L is never correct, or should I say real time information. 
 
 I want to incorporate my gross sales, returns, cogs expenses, and income received from the Chase account in my QB Desktop/Online. I am sure there are many of us doing Amazon FBA that would like to see how to transact these numbers in QB. Can you please do a YT video demo on this subject matter? Thank you

1 reply

A
ArielI
March 4, 2024

Hello, @Who_Dat.

 

I can assist you in integrating gross sales, returns, COGS expenses, and Chase account income into your QB Desktop/Online.

 

You can connect your Amazon Business account to QuickBooks with the Amazon Business Purchases app. It brings your Amazon Business purchases into QuickBooks with all the details, so QuickBooks can categorize and link them to your bank or credit card records.

 

Before getting started, be sure to review all your Amazon Business transactions in the App. Here's how to connect:

 

  1. Sign in to your QuickBooks account as an admin.
  2. Go to the Amazon Business Purchases app page.
  3. Select Get app now.
  4. When prompted, sign in to your Amazon Business account as the primary administrator.
  5. Select the import start date. All of the Amazon Business purchases you made on or after that date will sync with QuickBooks for your review. This date can’t be changed.
  6. Select Finish.

 

Moreover, consult an accountant if further assistance is needed in setting them up.

 

Furthermore, in relation to QuickBooks Desktop, ensure that the information is accurate in QuickBooks Online (QBO) in migration. Any data from QuickBooks Desktop (QBDT) must be updated and included in the recording of sales, returns, expenses, and other transactions in QBO. 

 

Additionally, I'll include these articles to show you how to track customers' transactions and Accounts Payable workflows:

 

 

If you have further questions about FBA amazon, you can comment below, and we'll respond to you as soon as possible.

W
Who_DatAuthor
March 6, 2024

Hello Ariell,

Thank you for your quick response and your willingness to help me with my issue.

 

Since Amazon has a monthly sales report with information including 1) Gross Sales, 2) Returns, 3) Expenses, and 4) Transfers (deposits), there's no need to create another layer of complexity by having to download Amazon Purchase app.  In other words, I don't need granular details about my monthly activities. 

 

Again, the way I was doing it before, any dollar amount that is deposited into my Chase Bank will be recorded as "Amazon FBA Income".  The Gross Sales, Returns, and Expenses are recorded in my manual Excel spreadsheet.

 

What I am looking for is how to incorporate the "lump sum amount" into QB.

 

1) Gross Sales:  How to record it in QB?  Create Sales Receipt without an invoice for the entire month?

2) Returns:  How to record it in QB for the entire month?

3)  Expenses:  How to record it in QB although I think it's fairly simple by creating expenses under COGS Expenses?

4)  Transfer:  How to record it in QB?  I suppose I can create an invoice for the incoming receipts from Amazon as Account Receivable.  Once the amount is in my Chase Bank, I can record it as a receipt in QB.

 

 

Since Amazon provides us the lump sum amount, I want to simplify my bookkeeping and record the lump sum amount in QB.  There's no need for granular details.

 

 

Thank you

R
RoseJillB
March 6, 2024

Welcome back to the Community, @Who_Dat. I'll elaborate on the steps we can take to match your records in QuickBooks Desktop (QBDT) and Amazon.

 

Although QuickBooks doesn't have the option to match multiple transactions into one deposit, you're right that we'll need to manually create these entries from your Amazon into the application.

 

Concerning the Gross Sales and Transfer you're referring to in your post, I'd suggest creating an invoice rather than a Sales receipt to avoid recreating another one for the transfer transaction. When we say Gross Sales, this is the total sale you accumulated diminished by any deductions such as discounts, returns, and other allowances.

 

When we record an invoice or a transaction paid at a later time, it adds to your sales income once paid. After we record your returns or customer refunds, this will offset the account where it has been taken out which results in the gross sales amount. To give a refund to your customer, please refer to Option 2: Give a refund in this article: Give your customer a credit or refund in QuickBooks Desktop for Windows.

 

Since we will be recording this for an entire month, we can create a single product/service item where we can enter the lump sum amount of the refund and invoice item.

 

For expenses, you can create this as you normally do with your regular expense transaction. However, I'd recommend you check with your accountant for the posting account to ensure the accuracy of your records.

 

If you need further clarification about the recording of your transactions, you can always ping me in this forum for assistance. Take care!

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