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H
HGSSam
January 26, 2022
Question

Amazon Expense/Sales Recording + Inventory

  • January 26, 2022
  • 5 replies
  • 20 views

Hi there,

I order/track my inventory with QBO and sell my inventory on amazon.com. Every two weeks, Amazon issues disbursements/collects money owed. To record these transactions, I create Sales Receipts in order to track my inventory sold during these periods, and subsequently create deposits in QBO to which I tie my sales receipts and expenses associated. HOWEVER, there are some periods that I OWE amazon money from very high advertising spend and I pay amazon. How can I record these transactions since I cannot create a negative deposit in QBO? I still need to create sales receipts for these periods in order to track the inventory sold. Please let me know and all help is appreciated. Thanks!

5 replies

K
Kevin_CModerator
Moderator
January 27, 2022

It's a pleasure to have you here in the Community space, @HGSSam. I'm here to lead you in the correct direction for a complete solution.

 

My colleague, ChristineJoieR, has already answered a similar question you've posted. You can view her answer through this link:  https://quickbooks.intuit.com/learn-support/en-us/payments/re-how-to-enter-merchant-fees-and-orders-from-amazon/01/1022100#M35130, where she explained everything you need to know about recording your sales and expenses from Amazon into QuickBooks Online.

 

I'm also including this article to learn more on how to record, edit, and delete expenses in QuickBooks Online.

 

You can also look for self-help articles on our QuickBooks help articles page to help you complete your QuickBooks tasks quickly.

 

Post a reply if you have other questions about the refund process in QuickBooks Online. I'll get back to you as soon as I can. Have a good one!

H
HGSSamAuthor
January 27, 2022

hi Kevin_C, 

Thank you for the response. I don't think I asked the question properly in the other thread, and thus, I received an inadequate answer. Please review the question here once more and see if there is any better solution that you can provide. The solution on the other thread was not helpful. Thank you. 

M
Maybelle_SQuickBooks Team
QuickBooks Team
January 27, 2022

Hello there, @HGSSam.

 

You can record it as a deposit together with the payment. Make sure to enter a negative amount for the Amazon fees. To do this, you can follow the steps below: 

 

1. Click the + New. 

2. Select Bank Deposit.

3. From the Account ▼ dropdown, choose the account you want to put the money into.

4. Select the checkbox for each transaction you want to combine.

5. Make sure the total of the selected transactions matches your deposit slip.

 

However, if you're only entering it as a fee alone, you can enter it as an expense transaction.

 

For your reference, you'll want to add and match multiple transactions you've already entered in QuickBooks. 

 

Don't hesitate to keep in touch if you need anything else. As always, the Community is always here to attend to your concerns.

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