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lili6
Level 1

How to post the journal to record amazon sales to match the amazon Payment statement?

 
Solved
Best answer March 16, 2021

Accepted Solutions
LieraMarie_A
QuickBooks Team

How to post the journal to record amazon sales to match the amazon Payment statement?

Hi there, @lili6. I'm here with some information on how you can enter the Amazon sale to match the statement.

 

I can see that recording sales from Amazon is quite challenging. It's because Amazon deposits one net amount into your QuickBooks, which have a lot of different transactions that make up that amount. As you want to get more meaningful information from your financials, you'll want to break all of these things out to get a true picture of your profitability.

 

I'd suggest downloading the settlement report from the Amazon sales website. By looking at the report, you'll be able to see the breakdown of your income that you're receiving into your bank account.

 

You can enter these transactions (like taxes, refunds, chargebacks, reserves) by using a sales receipt or create a journal entry to input the details. I'd suggest reaching out to your accountant. They can help you in categorizing the fees and VAT with their correct accounts. If you don't have an accountant, we can help you find one.

 

Here's how to create a journal entry:

  1. Click the Create icon indicated by a Plus (+) sign at the top-right section of the QBO Dashboard.
  2. Choose Journal Entry.
  3. Complete all necessary fields.
  4. Click Save and Close.

 

As another option, QBO also does offer the support of thousands of various third-party applications for any functionality you may need. To see if there's an app that can integrate with Amazon sales, head to the Intuit App Center and type a keyword like Amazon in the search bar.

 

You can follow these steps:

  1. On the left panel, click Apps.
  2. Go to the Find Apps tab.
  3. Use the search bar to look for an app.
    Capture.JPG

 

Refer to this article for more info: Install and use apps.

 

For additional information, I've included an article that contains information about the list of common VAT codes: Common VAT Codes.

 

Please let me know if I can be of any further assistance. Wishing you and your business continued success.

View solution in original post

2 REPLIES 2
LieraMarie_A
QuickBooks Team

How to post the journal to record amazon sales to match the amazon Payment statement?

Hi there, @lili6. I'm here with some information on how you can enter the Amazon sale to match the statement.

 

I can see that recording sales from Amazon is quite challenging. It's because Amazon deposits one net amount into your QuickBooks, which have a lot of different transactions that make up that amount. As you want to get more meaningful information from your financials, you'll want to break all of these things out to get a true picture of your profitability.

 

I'd suggest downloading the settlement report from the Amazon sales website. By looking at the report, you'll be able to see the breakdown of your income that you're receiving into your bank account.

 

You can enter these transactions (like taxes, refunds, chargebacks, reserves) by using a sales receipt or create a journal entry to input the details. I'd suggest reaching out to your accountant. They can help you in categorizing the fees and VAT with their correct accounts. If you don't have an accountant, we can help you find one.

 

Here's how to create a journal entry:

  1. Click the Create icon indicated by a Plus (+) sign at the top-right section of the QBO Dashboard.
  2. Choose Journal Entry.
  3. Complete all necessary fields.
  4. Click Save and Close.

 

As another option, QBO also does offer the support of thousands of various third-party applications for any functionality you may need. To see if there's an app that can integrate with Amazon sales, head to the Intuit App Center and type a keyword like Amazon in the search bar.

 

You can follow these steps:

  1. On the left panel, click Apps.
  2. Go to the Find Apps tab.
  3. Use the search bar to look for an app.
    Capture.JPG

 

Refer to this article for more info: Install and use apps.

 

For additional information, I've included an article that contains information about the list of common VAT codes: Common VAT Codes.

 

Please let me know if I can be of any further assistance. Wishing you and your business continued success.

Fiat Lux - ASIA
Level 15

How to post the journal to record amazon sales to match the amazon Payment statement?

@lili6 

As another option, explore this app to reconcile your Amazon transactions.

https://synder.grsm.io/quickbooks

 

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