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Buy now1 main company with different sales channel. Shopify and Amazon.
Shopify is being categorized under sales (general) with COGs and expenses as well. Which I can edit name to designated shopify so it's broken down
As for Amazon, when I import the sales and expenses, do I create a sub account under SALES AND COGS or do I create a new account for Sales: Amazon and COGs: Amazon. Does it matter?
As for the company, as a whole, I buy from same vendor SKU ABC-CUPS-1000 and ABC-LIDS-1000. These two SKU I use for website. Now with amazon, these SKU, SKU ABC-CUPS-1000 and ABC-LIDS-1000, gives me a Amazon SKU: AMZ-CUPSLIDS-100 x 10. So basically buying these two SKU from the vendor gives me 10 sets of 100 for Amazon. How would I record this in QBD?
Right now I have ABC-CUPS-1000 and ABC-LIDS-1000 set up to be Sales and COGS for Shopify. Would I be able to also set it up for amazon?
I'm here to help you efficiently set up and manage your Amazon inventory items in QuickBooks Desktop (QBDT), nitsujayyy. Let's go ahead and optimize your company for accurate sales and inventory tracking.
Firstly, if you're considering recording your Amazon sales in a separate income account, it will be best to create a new account dedicated to tracking those sales. Also, I suggest consulting your accountant for accurate financial tracking and suggestions.
To create one, please follow the steps below:
Please refer to the screenshot below:
Alternatively, if you prefer not to create a new one, you can utilize an existing income account in your QBDT.
To record your inventory items, please create individual Inventory Parts for each item and then form an Inventory Assembly item for the bundled SKU. To create this, follow the steps below:
Once the individual inventory items are created, proceed to set up the Inventory Assembly for the bundled SKU.
Below is a screenshot for your reference:
As for your third question, you can use the same income account for both Amazon and Shopify. However, please note that the Quantity on Hand for both platforms will be combined. Therefore, you can consider using the class tracking feature to help you identify the source of transactions.
Moreover, here are some articles that you can check and save if you need help managing your inventory stock in QuickBooks:
You're free to comment on this post if you have further questions about managing your inventory items in QuickBooks, nitsujayyy. I'll be here to help you out anytime.
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