How to do your Amazon Monthly Bookkeeping, Amazon Seller Central, QuickBooks Online, 2023

*Update* New Updated Video Available:    • 2024 Update - How to do your Amazon Bookke...  

I recommend QuickBooks Online for your Amazon Seller bookkeeping. Get the current QuickBooks Online deal through my referral link: https://www.SmallBusinessSarah.com/qu...

Let me show you how to do your Amazon Monthly Bookkeeping in this QuickBooks Online tutorial. This method does not use any apps or integrations. It's fast, easy, accurate, and done once a month. This is a great bookkeeping solution for every Amazon Seller in Amazon Seller Central. It's the method I use every month for all of my bookkeeping clients.

I'm using QuickBooks Online for my bookkeeping. It's the program I love to use and highly recommend. Here's my referral link: https://www.SmallBusinessSarah.com/qu...

If you need to set up your Amazon Chart of Accounts, watch this video first:    • Bookkeeping Chart of Account (Categories) ...  

Here's how to tie out your Profit & Loss report at year end to the 1099 you receive from Amazon:    • Amazon Sellers, Received an Amazon 1099? H...  

For more e-commerce tax and bookkeeping help head to:
https://www.SmallBusinessSarah.com

Time Stamps
0:00 Let's get started with Amazon Seller Bookkeeping!
0:40 Method relies on inputting monthly activity from Amazon in the form of a journal entry
0:55 Find the information from the Amazon home screen (Choose Reports → Payments → Date Range Reports → Generate Reports → Summary → Choose the Month → Generate → Refresh → Download)
1:45 Summary of Amazon Report
3:07 Highlight specific accounts that are reported in Amazon that we want to separate out in the journal entry so the QBO Profit & Loss matches Amazon’s numbers on the 1099.
4:40 Numbers to break out for income
8:41 Numbers to break out for expenses
10:19 Notes on sales tax
11:32 What to do with this information in QBO
11:48 Categorize Amazon transactions in QBO
12:55 Make the Journal Entry (Click New → Journal Entry)
17:05 How this works together in the Register
19:58 How the journal entry appears on Profit & Loss statements (Reports → Profit & Loss → This Year → Run Report) and compares to the Amazon report
21:37 How the journal entry appears on the Balance Sheet (Reports → Balance Sheet → This Year → Run Report)
22:34 Review of process and big picture concepts and how this all works together

This video is for informational purposes only and does not constitute accounting or tax advice.