Here is the Table of Contents and the Article with the heading of the second paragraph bolded using Markdown language. Table of Contents: 1. Introduction to Amazon Bookkeeping in QuickBooks Online 2. **Amazon Bookkeeping in QuickBooks Online** 3. Categorizing Amazon Deposits 4. Using the Amazon Monthly Summary Report 5. Recording the Journal Entry 6. Reconciling the Amazon Holding Account 7. Reviewing the Financial Statements 8. Handling Amazon Canada and Mexico Sales 9. Tying Out to the Amazon 1099 10. Conclusion
**Amazon Bookkeeping in QuickBooks Online**
🙌 Hello Sarah here from smallbusiness sarah.com, and today I have a tutorial video on how to do your Amazon bookkeeping in QuickBooks Online. This is an updated video from my previous video that I published several years ago on how to do your Amazon bookkeeping in QuickBooks Online. Not much has changed if you’re following that old video, that’s going to be perfectly fine, there’s just some few minor things that have changed, and I just wanted to do an update so that all of those minor changes would be incorporated into a new video.
🤔 So who is this video for? There are several stages that an Amazon Seller goes through, so let me discuss those and which bookkeeping option is right for each stage. At first, you might be just trying Amazon – you’ve heard that you can make money selling things on Amazon and you want and give it a shot. At that stage, you might not have a separate business checking account, business credit card, and at that point, it doesn’t make sense to use a high-powered program like QuickBooks Online. For that seller, that newbie seller that’s just getting started, I have an Amazon bookkeeping spreadsheet that you can use, and it will meet all of your needs for accurate, fast bookkeeping, but where you’re not paying for a monthly subscription for a more complicated program like QuickBooks.
🤑 The middle seller is someone who has kind of learned the tricks of Amazon – you’re doing well, you’re making sales, you’re profitable, maybe you have set up a separate business checking account, you have set up a separate business credit card, and for that seller, using QuickBooks Online Simple Start makes a lot of sense for your Amazon business. And I’ll have a link to QuickBooks in the description as well. So that’s what this video is going to cover – how do you do your Amazon bookkeeping in QuickBooks Online, and like I said, this is going to be fast, easy, accurate. We’re going to use a monthly summary report to get all the crucial information from Amazon into QuickBooks, and you will be ready come tax time, and you’ll be tying out to your $10.99, and it’s going to be great and a piece of cake.
🤑 The last type of seller is someone who is making a lot of money on Amazon – hundreds of thousands of dollars, so so many sales, and you might need a more advanced system, something that’s not a monthly summary of Amazon activity, maybe you need to use an app or an integration to get information into QuickBooks on a daily basis. And since our method is focused on a monthly summary to make things fast and easy, then this video might not be for you. You might need to look into a higher-level app or integration to help you with your Amazon bookkeeping.
🤔 If you’re not sure what bucket you fall in, feel free to leave a question or a comment below, and I will let you know based on my experience what might be best for you. But if you are ready to get started doing your Amazon bookkeeping in QuickBooks Online without paying for any extra app or integration, then let’s go ahead and get started, and I’ll show you exactly what to do.
Pros: – Fast and easy to set up – Accurate bookkeeping that ties out to the Amazon 1099 – No need for additional apps or integrations
Cons: – May not be suitable for high-volume Amazon sellers – Requires manual monthly summary report download
Highlights: – Categorize Amazon deposits to the “Amazon Holding” account – Use the Amazon Monthly Summary Report to record sales, fees, and credits – Create a detailed journal entry to accurately reflect Amazon activity – Reconcile the Amazon Holding account to track funds held by Amazon – Review financial statements to ensure accurate reporting