Amazon FBA Accounting


I run an Amazon FBA business and sell across 5 European markets and I currently use Quickbooks (at the advice of my accountant). However, I do use Quickfile for my other business which is straight forward for accounting purposes. Since I find Quickfile so much friendlier to use, I thought I would investigate and find out if there are any Amazon sellers using Quickfile.

I do have a question. At the end of each VAT quarter, I run a payment summary date report on each EU marketplace and create a Journal Entry on Quickbooks. The journal looks like this: Amazon Sales, Amazon Fees, and Amazon Transfers to main bank account. As you may know, Amazon take the full customer payment, deduct their fees and transfer the balance to me.

Can I add a Journal Entry in Quickfile similar to the above or is there alternative ways bookkeep my Amazon accounting?

Any other tips using Quickfile for Amazon FBA would be greatly appreciated.

Hi @Darren_Ackers

I’m sure that you would be able to handle these entries in QuickFile, the concept would be similar to that which you are used to in Quickbooks.

Rather than using journal entries I would suggest instead that you setup a merchant type bank account for each European marketplace you have with Amazon. If required you can also denominate these accounts in the specific currency that pertains to that marketplace.

At the end of each week/month you can log the total sales amount to each relevant marketplace bank account as a money in entry. You can then tag this to a single bulk invoice, perhaps creating a client such as “Amazon Bulk Sales”.

You will also have the fee payable to Amazon, you can add this to each bank account respectively and tag this as a purchase to your Amazon supplier.

The difference from the above entries will typically be the amount that gets transferred to your bank account. Whenever you see these fees on your regular bank account you can simply tag them as bank transfer to the relative marketplace bank account to NET off the previous sales and purchase entries.

This briefly explains the process for handling Amazon Marketplace Accounts, if you have any follow up questions please don’t hesitate to get back to us.

You may also find some useful posts in the following “Amazon” search:

That’s great thank you. One more question.

I find when I add a journal in Quickbooks each column total never balances so it prompts be to add a balance entry in order to save the journal. In Quickfile how would I add a balance entry?

The credit and debit side of a journal must always balance. In QuickFile it will not let you post the journal unless both sides balances.

Journals can easily be deleted, so you can always post a test journal then remove it to see how this works. We have a more general guide on journals here.

I sell on Amazon but FBA or VAT registered, at the end of the month I generate and download a date range report (Summary) for the month, I have a Virtual bank account for Amazon, I input a new transaction for the fees (Expenses in Amazon language) taken, tag this as sales and create a payment to Amazon fees from the Amazon account this will zero the account and tag the real payments from Amazon as normal.

I only do this at the end of the year as I am not VAT registered, to correct the turnover etc.
I also do this with PayPal

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