Amazon selling and bank tags

Accounting
1

I have just bought Yoodle feeder and it works great. But I have 2 problems with taging:

  1. Amazon selling.

Amazon sends money every 2 weeks and I put in Quickfile my sell using those 2 weeks statements but Amazon sends its invoices monthly(fees, adverts,…) Amazon calculates how much I owe them and sends less money every time when two week period ends.
Example:
first statement(2 weeks) - sell 300 costs(part of monthy invoice) 150 so transfer 150
second statement(2 weeks) - sell 300 costs(part of monthy invoice) 150 so transfer 150

so now I have in one month - 1 invoice on Purchases and 2 sales on Sales and 2 transfers to my bank account.
How to tag this all.

  1. I send money for my invoices to Poland using money transfer company. So 1 transfer company and many suppliers in 2 currencies. How to tag it manually?
2

It’s quite a common accounting scenario…

Effectively what you do is create a dummy bank account (under merchant section) called something like “Amazon Marketplace” and then you’d tag your sales invoices as paid into here, along with any Amazon fees.

Whenever you have remittance payments into your current account from Amazon, you tag these as transfers from the Amazon Marketplace merchant account.

Handling payments from merchant accounts

The above guide refers to payment providers but the concept is much the same.

1 Like
3

Hi Glenn I still have problem with Amazon so I explain what I understood:

First I have question

  1. I sell on 5 European amazon marketplaces - should I or is it best to create bank account “Amazon Marketplace” for all of them like “Amazon Marketplace DE”…?
  2. First explain a bit:
    Example
    A)I sell on Amazon UK where every 2 weeks I get statement how much I sold…
    B)… and every 2 weeks I get money to my account but minus all fees
    C) Every month I get invoices with fees etc

for example
A)1000 pounds I log in Sales as Amazon Sells UK(client)(so about 2000 monthly)
B)500 I have in my Lloyd’s Business Account from feed(so about 100 monthly)
C)1000 pound I log in Purchase as Amazon Services Europe S.a.r.L.(supplier)(ones a month)

so
A)how log this payment (“Amazon Marketplace”?)
B) I tag it like “bank transfer from Amazon Marketplace”. (is OK)
C)how log this purchase (“Amazon Marketplace”?)

Regards

4

I’m afraid it’s not something I will be able to give you detailed guidance on, there are probably multiple ways you can solve this problem, depending on the level of detail you’d like within your accounting system.

I would have a chat with your accountant / bookkeeper regarding this subject. Alternatively you can use the quotation tool to find a QF specialist who will be able to provide more hands-on accounting support.

I will leave this post open should anyone else wish to comment.

5

Hi Glenn
I am sorry but you gave me answer. I am still learning and I did not understand dummy bank account. I created like you suggested dummy “Amazon Marketplace” and now:

  1. All selling go to “Amazon Marketplace”
  2. All amazon transfers go “from” “Amazon Marketplace”(tagged in may bank account)
  3. All invoices are paid using “Amazon Marketplace”(because they calculate it before sending money to my account)

Sorry for that next time I will try to understand much faster:)