Many of our customers sell on multiple channels, which can be convoluted. But we’ve found that selling on a single marketplace can also have its own special complexities that are worth creating work-arounds for. For example, selling on Amazon can be complicated because Amazon operates with its own set of seller rules. One such issue arises when trying to reconcile a physical bank deposit and Amazon records with your QuickBooks undeposited funds.
One of the hardest things to reconcile with Amazon is when a customer pays you, Amazon does not deposit the full payment. They take out their expenses and fees before they deposit the payment into your bank account. Because people who are selling on Amazon are typically high-volume sellers, we usually advise these sellers to use a clearing account. A clearing account is a specialized bank account—called “Amazon clearing” or something similar—in QuickBooks. Once you create this account, you can deposit all sales receipts or received payments from Amazon customers into that clearing account.
Unify Enterprise syncs your marketplace and payment processor fees and expenses directly into your accounting, so at the end of your two-week settlement report, your Amazon clearing account will allow you to see the expenses and fees you’ve been charged by Amazon, so you can make a single bill for that amount paid for out of the clearing account. Also, when you figure out how much money Amazon actually deposited in your bank account, you can do a bank transfer from the clearing account to the bank account.
To recap: Put the total income from Amazon under the clearing account, then subtract the expenses and fees you were charged in that two-week period by your settlement report. The remainder should equal the amount of money that hits your bank account. See what you’ve paid in marketplace fees and expenses, payment processor charges, and shipping costs. Finally know exactly what you’re paying in fees and enjoy a 1:1 math-free match between sales orders and marketplaces.
–QuickBooks ProAdvisor Chris RobinsonSimple tip for reconciling @Amazon fees. @QuickBooks #marketplaces #accounting #multichannel Click To Tweet