Enter a foreign currency transaction in QuickBooks Online

When it comes to foreign currencies or multicurrency in QuickBooks Online, bookkeeping can quickly get messy if you’re not careful about entering your expenses.

Let’s take a look at an example of a common transaction regarding a foreign Amazon marketplace and multicurrency in QuickBooks Online US.

You’ll need to have multicurrency enabled on QuickBooks Online US in order to be able to access these settings.

Exchange rates change day to day or from one second to the next. When Amazon charges you, your credit card or bank account may have a different amount in USD.

We’ll use CAD and USD in this article, but the concept is the same regardless of what currency you’re using.

Let’s say you start selling on Amazon Canada (CA). For your first settlement, you have a balance of -$50 CAD because of various fees. We’re using Amazon CA as the Payee here (the exchange rate field will only appear if your Vendor has a non-USD currency associated with it).

Amazon charges your credit card for $50 CAD, but the charge shows up on your card as $37.93 USD (using exchange rates for August 1, 2019). But you’re going to enter the transaction on August 20, 2019. That $50 CAD is now $37.54 if you’re not adjusting values on the document.

Note that even though we selected August 1, the Total (USD) charge still doesn’t match because of the fluctuations in rates throughout the day.

This difference between the currency can easily cause a discrepancy between your accounts in QuickBooks Online if you’re just entering in transactions monthly and using the default exchange rate.

QuickBooks Online doesn’t allow you to edit the Total (USD) amount. Instead, you’ll need to figure out the correct exchange rate.

To properly calculate the values, you’ll need to take how much your credit card was charged in USD. Then take the amount in CAD that you owe.

Divide the USD by the CAD amount to get the correct exchange rate so that you can enter this in the right field in QuickBooks Online.

Enter the exchange rate to as many decimal places as you need for the Total (USD) to match what you were charged on your credit card.

You may need to enter in a few more decimal places to get the correct value. Once you click OK, QuickBooks Online will recalculate the Total (USD). It should now match what your credit card charge shows for that transaction.

If it doesn’t, recalculate the rate and check that you’ve entered the correct values to the necessary decimal place, whether that’s 4 places or 7.

Notice in the corrected exchange rate above, the Total (CAD) value is correct and the Total (USD) value is now correct.

This document shows that you’re paying a vendor, Amazon Canada, $50 CAD. Your credit card account will show a charge of $37.93.

Whether it’s an expense or a settlement payment, you’ll need to go through the same process of calculating the correct exchange rate and verifying that the values are correct.

For instance, when you receive a disbursement or payment from Amazon for your sales, your Amazon Canada seller account will show a deposit in CAD. But the bank account may show a deposit in USD.

The process is the same here: edit the deposit document with the correct exchange rates to reconcile the amounts.

Read our other articles on QuickBooks Online below.

Connect Amazon to QuickBooks Online with SellerZen

Here are 11 reasons why you should use SellerZen to connect Amazon to QuickBooks Online using SellerZen’s automated real-time syncing of transactions.

Visit SellerZen now to learn more about how SellerZen can help integrate and sync your Amazon seller account with QuickBooks Online.

Automated, Real-Time Sync

Once you configure SellerZen, our cloud-based platform works automatically to sync and import your Amazon seller transactions to your QuickBooks Online company.

SellerZen works 24 hours a day, 7 days a week to synchronize your transactions between Amazon and QuickBooks Online in real time. That means you’ll see transactions in QuickBooks Online when they’re available on Amazon.

Detailed Reporting

Businesses that have detailed financial reports can make more informed decisions. By using SellerZen to connect Amazon and QuickBooks Online, you’ll be able to see exactly what your income and expenses are using QuickBooks Online’s reporting tools.

Tips for Using SellerZen and QuickBooks Online Integration

See a detailed breakdown of your income and expenses in the Profit and Loss reports, Balance Sheets, or see exactly how much you’ve spent and earned:

  • Sales of Product Income
  • Cost of Goods Sold
  • Refunds
  • Reimbursements
  • Cost of Advertising spending
  • …and more!

Want to track your advertising expenses? Map those fees and more through SellerZen so you know exactly how much you’ve paid Amazon for advertising.

Separate all of your expenses into different accounts, group them into sub-accounts, or just lump them all into one account. However you structure your books, our flexible platform can be adapted to your business needs.

Fully Customizable

SellerZen is fully customizable to meet your business needs. When you sync your Amazon account to QuickBooks Online company through SellerZen, you’ll have the option to configure how we process transactions.

Our platform can be adapted to your business.

Configure the following into your own accounts or use our default settings:

Accurately Track Inventory

Looking for software to manage and track inventory? Why use one software to manage inventory and another to manage your books? QuickBooks Online can do both, streamlining your processes and saving you time.

If you have the Plus or Advanced subscription, you can track inventory in QuickBooks Online. Once you map inventory on SellerZen, our real-time sync of individual transactions means that your inventory levels will always be accurate.

Since SellerZen creates documents for sales, refunds, and reimbursements in real time, you’ll know what your inventory levels are at any moment.

Track inventory in QuickBooks Online so that you can replenish your FBA inventory, order more from suppliers, or look into potential reimbursement claims for FBA damage or loss.

Even if you don’t track inventory in QuickBooks Online, you can use a non-inventory item to track sales of product income.

Multichannel Fulfillment (MCF) Support

If you’re one of the many sellers who use Amazon FBA to fulfill orders for other marketplaces, then you can configure SellerZen to help you manage your inventory and expenses for multichannel fulfillment.

Advanced SKU Mapping

However you have your inventory configured in QuickBooks Online, you can use SellerZen to map your Amazon SKUs to your QuickBooks inventory.

Or configure SellerZen so that you can track income and expenses for classes of inventory.

Sell multiple SKUs across a range of categories? Set up SellerZen so that you can track income and expenses through classes for more detailed reporting.

Track sales across multiple Private Labels using SellerZen’s class tracking feature.

Sellers who do sales on consignment can also use class tracking for sales across multiple clients or brands.

Class Tracking in QuickBooks Online through SellerZen

Have SellerZen just track just sales income or sales income and fees.

Track Sales Tax

Once you integrate using SellerZen, you can track all of your sales taxes in QuickBooks Online.

Learn how much Amazon has collected and remitted on your behalf for the marketplace facilitator taxes.

If you sell on international marketplaces like Canada, you can configure SellerZen and have us handle international sales taxes.

Or run a report for your own state’s sales tax liability in QuickBooks Online.

By using SellerZen to connect and sync Amazon to QuickBooks Online, you’ll be able to run reports on the sales taxes you owe.

Affordable Solution

Instead of paying a monthly subscription fee for features that you may not use, SellerZen charges a flat rate of 5¢ per order import.

That means you only pay for each unique order ID import. All other transactions, like refunds, reimbursements, and settlements, are imported for free alongside the orders.

This pay-as-you-go plan is fantastic for sellers whose sales increase depending on the season.

You could pay $10 a month (200 orders) and then $20 (400 orders) a month during Q4 instead of a subscription fee of $39.99 per month.

Automate to Reduce Labor

SellerZen’s automatic synchronization will save you countless labor hours in entering transactions and fixing mistakes.

If you have an employee manually entering individual transactions, then it’s a task that is not only time consuming, but also extremely prone to errors. At 5¢ an order, SellerZen costs only a tiny fraction of what it’d cost you for a person to enter the same transactions. And our service is accurate.

Errors can also take hours to hunt down and fix, throwing off your reporting and giving you the wrong data when making important business decisions.

By using SellerZen to connect Amazon and QuickBooks Online, you can assign your employee to other important tasks.

Settlement Reconciliation

Once your settlement arrives, we’ll automatically reconcile all transactions on the settlement with the transactions we’ve created. This ensures that your Amazon to QuickBooks Online sync is always accurate.

You can even use SellerZen to run a settlement report to view all the documents we’ve created for that period.

Multiple Marketplaces

Connect as many North American (Mexico, United States, or Canada) marketplaces as you want to your QuickBooks Online company.

If you have more than one Amazon seller account, then you can connect them all to the same QuickBooks Online company to save you money on additional subscriptions.

Configure SellerZen to use location and class tracking so that you can track sales for each of the marketplaces to see how you’re doing with each one.

No matter how big or small your Amazon business is, SellerZen can help you save money and grow.

Using SellerZen to connect your Amazon to QuickBooks Online can give you powerful insight into your company’s financials that you can easily miss when you use other services that lump or summarize all of your income and expenses.

The best part is that there’s no monthly subscription fee. Start using SellerZen with a free 30-day import of your transactions to see just how we can help you today! No credit card is required unless you want to continue using our service.

Want to learn how to use some of the features in QuickBooks Online? Click on the links below to learn more.

Difference Between Sales Receipt and Invoice in QuickBooks Online

What’s the difference between a sales receipt and an invoice in QuickBooks Online?

Many businesses will use one or other when recording a sale in QuickBooks Online, but they’re not exactly the same.

Before creating the sales document in QuickBooks Online, think about how payment is received.

Sales receipts are generally used when payment is received immediately, whereas invoices are used when payment is received later.

Why does this matter? If customers fail to pay, then businesses won’t know since they’ve created sales receipts. By using invoices, businesses can easily track unpaid and overdue invoices in QuickBooks Online.

QuickBooks Online Open Invoice

Creating an invoice requires someone to take an additional step of receiving payment in order to “close” the invoice.

QuickBooks Online Receive payment

Using a sales receipt or an invoice will also affect your reporting in QuickBooks Online.

You may get different numbers if you switch between cash and accrual accounting methods when you run financial reports.

How does this affect Amazon sellers?

Sellers on Amazon can use either a sales receipt or an invoice in QuickBooks Online since Amazon handles payments. That doesn’t mean that they should randomly create invoices or sales receipts.

In fact, many Amazon sellers will be tempted to create sales receipts since it’s simpler (one step) than creating an invoice and receiving payment (two steps).

Strictly FBA sellers can use sales receipts since Amazon handles payment and shipping: they don’t get the sales proceeds until the order is shipped.

However, FBM sellers may want to use invoices instead of sales receipts since some orders may take longer to ship. Using invoices allows FBM sellers to accurately track inventory and whether or not an order has been shipped.

Sellers should consider using invoices for both FBA and FBM sales if they sell to businesses. Amazon gives businesses net terms, so sellers may not see payments for up to 90 days.

There are other considerations when handling Amazon transactions. FBA sellers should think about how they’ll handle inventory and cash reimbursements. Sellers shouldn’t adjust inventory quantity each time these events happen.

Regardless of how sellers handle their accounting, they’ll want to remain consistent. Consistency will save time later when reconciling books, training employees, and working with bookkeepers and accountants.

Like this article and want to read other accounting articles? See below.

Amazon to QuickBooks Online Accounting: Processing Settlements and Bank Deposits

Most sellers who don’t track individual transactions likely summarize settlements into a few documents.

Because we’ve been tracking individual transactions, we’ll continue with that method. That’s the best way for sellers to manage their business because individual transactions give you far better detail and insight into your business than just summaries.

If you’re at a point where you’re spending too much time entering transactions, consider using SellerZen to automate the process.

Lumping and summarizing transactions hides all of the SKUs that are losing money. It also doesn’t tell you if there are mistakes with inbound fees or storage fees since all you see is a single number. You could be losing money on products, long-term storage fees, and inbound fees due to some simple mistake. And you’d never know.

For the following settlement transactions, some sellers choose to put all settlement transactions into one Vendor Credit and one Vendor Expense document per settlement. Leave traceable information in the Memo field, like the settlement period. This is so you can easily search these documents later.

Go to the bottom of the article to view other articles in our Amazon to QuickBooks Online accounting series.

Navigate this article:

Previous and Current Reserve

These amounts are available on your Statement view. To access this, go to Reports > Payments.

Reports Payments

Previous Reserve

Current Reserve

If you’ve been following our guides, then you should have a Current Reserve bank account (Type: Bank and Detail Type: Cash on hand) that you’ve made a sub-account of your Amazon Undeposited Funds account.

To process reserve funds, you’d create a Vendor Credit with the Previous Reserve amount to the Amazon Current Reserve account. That’s because the Previous Reserve amount is being released.

Then you’d create a Vendor Expense to withhold the Current Reserve funds from your Amazon Undeposited Funds account.

Both choosing the same account for your Previous and Current Reserve funds, you’ll always have a running balance of what to expect on the next disbursement. This is important for sellers who need accuracy to make purchasing decisions.

Make sure you leave “Previous reserve balance” and “Current reserve balance” in the description or memo fields as well as any other identifying information so that you can easily search for these transactions.

Below is an example of a Vendor Expense document with a Current Reserve balance. While the Current Reserve amount on Amazon is negative because it reduces your settlement total. Since we’re creating an expense document, we won’t need to add a negative sign.

Vendor Expense current reserve

Here is a Vendor Credit with a Previous Reserve balance.

Vendor Credit Previous Reserve

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Reconcile your Orders with Amazon Settlements

If you’ve been creating invoices and receiving payments since your previous statement, then the orders that show up on this settlement will be exactly the same as the orders that show up in QuickBooks Online.  Assuming you haven’t made any data entry mistakes, you can see a total number of orders on Amazon for the period.

Amazon Statement Period

Run a report on QuickBooks to see the total number of orders. This should give you a total number of orders to easily compare with Amazon’s numbers. In the following screenshot, we used one default customer account for all orders on this marketplace.

Advanced Search

Payments Filter

If you’re missing orders, you’ll have to manually look for missing orders. You can just compare the values on this QuickBooks Online report with the Transaction view on Amazon.

There may be some discrepancies due to pending orders, paid orders, and orders paid and shipped around midnight. You’ll need to expand the period by a day before and after to catch those transactions.

In almost all cases, amounts are off because someone typed in the wrong numbers. So if the total value of those orders doesn’t add up, you’ll have to check each invoice against Amazon’s orders for accuracy.

Here are some common reasons why your order count may be off:

  • This is a Payments report, so if you forgot to click on “Receive payment” on the invoice, those transactions will be missing here
    • If you’ve forgotten to “Receive payment,” then you should see Open or Unpaid invoices on your QuickBooks Online dashboard
  • Sometimes, orders will miss the settlement cut-off time, and it’ll show up on the next settlement. But you may have already created the documents
  • You forgot to enter an invoice or you created the invoice but forgot to save

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Refunds

You can Filter view by Refunds on Amazon and compare those refunds with the Refunds report in QuickBooks Online. Both refunds and amounts should match if you’ve been entering the documents daily.

Amazon sometimes issues Refund documents for $0.00 if you’re using FBA. They may be included in the total number of refunds count on Amazon. You can ignore those transactions. In the screenshots below, Amazon showed 20 transactions, with 2 of them being for $0.00.

Amazon Filter by Refunds

Refunds search

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Selling Fees

These are non-order fees related to selling on Amazon. Common ones include subscription fees and storage fees if you’re using FBA.

Because they’re selling fees, you’d create a Vendor Expense document with the Amazon Undeposited Funds account selected.

You can also include these fees on the same Vendor Expense document you created for the Current Reserve transaction to keep all settlement transactions on one Vendor Expense document.

If you’re tracking specific transactions, then make sure to select the proper Expense account. Otherwise, use one Expense account like “Amazon Other Fees” to track all non-order fees like disposal fees.

Below is a Vendor Expense transaction with sample fees and accounts. We have the accounts separated here, but you can make them all sub-accounts of one main Amazon Other Expense account. This may be preferable if you want to be able to expand and collapse accounts on the reports.

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Other Transactions

These are usually reimbursements, but they could be any credits or debits to your account. They’re also non-order related transactions. You may have already processed the transactions if you’re keeping track of your Reimbursements report daily. If you haven’t, then create the proper documents and select Amazon Undeposited Funds account when prompted for one.

If you’re tracking specific transactions, like all FBA Inventory reimbursements, then make sure to select the proper account.

You’d process these as Vendor Credits or Expenses depending on whether they’re income (Vendor Credits) or expenses (Vendor Expenses). Check out our article on Reimbursements to see how to process Reversed Reimbursements.

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Creating the Bank Deposit

Once you’ve reconciled all the transactions on the settlement with the transactions you’ve entered in QuickBooks Online, the last thing you’ll need to do is create the Bank Deposit into your Bank Account.

This moves the fund from the Undeposited Funds account to your Bank account.

If you’ve made the Current Reserve account a sub-account, then the Undeposited Funds account balance should be whatever your Current Reserve is. It may be more if you’ve entered additional transactions after the settlement period.

Amazon Settlement Amount

Bank Deposit location

Filled Bank Deposit form

If there are some discrepancies in the expected amounts in your Undeposited Funds account, then here are possible causes:

  • Missing or incorrectly entered invoices, refunds, reimbursements, or other expenses
  • You forgot to select your Undeposited Funds account when creating documents
    • If this is the case, simply run a report on the accounts you may have used and edit the transactions
  • Orders that occur right on the settlement cut-off times may appear on the next settlement, meaning you’ve added an additional transaction that Amazon will credit or debit on the next settlement
    • If the amount is off by this particular transaction, then you’re fine

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Tracking your transactions from Amazon isn’t a difficult task. But it’s quite tedious and it’s prone to numerous mistakes anywhere along the way. One seemingly careless mistake can result in hours of frustration as you hunt down affected transactions.

Using SellerZen, you can automate the entire process. Because every transaction posting is automated, it’s also extremely consistent. You’ll be able to use QuickBooks Online to search for any transaction information, and it’ll always be there.

You won’t have to look at the line description and the Memo field just because you may have put it in one place while an employee put it in another.

Learn how to handle other accounting aspects for your Amazon business:

9 Open Source or Free Accounting Software for Small Businesses

Looking for an open source or free accounting software or platform for your small business? We’ve gathered a list of the more popular, completely free accounting software for you to try out! If your business sells on Amazon, visit our massive list of Amazon apps, services, and tools.

Only totally free or open source software is included on this list. Platforms with free trials are excluded, so you’ll know that these services are completely free to use. See our list for paid accounting software.

SellerZen is not affiliated with any of these services, nor does SellerZen endorse any of these services. Please check the website for current features and updates.

While we may recommend QuickBooks Online because of its popularity, consumer base, and app store, we understand that not all businesses need those features. If that’s the case for you, then check out these free options.

We’ll list some key features that each platform offers so you’ll have a better idea. Most, if not all, of the accounting services provide basic bookkeeping services like invoices and expenses. Visit the website for complete details.

SellerZen is not affiliated with any of these services, nor does SellerZen endorse any of these services. We’ve created this list only for informational purposes, so do your own due diligence before you sign up with any services listed in this article.

Akaunting

Akaunting home

  • Mobile and tablet ready interface
  • Multilingual admin and client panel
  • 100% financial data ownership
  • Lifetime free updates
  • Online accounting so you can access your data anywhere
  • Customer, vendor, and inventory management
  • Inventory tracking
  • Multi-company
  • Unlimited attachments
  • Multi-currency
  • …and more!

Brightbook

Brightbook home

  • Invoicing
  • Instant insights
  • Banking
  • Accounting
  • Multi-currency
  • Bills and expenses
  • Multiple companies and users
  • PayPal link
  • …and more!

GnuCash

GnuCash home

  • Double-entry accounting
  • Stock, bond, and mutual funds
  • Small business accounting
  • Reports and graphs
  • QIF OFX HBCI import and transaction mapping
  • Scheduled transactions
  • Financial calculations
  • …and more!

NCH Express Accounts

NCH Express Accounts

  • Financial analysis and reports
    • Over 20 financial reports
    • Income statement (profit and loss)
    • Balance sheet
    • Analyze sales by customer, salesperson, or item
    • Helps with tax returns
  • Accounts payable
    • Track outgoing payment and purchasing transactions
    • Generate purchase orders
    • Create and print checks
  • Sales and accounts receivable
    • Automatically record recurring orders and invoices
    • Accounts receivables and reports update as invoices are paid
    • Generate quotes, sales orders, and invoices
  • Other features
    • Multiple users
    • Secure mobile access through iPhone or Android
    • Multiple businesses
    • Automatic backups
  • …and more!

NolaPro Desktop

NolaPro home

  • Windows and Linux support only
  • Customer tracking
  • Billing
  • Payables
  • General Ledger
  • International features
  • Multiple languages
  • …and more!

SlickPie

SlickPie home

SlickPie charges you only if you need more than 10 company accounts.

  • Multi-currency
  • PayPal, Stripe, and credit card processing
  • Track sales tax
  • Get live bank feeds
  • Reconcile bank transactions
  • Runs on any device
  • Upload and attach files
  • …and more!

Wave

Wave home

Wave is free unless you add payroll services.

  • Accounting
    • Unlimited bank and credit card connections
    • Unlimited income and expense tracking
    • Multiple businesses
    • Unlimited guest collaborators
  • Invoicing
    • Any currency
    • Send estimates and turn into invoices on acceptance
    • Personalize invoices
    • Accept Payments by Wave
  • Receipt scanning
    • Unlimited receipt scanning with iOS and Android app
    • Capture receipts offline
    • Automatically recorded
  • Payments (charged per use)
    • Credit card processing at 2.9% + 30¢ per transaction
    • Bank payments at 1% per transaction
  • Payroll (not free)
  • …and more!

ZarMoney

ZarMoney home

  • Productivity
    • Scheduler and calendar
    • Attach documents
    • Fax and email
    • Customize dashboard
    • Role-based access
    • Restricted access
  • Customers
    • Quotes and estimates
    • Sales orders
    • Invoice and billing
    • Statements
    • Notes and alerts
  • Vendors
    • Purchase orders
    • Payment terms and discounts
    • Related transactions
    • Custom fields
  • Inventory
    • FIFO cost methods
    • Compare received inventory with POs
    • Organize by brand or product line
    • Transfer inventory between locations
  • …and more!

ZipBooks

ZipBooks home

  • Accounting
    • Bank connect and reconciliation
    • Auto categorization
    • Project accounting
    • Tagging
  • Intelligence
    • Machine learning
    • Smart search
  • Billing
    • Estimates
    • Multi-currency
    • Credit card processing
    • Time tracking
  • Expenses
    • Save receipts
    • Split categories
    • Vendor management
  • …and more!

Other free accounting software that didn’t make our main list:

Want to read articles on other free services for your ecommerce or Amazon business? Check out the articles below:

Amazon to QuickBooks Online Accounting: Creating Proper Invoices

Learn how to create accurate and proper QuickBooks Online invoices for your Amazon sales transactions.

Look through our comprehensive guide for creating proper documents in QuickBooks Online so that you can use your bookkeeping to track inventory, sales, and other important information.

For this article, we’ll go over using one sales document that includes income and expenses.

The most important step is to create all the proper service items in QuickBooks Online. But before we can create the service items, we’ll need to create the proper accounts in QuickBooks Online.

You’ll need to create a new account to map for each service item. Let’s take a look at a sample Amazon invoice:

Amazon Invoice

This is an example of an order you’ll see on your Amazon account.

To properly create the QuickBooks Online document for this Amazon sale, we’ll have to create the service items to use as line items for the QuickBooks Online invoice. But first, we’ll have to create the account that links to the service item.

Look through our step-by-step guide for creating proper QuickBooks Online invoices for your Amazon sales transactions! Those who separate their income and expenses go through a similar process.

Creating the accounts in QuickBooks Online Chart of Accounts

We’ll want to track certain fees since they’re common. So we’ll create two accounts that are named Amazon FBA Pick & Pack Fees and Amazon Referral Fees.

You may want to name them with the marketplace and region in front if you sell on multiple marketplaces and want to separate the fees by marketplaces. So you may have Amazon US FBA Pick & Pack Fees, Amazon MX FBA Pick & Pack Fees, and Amazon CA FBA Pick & Pack Fees.

If you separate the fees in this way, you’ll have to create separate accounts for all of your service items.

Others just lump all the marketplace FBA Pick & Pack fees into one account: Amazon FBA Pick & Pack Fees.

QuickBooks Online Accounting link

Chart of Accounts New

Adding New Account in QBO

Once you’ve created these accounts, we’ll need to create the service items and link those to the accounts we’ve just created. The Account Type is important. FBA fees are expenses, so choose Expenses. For the Detail Type, you’ll want to select the type that best fits.

For this particular FBA Pick & Pack Fees account, we’ll use Other Miscellaneous Service Cost. You may be able to use this Detail Type for most Amazon-related expenses. Or choose the Detail Type that best describes the account.

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Creating the Service item linked to Accounts in QuickBooks Online

QBO New Service Item

Setting up Service item

Create the service items necessary for all the Amazon expenses. Make sure you link the proper accounts when you create the service items.

Once you have the service items, we can create the QuickBooks Online invoice.

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Creating QuickBooks Online Invoices

Create Invoice

Sample QBO Invoice

 

Check out our guide on Default customers.

If you’re FBM, you’ll need to click on “Receive payment” once you’ve shipped the order on Amazon. If you’re FBA, you can click on Receive payment right away.

QBO Receive Payment Button

QBO Receive payment account

Once you’ve clicked on Receive payment into your Amazon Undeposited Funds account, you’re done with creating the QuickBooks Online invoice for your Amazon sales order.

When done properly, you can run reports to see your overall income and expenses. Below a sample Profit and Loss report after we’ve completed the invoice. This report shows us that we’ve sold an item for $46.99. Our cost for the product (Cost of Goods Sold) was $10. Our fees for the product were $10.04. Overall, we’ve earned $26.95.

As you enter the settlement income and expenses and your other orders, you’ll get a much more detailed view of your business.

 

Sample Profit and Loss QBO

You’ll need to create all the proper service items along with linking them to the correct income and expense accounts in your Chart of Accounts.

For income and expenses that you don’t necessarily need to track because they’re rare, you can use a general Income and Expense account. For example, you can create service items called “Amazon Other Income” and “Amazon Other Expense” and link those to the accounts. Then use those accounts for the income and fees that don’t need to be categorized.

You should track the most common income and expenses. This gives you more detailed insight into your business. Lumping them all into one account makes tracking difficult, and the reporting won’t give you details you can use.

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Contra revenue accounts

Not all negative amounts from Amazon orders are considered expenses. Some of those, like sales discounts, are considered contra revenue accounts and should be debits to income accounts rather than credits. When you add these sales and sales discounts accounts together, you’ll get the net sales income.

For example, you have a product that sells for $100. For one week, you have a sale with $10 off. That $10 isn’t really an expense, so crediting $10 to an expense account isn’t correct.

Instead, that $10 is a reduction from the sale, so it should be a debit to an income account.

Here’s how the report should look with the contra account properly configured and a $10 discount on a $100 item. Some sellers will mistakenly record the $10 discount as an expense.

Profit and Loss with Contra account

Partial refunds or Goodwill discounts that occur after the sales transaction should be treated as expenses. You shouldn’t go back to the invoice to edit it, nor should you issue a Refund Receipt for a partial refund. Remember, any refund receipt will increase your inventory.

For the most part, Amazon will reimburse you for any discounts or promotions it gives to customers. So you’ll see the discount on the invoice along with a credit for the same amount.

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Learn more about other bookkeeping topics through our articles on accounting for Amazon businesses:

Amazon to QuickBooks Online Accounting: Using Purchase Orders to Receive Inventory

Use purchase orders in QuickBooks Online to properly record inventory purchases and receipts. Many Amazon sellers don’t use the proper workflow when receiving inventory for their Amazon business.

While you can use other Vendor documents to receive inventory (Expense, Check, or Bills), these transactions make immediate changes to your accounts.

These Vendor documents don’t work too well if you’re ordering inventory from overseas or if there’s a delay between order and arrival date. By using Purchase Orders, your inventory quantities and accounts won’t be affected until you create the related Bill.

We’ll go over how to properly use Purchase Orders in QuickBooks Online and we’ll see how using Purchase Orders can properly track your inventory accounts.

Creating Inventory items in QuickBooks Online

Before creating your Purchase Orders, you’ll have to create the Inventory item in QuickBooks Online. While you can Add New inventory when filling out the Purchase Order, you’ll want to understand the required fields when creating inventory.

QuickBooks Online Inventory Add

We highly recommend that you use the Amazon SKU field for the Inventory Name field. That’s because the Name field in QuickBooks Online is unique.

Many sellers use Amazon’s Product Name field for the Inventory Name field because both fields are “Names.” But that’s a mistake because the Inventory Name field is limited in the number of characters it can contain, whereas Amazon’s Product Name field can be quite long.

What will end up happening is that you’ll have to truncate the Inventory Name, causing a lot of confusion for you and your employees. Amazon’s Product Name field can also be changed, causing further confusion.

The Inventory SKU field in QuickBooks Online is not unique. What that means is that you can have multiple inventory items with the same SKU identifier.  We suggest you put your ASIN here. That way you can track your transactions using Amazon’s SKU or ASIN.

You shouldn’t manually enter the Initial quantity on hand unless there has been some kind of mistake. Enter zero for this field. When creating inventory items, you’ll want to use Purchase Orders and Vendor documents to add to inventory.

If you manually enter the quantity of inventory you’ve purchased and you later create the Bill, you’ll end up with double the inventory.

The As of date field is very important. This date should precede any transaction related to this inventory item. Otherwise, you won’t be able to create invoices with dates that precede the As of date of the inventory item. If you’re using FBA, you can set the date that the item was received at the fulfillment center. Or just use the date you placed the order for the inventory.

For example, let’s say you pre-sell 10 units on October 1. But you later create the inventory item and set the As of date to October 10. When you later create an invoice, QuickBooks Online won’t allow you to select a date of October 1 because the inventory item didn’t exist then. You’d have to either post-date the invoice to October 10 or go back to the inventory item to change the As of date.

For most sellers, post-dating the invoice may not matter. Running the reports for the month or the year will give you the same numbers. But if you run reports daily or weekly, then all of your October 1 transactions will be pushed to October 10.

Finally, you may put your Product Name under Sales information. This field is the sales description that displays on the invoice. This isn’t necessary since Product Names may be adjusted often on Amazon. If you constantly adjust your Product Name to optimize your listings, you’ll have to go back to the inventory item to adjust it as well.

See image below for matching Amazon labels to QuickBooks Online Inventory item fields.

Inventory Item

 

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Creating purchase orders in QuickBooks Online

You should note that Purchase Orders don’t affect your company in any way. Purchase Orders don’t modify your transactions or accounts until you Copy to Bill.

Location of Purchase Order in QBO

Filled Purchase Order

If this is a brand new inventory you’re receiving, then you’ll want to set the starting quantity to 0 when you create the inventory item. When you Copy to Bill, QuickBooks Online will increase the quantity by the Purchase Order amount (unless you adjusted it on the Bill).

Save the Purchase Order when ready. The next step is to Copy to Bill so that QuickBooks Online will receive the inventory.

Purchase Order Copy to Bill

If you’ve already paid for the inventory, click on Make payment and select the Bank account you used.

Vendor Bill Make payment

Select Bank account for Vendor Bill

Once you’ve created the Bill from the Purchase Order, your inventory quantity increases by the quantity on the Purchase Order.

Inventory Report

Why can’t you just create a Vendor Bill? The moment you create a Bill, QuickBooks Online will adjust your inventory.

If you haven’t yet received inventory, then you may sell inventory you don’t have. While you may be able to keep track of this, your employees may not. And if you’re dealing with a lot of SKUs, then it’s unlikely that you can remember everything.

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What to do if you’ve prepaid for inventory

In many cases, you’ll pay the vendor before you receive your inventory. When this happens, you’ll want to document the charge so that your bank account reconciles properly. It could be a month or more before the actual inventory arrives.

To handle this case, we’ll write a check into the Prepaid Expenses account for the Account details section. This will debit your bank account and credit the Prepaid Expenses account. Don’t select any items since QuickBooks will adjust inventory for any item you select.

If your QuickBooks Online company doesn’t have a default Prepaid Expenses account, you can create one with Account Type Other Current Assets and Detail Type Prepaid Expenses.

When the inventory finally arrives, you can Copy to Bill and add the Prepaid Expenses account in the Account details section. Since the Bill is $0, you won’t have to click on Make payment.

Location of Check in QuickBooks

Check Filled out

Once you’ve written the check, you’ll see the accounts debited and credited properly.

Chart of Accounts with Prepaid

Remember that Purchase Orders don’t post any transactions to QuickBooks Online. You may want to put the Prepaid Expenses account in the Purchase Order as a reminder.

Prepaid Purchase Order

Once you’ve Copied to Bill, QuickBooks will receive in the inventory and automatically calculate the per-unit cost when you create the invoice. Any reports you run will accurately reflect the Cost of Goods Sold.

Filling out Vendor BIll

Once you click on Save for the Bill, you won’t have to make a payment since the balance is $0. QuickBooks Online will automatically adjust your inventory and cost.

If you haven’t yet paid the Bill because you’ve purchased inventory on terms, then make sure you go back to pay the Bill when you’ve paid your Vendor.

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See how FIFO works in QuickBooks Online

Here we’ll see how FIFO adjusts the various accounts when properly using Purchase Orders in QuickBooks Online.

Inventory Report showing POs and Invoices

Let’s take a look at this sample inventory report. The first bill occurred on June 1 with 100 units at $10. In the next month or so, we’ve recorded sales of 90 units at $20 each. That leaves us with 10 units remaining in stock.

We’ve recorded another bill on September 1, but it’s for 100 units at $5 this time. We now have 110 units, with 10 of those units costing us $10 each and 100 of those units costing us $5 each.

On October 1, we’ve recorded a sale for 30 units on Invoice #1070. You’ll see 2 entries on the report because QuickBooks Online splits the purchases up to account for the difference in price. Notice that of the 30 units, 10 of them were recorded at the $10 price and the other 20 units were recorded at the $5 price.

If you use average cost and adjustments instead of Vendor Bills, you wouldn’t get accurate reporting since the average cost of goods sold would have been $7.50 ($1500 divided by 200 units). With 110 units sold, you’d have a Total Cost of Goods Sold value of $825. That’s a difference of $275.

Anyone looking at a report for the period would mistakenly see net sales income of $1575 with average cost instead of the actual $1300 with FIFO. The value of your Inventory Assets account would also be incorrect.

By using Purchase Orders and Vendor Bills to receive inventory, QuickBooks Online will automatically calculate and display the correct values for the accounts. You’ll no longer need to enter inventory Cost or worry about typing in the wrong numbers.

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Learn how to handle other accounting aspects for your Amazon business:

Create accurate QuickBooks Online invoices from Amazon orders

Let’s face it: many Amazon sellers, even those using QuickBooks Online, don’t create individual invoices when an order is fulfilled on Amazon. If you’re like the hundreds of thousands of third-party sellers on Amazon, chances are you lump all your sales and fees into some income and expense accounts on QuickBooks Online when Amazon pays you.

What’s worse, many sellers don’t keep up with entering those settlements into QuickBooks Online every two weeks—chances are, many sellers put data entry off for months, promising themselves that they’ll “get to it” next time.

But if all you do is lump all the income and fees, you’ll never know the real cost of doing business on Amazon. You could be losing thousands of dollars, and you’d never know. With a catalog of hundreds, if not thousands, of ASINs, it’s difficult to know the actual cost of doing business on Amazon since many sellers don’t create accurate QuickBooks Online documents.

Amazon makes knowing your true profit difficult–having to track down and itemize individual transactions like commissions, holdbacks, and discounts, can be a colossal task even for an experienced data entry clerk. That’s because there just isn’t enough time in a day to manually process hundreds of orders.

Besides, no one wants to manually enter invoices into QuickBooks Online eight hours a day. It’s just not feasible, especially if mistakes are made, to spend hours to reconcile and track down incorrectly entered documents.

That’s why a service like SellerZen is invaluable—automating a tedious task such as data entry can not only lead to fewer mistakes and less time spent reconciling accounts, but accurate accounting in QuickBooks Online also allows you to see your true income and expenses. Knowing how much you earn for each product, as well as how much in fees you’re spending, can help you make important decisions.

We’ll show you how we create an accurate QuickBooks Online invoice in this article, and we’ll talk about why it’s essential that you create proper invoices.

Let’s start with how an order looks on Amazon. Below, we have the details of a sample order:

Sample Invoice Amazon

Notice the individual line items—most sellers would lump all those Amazon fees into one account, but this isn’t necessarily accurate. Why does this matter? Some costs can’t be avoided, like referral fees or FBA Pick & Pack fees, but other expenses can be managed. For instance, knowing how much you spend on the FBA Pick & Pack Fee allows you to determine whether or not you should continue using FBA.

To accurately create QuickBooks Online invoices, you’ll need to have each of those Amazon invoice line items mapped to a service under Products and Services. Those services should be assigned to the correct income or expense account in your chart of accounts.

You can create services under the Sales link on the left navigation menu when you log into QuickBooks Online. Then click on Products and Services, New, and select Service.

QuickBooks Online Add Service

You should see a window that prompts for the service name. Each line item on an Amazon invoice should have a corresponding service in your QuickBooks Online services.

That means you should have FBA Pick & Pack Fees, Referral Fees, and discounts and shipping. These fees should be linked to the appropriate accounts in your QuickBooks Online Chart of Accounts. You can select either an expense or an income account under the “Income account” field. Each time you create an invoice using those services, the accounts will be properly debited or credited.

QB Services Add screen

Here’s how an accurate QuickBooks Online invoice would look with the individual income and fees mapped properly. Notice how each sales line item (income and expenses) appear as they do on the Amazon invoice.

QuickBooks Online Sample Invoice

If you map the individual income and expense transactions properly, you can then use QuickBooks Online’s host of tools to run profitability reports. Take a look at a sample of profit and loss report using SellerZen’s data import service.

By accurately creating your invoices and mapping the services and accounts, you’ll have detailed insight into your finances.

QB Sample P&L Excerpt

It may not come as a surprise for some sellers to learn that the fees associated with FBA can be more than expected. While Amazon referral fees are 15% for many categories, other associated costs can quickly increase the total you pay to sell on Amazon. In our example above, total expenses add up to roughly 25%, almost a quarter of the gross sales for the period!

Ultimately, by lumping all of your fees into one account, you’ll never know exactly how much you’re paying for a particular service. You could be saving thousands of dollars a month just by knowing where your money is going.

Don’t forget to receive payment to close the invoice once you ship on Amazon! If you’re using FBA, then you can close the invoice immediately since FBA ships only after payment.

Using SellerZen, you can automate this entire process so that you’ll never have to create QuickBooks documents for Amazon again. You’ll have your expenses itemized on QuickBooks Online. From there, you can view reports and make informed business decisions. Automation doesn’t have to stop at just data entry. There are plenty of processes and tasks you can automate for your Amazon business.

Want step-by-step guides to accounting in QuickBooks Online for your Amazon business? Check out our series of articles:

Increasing Amazon Profits through Automation

Automation can save businesses a lot of money. The adage “time is money” has never been truer for business owners today. Whether it’s your time or an employee’s time, there’s always an associated cost. Finding ways to streamline business processes to make your business more efficient and effective should always be a consideration.

Earning money on Amazon as a third-party seller is becoming increasingly difficult. A slew of factors that include unscrupulous sellers and increased competition encouraged by self-proclaimed Youtube Amazon gurus have drastically reduced profit margins for many sellers.

But that doesn’t mean that you have to settle for less. Increased competition isn’t necessarily bad for third-party sellers. In fact, it’s an opportunity for you to streamline and automate areas of your business that you wouldn’t have otherwise considered automating. In the process, you may end up working fewer hours and earn even more. At the very least, you’ll save valuable time.

In this article, we’ll go over different methods and resources you can utilize in order to automate or streamline various aspects of your business.

Accounting

One of the most popular accounting platforms in the USA is QuickBooks. QuickBooks has a market share of over 75% of all small businesses that use some kind of accounting software. If you’ve ever owned a small business, chances are you’ve had to work with some version of QuickBooks.

Keeping proper records in QuickBooks isn’t easy since it requires a discipline and dedication to recordkeeping that isn’t usually a top priority for small business owners. Creating an invoice with the proper transactions can be time-consuming even with existing accounts, products, and services.

Additionally, it’s just not practical to manually create individual documents in QuickBooks if you’re a successful Amazon seller. With potentially hundreds, if not thousands, of orders, reimbursements, and refunds a day, you’ll need more hours than exist in a day just to enter those transactions into QuickBooks.

That’s why many sellers don’t bother with individual invoices or documents. They may just reconcile the settlements when they need them–usually around tax time. Or they may just hire an employee specifically for data entry. While hiring a data entry employee may free you from having to perform the task, you’re still limiting your growth.

As your Amazon sales increase, so will your need for more and more data entry clerks to keep up with the work. Soon, you’ll find yourself in need of a manager for your data entry team and a human resources team to handle interviews and other employee-related issues. This is the kind of trap many small to medium-sized businesses fall into–hiring people to perform tasks that could potentially be solved with technology.

That’s where automated data import services like SellerZen come in. SellerZen automatically imports your Amazon transactions into QuickBooks Online. Cloud-based services such as SellerZen work 24 hours a day, 7 days a week, and their costs are a fraction of what it would cost you to hire, train, and manage employees.

The benefit of a service like SellerZen is that it doesn’t make mistakes, unlike an employee who hasn’t had his coffee in the morning. A typographical error can lead to disastrous results when it comes to accounting. Even small errors, over time, can lead to countless hours spent reconciling different accounts and inventory.

Finally, many small businesses waste a lot of money paying for accountants and bookkeepers to go over their messy and inconsistent financial records. Using SellerZen to automatically sync Amazon transactions to a QuickBooks Online company in a reliable and consistent manner will result in fewer billable hours for accountants and bookkeepers. That’s because the accounts will always be accurate, requiring less time for accountants to do their job.

Ultimately, you shouldn’t have to hire a data entry clerk when you can automate the task. Find a service like SellerZen to automate your accounting. Whether you use Xero, an Intuit product like QuickBooks Online, or even GoDaddy Accounting, some app or service exists that will handle the task for you. Not only will you be guaranteed accurate accounting, but the service will be online and active all the time.

Try to avoid services that require you to download and submit Amazon reports. Such services may seem appealing at first, but having to submit various reports daily can be a chore, and if you’re already paying for an automated service, then it should be completely automated, requiring no more work after the initial setup. After all, you have a more important job to do than remembering to download and submit various Amazon reports that may be up to a week old.

Fulfillment

Ask 10 different Amazon third-party sellers, and you’ll receive 11 different responses regarding Fulfillment by Amazon, better known as FBA. Nightmare FBA experiences from sellers abound in the Amazon seller forums. While FBA is not for everyone, you should seriously consider the advantages.

FBA handles all customer support regarding FBA inventory. That means you don’t have to answer questions, process refunds, or handle returns. You don’t need to have an employee responding to customers in a timely manner in order to keep on the good side of Amazon’s seller metrics.

FBA picks, packs, and ships all of your FBA inventory. Not only does this save you from having to hire a warehouse worker to pick, pack, and ship, but you’ll also save time and money from shipping services. Chances are you won’t be getting the same rates that Amazon gets. So you’ll pay more to ship since you won’t be able to charge too much just so that you can remain competitive. FBA also means that you won’t have any incorrect shipments mistakes because of warehouse workers.

FBA generally protects you against negative seller reviews. Because Amazon handles customer service and fulfillment, you won’t have to worry about negative seller reviews. When customers give you a negative seller rating because of customer service or shipping, you can have those reviews removed. If you were to fulfill the orders yourself, you’d be stuck with those reviews, and you’d take a hit on your seller metrics as a result. Even one bad review can translate to tens, if not hundreds, of lost sales for a new seller.

FBA also gives you a higher chance of winning the buy box. It’s no secret that whoever owns the buy box gets the majority of the sales. That determination is based on metrics such as seller ratings, order metrics, and stock availability. Sellers who use FBA will have an advantage since their seller ratings and order metrics tend to be higher than sellers who fulfill their own orders due to the reasons mentioned above.

Many sellers just look at FBA fees and don’t consider other factors that go into fulfillment. For instance, small businesses won’t need large warehouse spaces, warehouse workers, and customer service representatives. FBA and storage fees are but a fraction of what you’d have to spend in order to do the same job. You’ll also find more free time because you won’t have to manage employees. Anyone who has managed or even worked with bad employees can tell you how much time a bad employee can take up.

If you’re still not convinced about using FBA, then consider other third-party logistics companies to store, inspect, and fulfill your orders. More and more companies are starting or expanding their fulfillment services. Companies like Walmart, eBay, and even FedEx have already announced or are looking into fulfillment options. Smaller businesses that specialize in Amazon fulfillment are showing up every day.

Software Solutions

There are a number of applications available that can save you time and increase your sales. Using such applications can save you time, money, and in some cases, get you money that you’re owed.

Repricers are one of the most common services used by Amazon sellers. These applications automatically reprice your inventory so that your price is always the lowest. The idea is that your seller rating, combined with stock availability and low price, will win you the buy box. Then you’ll get more sales. The danger is that setting up a repricer incorrectly can lead to a race to the bottom on price, so you can end up losing money on the sale.

Email services offer to send your customers a friendly reminder to leave feedback in order to boost sales rankings. If you’re a new seller, these services may seem invaluable since positive customer feedback boosts your sales rankings, leading to more sales. But be careful, as Amazon has cracked down on the number of emails you can send and the manner in which you ask for feedback.

Reimbursement services look through your Amazon reports in order to see if Amazon owes you money. These services reconcile various reports to get you your money back. For instance, one of the most common reimbursements is for items that are lost during inbound shipping and receiving. The degree of success varies from one service to another, but the fact remains that they will get you money that you’re owed and would have otherwise never received.

Inventory management is another type of service for Amazon sellers. Some services offer a more accurate inventory prediction model than what Amazon provides, and those services account for lead time. This ensures that you can place an order at the right time and receive stock before your inventory runs out. Running out of stock is a retailer’s worst nightmare, and the consequences on Amazon are magnified since no stock means a drop in the sales ranking. Conversely, you don’t want to have too much stock since that’ll cost you in storage fees or take up valuable warehouse space, so knowing when and how much to order is a fine balancing act.

View our complete list of Amazon services and tools to help you with your business.

Productivity

One often overlooked part of business is the hardware cost. Many businesses owners don’t factor in the cost of computers, networking, printing, and all the related expenses. But these expenses are well below what it takes to hire a competent computer technician to maintain and repair the technology. Unfortunately, you can’t automate computer repair services, but you can reduce the need to for a computer technician.

When your computer, laptop, or internet goes down, that can completely halt your business. Then you’re spending time on the phone calling your internet service provider or taking your computer into repair places with questionable privacy practices. Even a few hours of downtime can cost you thousands of dollars if your employees are unable to work.

While there’s no way to prevent catastrophic hardware failures, you can minimize the downtime caused by a computer malfunction. Here are some tips you can implement now.

Use cloud services whenever possible to store your data and backup your information. Using services like Google Drive, iCloud, or Microsoft’s OneDrive can allow you to retain backups of important, but not sensitive, business data. The added benefit is the ability to access your information from any device. This can save you thousands of dollars and months spent waiting for data recovery services. Save on the cloud only data that you’re comfortable exposing should there be some kind of hack. Sensitive business data should be backed up and stored through other methods.

Try to use a single technology ecosystem whenever possible. Don’t use an Android tablet, a Windows-based computer, and an iPhone. Doing so means more workarounds when trying to access data across the different devices. What’s worse, the same apps for each device may have different or limited features. Instead, use an iPad, iMac, and iPhone. While the cost may be initially higher, you’ll save time sharing documents amongst the devices. And you’ll only need to learn one ecosystem rather than three. Sticking with Apple devices also means that you’ll be less exposed to malware, and you’ll have better quality control rather than the lower build quality that comes from some budget desktop Windows computers.

Pay for quality, reliable internet service. Don’t get the cheapest business plan because you want to save a few dollars on your monthly expenses. Slow internet means that you’re wasting time waiting for downloads and website access. If you have to update your computers or you need video streaming, you’re sitting around waiting. And while you’re downloading, your workers experience a slowdown in their work because their connection is limited by your usage. Let’s face it: employees won’t be working and active 100% of the time, and some will find ways of streaming video. The last thing you want is for your workers to lose focus because the website is taking a few seconds longer to load.

Look into chat applications like Slack to connect all of your employees. In a big organization, keeping in contact with team members is crucial to productivity and workflow. Instead of having employees on the same team or across different departments contact one another through text messages or email, look into something like Slack. Creating chatrooms focused on different teams, projects, or departments allows your team members to keep in contact with one another no matter where they are located. Those messages are also saved, allowing you to monitor their communications, progress, and create tasks. These messaging applications are also available with most devices.

Virtual Assistants or Remote Workers

If you need to hire someone to manage your Amazon account, one common method is to hire a virtual assistant. Hiring someone to manage your Amazon account may not be necessary if you’re looking only for specific tasks like customer service or inventory reconciliation. Instead, look for Virtual Assistants (VAs) who specialize in Amazon. They will cost you a fraction of what employees cost, and you won’t have to spend as much time training them since they’ll already be familiar with Amazon. Give them specific tasks, and you can hire multiple remote VAs to cover shifts for your Amazon account.

VAs can handle customer service for your products if you send them those products to use. You’ll want your VAs to be familiar with some or all of your inventory if you expect them to answer customer questions and provide support.

Both Amazon and accounting applications like QuickBooks Online also allow limited user access. You’ll want to set up user permissions to limit a remote worker’s ability to compromise your accounts. With limited user access, virtual assistants can reconcile inventory and accounts and then report any discrepancies to you before the issues grow too large.

Whatever you decide, the use of specialized remote workers can really reduce the amount of work you’ll have to do and the amount of money you spend on hiring employees. Almost all facets of your Amazon business can be delegated to a remote worker you’ve trained. For instance, many sellers spend hours a day policing their listings to keep other sellers away. Instead of doing that yourself, why not hire a remote worker and have him monitor your listings and report to you when issues arise? Delegating such work can save you a lot of time and money.

Conclusion

There’s no reason why a single person can’t run a multimillion-dollar Amazon business with low overhead costs. Amazon’s marketplace provides just this opportunity to run a successful business without the expenses of a traditional retail store. With the right services and an emphasis on automation, you can streamline your business to such a point that a slow sales period won’t leave you struggling to find funding to keep your business afloat. Better yet, you’ll find even more free time to enjoy the money you’ll be earning!