How do I setup QuickBooks for Amazon expenses and fees?

Handling Amazon Payments and Fees in QuickBooks for eCC

 

One of the most tedious tasks when dealing with an online marketplace is dealing with the fees that come with every transaction.  For this example, we will use Amazon Marketplace.  The best way to deal with this is to treat Amazon as both a Customer (for money received) and a Vendor (to pay the fees).  We will call these Amazon-Customer and Amazon-Vendor.  Then we can “trade” services between the Customer and Vendor.  There is no exchange of money and this is the cleanest and simplest way to record your fees.  If you are dealing with hundreds or thousands of transactions from Amazon, you do not want to import them as credit memos and have to go through the laborious process of applying those credit memos to your invoices.

 

In QuickBooks make sure you have a Customer named “Amazon-Customer” and a Vendor named “Amazon-Vendor”.  Also make sure you have Bank Account named Clearing and a Cost of Goods Sold account named Amazon Seller Fees.

 

Clearing Account Setup

 

One of the most tedious tasks when dealing with an online marketplace is dealing with the fees that come with every transaction.  For this example, we will use Amazon Marketplace.  The best way to deal with this is to treat Amazon as both a Customer (for money received) and a Vendor (to pay the fees).  We will call these Amazon-Customer and Amazon-Vendor.  Then we can “trade” services between the Customer and Vendor.  There is no exchange of money and this is the cleanest and simplest way to record your fees.  If you are dealing with hundreds or thousands of transactions from Amazon, you do not want to import them as credit memos and have to go through the laborious process of applying those credit memos to your invoices.

 

In QuickBooks make sure you have a Customer named “Amazon-Customer” and a Vendor named “Amazon-Vendor”.  Also make sure you have Bank Account named Clearing and a Cost of Goods Sold account named Amazon Seller Fees.

 

Clearing Account Setup

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Cost of Goods Sold Account Setup

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