To process reserve funds, you’d create a Vendor Credit with the Previous Reserve amount to the Amazon Current Reserve account. 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 access this, go to Reports > Payments. These amounts are available on your Statement view.
MAKING DEPOSIT WITH QUICKBOOKS ACCOUNTANT ONLINE SERIES
Check out other articles in our series on Amazon to QuickBooks Online accounting.Reconciling Refunds in QuickBooks Online and Amazon for the settlement period.Reconciling Orders in QuickBooks Online and Amazon for the settlement period.Entering Previous and Current Reserve balances.Go to the bottom of the article to view other articles in our Amazon to QuickBooks Online accounting series. This is so you can easily search these documents later. Leave traceable information in the Memo field, like the settlement period. And you’d never know.įor the following settlement transactions, some sellers choose to put all settlement transactions into one Vendor Credit and one Vendor Expense document per settlement. You could be losing money on products, long-term storage fees, and inbound fees due to some simple mistake. It also doesn’t tell you if there are mistakes with inbound fees or storage fees since all you see is a single number. Lumping and summarizing transactions hides all of the SKUs that are losing money. If you’re at a point where you’re spending too much time entering transactions, consider using SellerZen to automate the process. 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.
Most sellers who don’t track individual transactions likely summarize settlements into a few documents.īecause we’ve been tracking individual transactions, we’ll continue with that method.
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