Catch Up Accounting For Amazon Sellers

Behind in your bookkeeping?

Did you start an Amazon side gig,

but it blew up with out-of-control sales? 

That’s a good problem to have!

You have a million things going on at once, right?

If you’re going to stay current on your Amazon sales accounting, you need a method that’s simple, fast and affordable.

Does the thought Amazon may send you a 1099-K cause anxiety or are you super pumped about it?

Third-party payers are required to issue one when your unadjusted gross sales reach at least $20,000 AND you have 200 or more transactions!  That’s something to be proud of.   

You may be asking, “What exactly is an unadjusted gross sale anyway?” 

It’s probably not what you think.

The problem comes when you try to reconcile that thing to your books, assuming you have any books to reconcile.  

How confident are you in your total Income, Selling Fees, Cost of Goods Sold and Ending Inventory figures?

Whether you do your own taxes or use a CPA, accurate figures are a must.

Can you use some help coming up with the numbers?

Are you looking for a course to learn how to catch up your accounting?

Catch Up Accounting focuses on totals rather than individual transactions, making it perfect for time sensitive bookkeeping for busy people. 

Who wants to spend tons of time and money just to prepare year-end reports?  You’d rather invest in more inventory and less bean counting.

Seven Video Lessons With Excel Workbook Download

 

Unit 1 – Introduction

You’ll find a safe place to take a breath and calm the chaos.  It’s not as bad as it looks.

Unit 2 – Setting a Course

There’s a plan and we’ll work the plan.  It’s a workbook, but don’t worry if you are not super Excel savvy.  We’ll start slowly so nobody gets left behind.  Yes, it works with Google Sheets too.

 

Unit 3 – Sales, Selling Fees and Sales Tax

We have a love/hate relationship with these guys, but they are no match for our method.

Unit 4 – Cost of Goods Sold

We’ll discover how Cost of Goods Sold is calculated and where to find the figures we need.  Even if you are using Cash Basis accounting and deducting inventory as it is purchased, knowing the COGS is important to judge your Profit & Loss.

Unit 5 – COGS Continued

We’ll learn how to pull the reports and calculate Beginning Inventory, Ending Inventory, Purchases and COGS.  This worksheet will provide your CPA with all the necessary sales numbers for either accounting method, Cash or Accural Basis .

Unit 6 – Chasing Rabbits

We could just go get a cup of coffee and call it done, but some of us will want to verify one more thing.  Amazon pays the way Amazon pays and we have to deal with that.  So in this unit we will show how to reconcile our bank deposits with the total monthly report summary from Amazon.  Sounds fun, huh?

Unit 7 – 1099-K

The tax form can be a terrifying thing at first because of the unknown aspects, but really it is just a piece of paper the IRS uses as a little heads-up for what they expect to see reported on our returns.

Don't Waste Time In Worry Over Your Accounting.

Students can complete a full year of Catch Up Accounting with this process in as little as one weekend!

Course Outline

Module 1 Simplified Sales Accounting for Amazon Sellers
Unit 1 Introduction - Relax, it is not as bad as it looks.
Unit 2 Setting A Course - How do we use the workbook?
Unit 3 Sales, Selling Fees, Sales Tax Totals - Where do we find the amounts?
Unit 4 Cost of Goods Sold - Where do we get this amount?
Unit 5 Cost of Goods Sold - How do we calculate amount and pull reports?
Unit 6 Chasing Rabbits - Why don't my bank deposits match Amazon's report?
Unit 7 1099-K - Why did we get it and what do we do with it?

I’d like to take a minute to introduce myself.

About Vicki McCayMy name is Vicki McCay.  I’m a wife and homeschooling mother, who has an Amazon FBA business and does accounting for other local small businesses.  With many years in automotive (double-entry) accounting under my belt, QuickBooks was a logical solution when we started a 401(c)3 mission organization almost twenty years ago.  Learning it was hard, but with perseverance and the experience in the car business, I succeeded in setting up the accounting system for the non-profit.

Then a couple years ago, I started investigating options for what we’d do when my husband retired.  We’ll be debt free, except for living expenses – utilities and food.  We won’t need much, but we will need some.  So, one day I stumbled upon Amazon FBA.  It intrigued me because I liked the fact that it was something I could do without being tied to the house or inventory.  We want to be able to travel on the spur of the moment, you know.

So, I bought some courses and set sail on a great adventure.

Uh,oh…storms ahead.  Amazon is an animal that didn’t play well with my accounting system.  There had to be some adjustments.  Rest assured, I preserved until I found the solution to posting invoices, payment statements and tracking inventory, along with sales tax payable.  I won’t lie, the mechanics were hard to workout.   I spent many long, sleepless nights in anguish.  I thought there was no solution and I would be required to get some outside vendors to do all of it.  Slowly, the fog cleared.  Falling back on my automotive accounting years, I was able to create a process and a posting worksheet that was the solution to the payment statement issues.  Then I came up with a process of posting mass invoices.  That sealed the deal, QuickBooks is the way to go for me. 

However, some folks don’t love accounting as much as I do!  I had many clients year after year coming to me in desperation.  They’d put off their bookkeeping for months because they didn’t have the skills or time to complete it.  There had to be a way to help them even if they didn’t want to use QuickBooks.  That’s how this course came about.

Important: Information in this document does not constitute tax or legal advice and must not be used as such.  If you have tax or legal questions, please contact your professional adviser.  This course is simply to demonstrate how to use the accounting software.