Rebecca, Amazon statements show the fees for each pay period. You will only use the fees (accounts) applicable to the payment statement at hand. Having accounts you once used, but no longer use is perfectly fine. Also, you can add accounts as needed. If the worksheet has accounts you do not use ever and you do not want to include them in your Chart of Accounts, you can delete them from the worksheet.
Vicki, are we putting in the average cost for the inventory on hand? Additionally, say I had bought 5 of an item, the first two at $3.00 each and last 3 at $2.00 each. I’ve already sold two items prior to implementing quickbooks and I plan to use quickbooks starting in 2019. Would I just make the average cost $2.00 for the inventory I currently have and input that into the cost section?
Houston, if you are starting out your new company file in 2019 and you purchase inventory in 2019 and sell it in 2019, do not use any 2018 figures. If you had inventory left over from 2018 that you are selling in 2019, you would want to start with the costs – or what you actually paid for the items.
When inventory is purchased at one price and then replenished at another price, QB will do the calculations for you and average the cost. When setting up the Inventory Item the first time, use the cost that you paid for the item you are setting up. Then when you replenish, you will use the check or cc transaction to post the new cost, if it changes. Do not go back to the Inventory Item to change the cost.
Two questions about sales tax, I am using QB Pro 2019, there was not even an option for “sales tax code” to be added to the item list file, will that cause me problems with something in the future like other downloads I may need? You say you leave everything as “taxable” and then adjust on your invoices, aren’t my invoices going to go to Amazon when I send in inventory and I have no idea where the sale is going to, I only collect sales tax in the state my LLC is set up in, I do not collect for every state, will the Amazon report show when there is tax charged for my state only?
John, I am sorry you are having an issue, but I am not sure what is causing there to be no option for sales tax code. Did you open your sales tax in Module 1 Unit 4 – Setting Up Sales Tax Items? The invoices are not sent to Amazon. They are made to Amazon so that they go to the AR account in order to receive payments at a later date. The Payment Statements from Amazon show where the items are shipped. You would pull out the ones for your state, if that’s the only one you collect tax for to remit. You will also see some Marketplace Facilitators Tax. This tax is not added to your invoices and is not sent to you. Therefore, you will not remit it. Amazon is responsible to those states. Consult Help in Seller Central for additional information on Marketplace Facilitators Tax.
Amazon no longer charges pick and pack fees or inbound shipping fees. I believe it’s just the FBA rate. Will this affect other areas of Quickbooks?
Rebecca, Amazon statements show the fees for each pay period. You will only use the fees (accounts) applicable to the payment statement at hand. Having accounts you once used, but no longer use is perfectly fine. Also, you can add accounts as needed. If the worksheet has accounts you do not use ever and you do not want to include them in your Chart of Accounts, you can delete them from the worksheet.
Vicki, are we putting in the average cost for the inventory on hand? Additionally, say I had bought 5 of an item, the first two at $3.00 each and last 3 at $2.00 each. I’ve already sold two items prior to implementing quickbooks and I plan to use quickbooks starting in 2019. Would I just make the average cost $2.00 for the inventory I currently have and input that into the cost section?
Houston, if you are starting out your new company file in 2019 and you purchase inventory in 2019 and sell it in 2019, do not use any 2018 figures. If you had inventory left over from 2018 that you are selling in 2019, you would want to start with the costs – or what you actually paid for the items.
When inventory is purchased at one price and then replenished at another price, QB will do the calculations for you and average the cost. When setting up the Inventory Item the first time, use the cost that you paid for the item you are setting up. Then when you replenish, you will use the check or cc transaction to post the new cost, if it changes. Do not go back to the Inventory Item to change the cost.
Two questions about sales tax, I am using QB Pro 2019, there was not even an option for “sales tax code” to be added to the item list file, will that cause me problems with something in the future like other downloads I may need? You say you leave everything as “taxable” and then adjust on your invoices, aren’t my invoices going to go to Amazon when I send in inventory and I have no idea where the sale is going to, I only collect sales tax in the state my LLC is set up in, I do not collect for every state, will the Amazon report show when there is tax charged for my state only?
John, I am sorry you are having an issue, but I am not sure what is causing there to be no option for sales tax code. Did you open your sales tax in Module 1 Unit 4 – Setting Up Sales Tax Items? The invoices are not sent to Amazon. They are made to Amazon so that they go to the AR account in order to receive payments at a later date. The Payment Statements from Amazon show where the items are shipped. You would pull out the ones for your state, if that’s the only one you collect tax for to remit. You will also see some Marketplace Facilitators Tax. This tax is not added to your invoices and is not sent to you. Therefore, you will not remit it. Amazon is responsible to those states. Consult Help in Seller Central for additional information on Marketplace Facilitators Tax.