Selling on Amazon can be a lucrative business, but managing your finances can be a challenge, especially if you're using Amazon's FBA (Fulfillment by Amazon) service. Wave is a cloud-based accounting software that can help you manage your finances and track your Amazon FBA sales. In this article, we'll guide you through the steps of accounting for Amazon FBA on Wave.
Step 1: Set up Your Amazon Seller Account
The first step in accounting for Amazon FBA on Wave is to set up your Amazon Seller Account. Once you've set up your account, you'll need to enable Amazon's financial reporting feature, which will allow you to download financial reports for your FBA sales.
Step 2: Connect Wave to Your Amazon Seller Account
The next step is to connect Wave to your Amazon Seller Account. To do this, log in to your Wave account and go to the Integrations page. Click on the Amazon integration and follow the prompts to connect your accounts.
Step 3: Set up Your Accounts in Wave
Once you've connected Wave to your Amazon Seller Account, you'll need to set up your accounts in Wave. Create an income account for your Amazon FBA sales and a cost of goods sold account for your Amazon fees and shipping costs.
Step 4: Record Your Amazon FBA Sales
To record your Amazon FBA sales, go to the Transactions page in Wave and create a new transaction. Select your Amazon FBA income account as the category, and enter the amount of the sale.
Step 5: Record Your Amazon Fees and Shipping Costs
To record your Amazon fees and shipping costs, create a new transaction on the Transactions page in Wave. Select your Amazon cost of goods sold account as the category, and enter the amount of the fees and shipping costs.
Step 6: Reconcile Your Transactions
To ensure that your Amazon FBA transactions are accurate, it's important to reconcile your transactions regularly. Wave offers a bank reconciliation feature that makes it easy to match your Amazon FBA transactions with your bank statements.
If you're an Amazon FBA seller looking for support along the way, Accounting Support is here to help. As a fully online virtual bookkeeping company, we provide monthly online bookkeeping for as little as $99/month. We focus on the bookkeeping so you can focus on what you do best – be that selling, sourcing, or managing your business. We offer experts across all accounting software, including Xero, QuickBooks, and Wave.
With Accounting Supports, you can rest assured that your finances are in good hands. Our team of experts can help you manage your finances, track your expenses, and achieve your financial goals. Plus, we offer affordable pricing plans that are designed to fit your budget, making it easy to get the support you need without breaking the bank.
Managing your finances as an Amazon FBA seller can be a daunting task, but with Wave and the support of Accounting Supports, it's easy to stay on top of your finances and track your sales. By following these steps, you can account for your Amazon FBA sales and fees in Wave, allowing you to focus on growing your business and maximizing your profits.