Amazon Accounting Software A2X | The whys and the hows
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- Опубликовано: 4 авг 2024
- This is a great tutorial for how to use Amazon accounting software A2X. A2X is our favorite accounting software we use for ecommerce sellers. It's the best way for you to quickly improve your Amazon bookkeeping and accounting so you can make better business decisions with an accurate picture of your Amazon seller margins.
You will learn the whys and hows for using A2X with QuickBooks Online, so you can download A2X and get started today.
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** BLOG: Accounting for Amazon Sellers **
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** BLOG: Why the A2X Accounting app can be an Amazon Seller’s Best Friend **
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Usually, I never comment on videos, but your video is so convincing that I am unable to stop myself from doing something about it. You’re doing a great job Man, Keep it up.
Wow, thank you so much!
ONE OF THE MOST IMPORTANT VIDEOS FOR ALL AMAZON SELLERS
Wow! Thank you so much!
Thanks for this video. I started selling on Amazon last year and this is my first time trying to do taxes. Right now I have QB and A2X set up. This video helped a lot. Now, on to the next step in getting everything ready for filing my taxes. You will hear from me again soon with questions I'm sure. Thank you again!!
A great video! Thank you!
This video helped me cure my "skewonkas", thank you!
LOL! So glad we could help!! Thank you for the laugh this morning!
Great detail and walkthrough!
Thank you so much for the feedback!
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Glad you enjoyed it!
Love it!
this is great and very helpful , thank you
Happy to help!
Thank your for the video thinking of getting A2X.
I'm confused as to whether the cost of shipping items to customers (i.e. postage, shipping software, packaging supplies, shipping itself) is included in COGS in Form1125A? Or is that just a business deduction on Line 19 on Form 1120S?
Hi - Love this video and the other ones too! I am an accountant myself, starting out with my Amazon FBA journey and wanting to keep the accounting straight from day 1. I'd like to see how the chart of accounts look for both the P&L and Balance Sheet after the final result (if that's possible please). Thank you!!
Hi Hamza, great suggestions. We will ideas on our list of videos to make 👍
@@LedgerGurus Thank you for the response. Will look forward to it :) already your subscriber now :)
Thanks for your video and I would like to know more about per order cost setup in A2X and a proper playlists for A2X.
Here's a link to a bunch of our articles on A2X - ledgergurus.com/?s=a2x. I don't think we've created any content on the cost structure, but I'm sure you can find that on their website.
Love your videos, very informative and useful, please keep them coming. Question, if QB shows $0 on Tax due do we still have to file and declare $0 tax due? Thank you!
Usually in your home state, but not other states.
your presentation was WAY more helpful than the onboarding I went through with A2X, and way more concise! I now feel a bit more comfortable moving forward. (i'm going to watch the inventory/cogs video next). quick question, we currently track our cogs and use Shopify to view inventory. but that is bogus! I like the idea of the automatic Google sheets solution. are you aware of a tool to import this data to shopify (it currently looks manual)? (I don't want the nightmare of updating TWO places when we receive inventory) anyhow, i might find the answer on the inventory/cogs video too.
I'm glad you liked this video. Since this was made, we now have a service where we set it up FOR you, map everything to your chart of accounts in QBO, and make sure it's all working properly. If you're interested in that, you can find more info about it here - ledgergurus.com/ecommerce-accounting-services/qbo-a2x-setup-and-consulting-services/
The problem with spreadsheets is that so much IS manual. Unless you're willing to start using an inventory management tool, though, a spreadsheet is still your best bet. Here's the link to our free COGS & Inventory template - ledgergurus.com/portfolio/inventory-and-cogs-template/
Hello thanks for all the videos!! A2x only shows month ending inventory in fba not inbound, processing, etc.. what would u suggest if I wanted to get a total count of fba inventory mid-month and not have to wait for the end of month
Hi Jeff, you can calculate an estimated value by using the report found at Seller Central Reports>>Payments>>Date Range Reports to pull data for the inventory shipped so far. This will let you fill in the gap in the equation "Last month's inventory-on-hand + Inventory sent to FBA - Inventory shipped so far this month = Current estimated inventory on hand". It takes a little bit of setup to create a template the first time you do it, but will give a good ballpark estimate if you absolutely need mid-month numbers for operational reasons.
Thanks for all the videos! Quick question: Why use a2x instead of Webgility? Is there anything that can do inventory (amazon FBA plus warehouses) as well as accurate amazon invoicing?
We recommend A2X instead of Webgility because of it's automatic reconciliation of the data to the bank deposits. Webgility pushes in the sales orders, either one at a time or summarizes them by a time frame, but that's not how they deposit into the bank account. If you use Webgility you still have to figure out how to reconcile all that sales data to the bank deposits, which is the hardest part of the process to begin with. A2x summarizes the sales data AND reconciles it at least to the payment processor level.
Please let us know if you have any questions or comments on A2X. If you need help with A2X and your Amazon and/or Shopify accounting, contact us here: ledgergurus.com/ecommerce-accountant/ecommerce-accounting-contact/
Hi, Great video! I wanted to hear your thoughts on using Taxomate instead of A2X. Is it worth the savings?
We do not have experience with Taxomate
This is awesome! Quick question (I think I found the answer on Google but want to confirm), does A2X sync with Quickbooks Desktop? I know you're a QB online advocate, but just wanting to know the compatibility for the desktop version. I'm the new accountant at a company that's been using Webgility (unsuccessfully to link up with Amazon), and I think this may be a better solution but want to make sure I have all the facts first. Thanks!
Because we don't use QuickBooks Desktop, we weren't completely sure how to answer this, but a quick Google search brought up this link - support.a2xaccounting.com/en/articles/2418969-using-a2x-for-amazon-with-quickbooks-desktop-and-quickbooks-enterprise. So, it looks like your initial research is correct.
We're glad to hear you're getting into the ecommerce accounting world. It is complicated, but there is so much need for these services!
Have you started dealing with the sales tax side of it yet? If so, we need your help, too. We are in the process of creating a course to help ecommerce business owners and accountants make sure they are doing sales tax accurately and efficiently. We have a pretty good idea of what this course needs to cover, but we're doing some interviews to get super clear on what people like you want and need. Would you be open to hopping on a quick call/Zoom call so I can ask you a few questions?
Great video! Question about COGS. If I pay for the added feature on a2x to have COGS, that will enable Xero to capture this cost. If I do not get this added feature then Xero will not know this cost unless I create a JE, correct? Xero is only going to capture the inventory value when the vendor bill is entered, but not the true COGS based on the items sold. As a new business owner I don't want to pay for more than I need right now, lol.
Hi Logan! The cogs feature in A2X gives you an easy way to assign product costs by SKU and then it calculates out COGS by identifying how many of each SKU sold and multiplying that out by the product cost you gave each SKU. It saves a lot of time but doesn't do the whole job for you. You still have to be able to identify a cost per SKU. Using the vendor bill to calculate inventory costs usually assumes that you are expensing all inventory at the time that you purchased it. As a new business owner you need to begin the process of understanding how to mature your inventory functions without giving up too much time on this task if it's not the most important game changer right now. Expensing at the time of purchase is often adequate at the very beginning phases. I recommend watching our videos on inventory and COGS for ecommerce seller to understand how to start this process correctly:
ruclips.net/video/cvS5fPHUVJg/видео.html
ruclips.net/video/F-v_O1BSu0I/видео.html
@@LedgerGurus thank you so much for your quick response. This was very helpful!
Another great video, thank you. I am looking to start selling on Amazon as a reseller in the near future. When would you recommend implementing the A2X tool? The mini level at $19/month does not have COGs so is it worthwhile getting this level? I plan to use Quickbooks for my accounting. Thanks again.
So glad to help!
Is it possible that a2x push as Invoice in QB all the sales against a clearing account type AR.
and then push the rest of the entries against the same clearing account type AR. (Putting the clearing account type AR to Zero)
That way QB will handle the COGS on FIFO based on how much we actually paid for that particular sku in a bill?
A2X does not push over sales data into QB in a way that will allow you to decrease inventory items by SKU. We recommend a 0 revenue sales receipt to accomplish the same thing.
Does A2X work well with daily disbursements versus waiting for Amazon to disburse on their time frame?
Hi Malayna, A2X does not currently allow you to group sales daily. It only breaks out according to the time frame that Amazon disburses on.
Hi Brittany, what do you think of Bench & Pilot for Ecoomerce
Pilot and bench are super simplified accounting platforms designed to make basic cash based accounting as easy as possible. They do not allow for anything but cash accounting, which precludes both accrual and most of the techniques we discuss in our videos.
I love the idea , but the part where you said taxes, what it I’m using TaxJar to remit the sales tax for me will A2X see that and adjust the accounting, so it doesn’t get added to QBO, etc you get the idea
Hi Martin! A2X will only push into QBO any taxes that you actually have the responsibility to remit.
Hi Brittany, I'm not sure if you are still watching this space as the video is 3 years old. But if you are, can you use A2X with QuickBooks if you don't have a bank account connected to QB? I don't care about reconciling with my bank account as I also sometimes use it for personal purposes. (I know that is a big accounting no no) And if so, will all the data that A2X imports to QB work for other reports like P&L without clicking "Match"? Thanks for your time, your videos are super helpful!
It will still come in as a journal entry; you just won't match it to the transaction that would have imported. Instead of matching, it will just replace the transaction you would have entered manually.
@@LedgerGurus Perfect, thank you so much for your help, Brittany. I'm getting A2X for my FBA and eBay business today. Regards, - Juan
@@45andSingleglad to hear it. It'll definitely make things easier for you.
Thanks for posting this video :-)
The bit I can't figure out is to do with SKUs. and how what A2X pulls in marries up.
A2X pulls in sales with (Amazon) SKU names ... Quickbooks has SKUs, how do the two correlate? - so for example...
if the Amazon settlement shows a SKU called XX-01 was sold, A2X pulls that sales info in (i.e. sold price/SKU name) yet it doesn't decrement the SKU XX-01 'Quantity on Hand' in Quickbooks ....yet if the Cost Price is uploaded to A2X, then A2X *can* move the value from the balance sheet to the COGS account ....surely that means the original SKU Quantity on Hand value in Quickbooks is orphaned?
Let's say I originally purchased 200 x XX-01 at $1....ok the 'Quantity on hand' on the balance sheet is 100 the value is $100 ...I then make a sale on Amazon, A2X pulls in the settlement file, 1 x XX-01 was sold for $2 ...yet nothing happens to the original Quantity on Hand (it will still show 100pcs at $1). Is there some form of manual intervention adjustment needed? (sorry, if this is a n00vb question, but I've been wrestling with how this 'flows'...haven't got it sorted at all in my head!)
A2X does not try to correlate with inventory in QBO. It calculates COGS by SKU based on the value you put in to A2X but moves inventory in a big bucket from inventory into COGs but not by individual SKU in QBO. If you have inventory set up by SKU in QBO and need sales relieved by SKU in QBO we recommend a zero sales order at the end of each accounting period where you indicate the value of each quantity sold but without giving it a sales price.
@@LedgerGurus Thank you :-) .... you said "we recommend a zero sales order at the end of each accounting period where you indicate the value of each quantity sold but without giving it a sales price" ...I googled zero sales order, but drew a blank, do you mean (in essence) a pretend sale for the corresponding amount of quantity of SKUs sold for each Amazon disbursement period but at no value ...$0? (personally, I'm bemused why the likes of A2X & other competing products, don't just use a lookup table to map the incoming SKU sold on Amazon to the underlying SKU in Quickbooks - Quickbooks already knows the cost of each SKU, win/win ..less work for A2X users)
@@rob7563 View the link below for an example of a zero sales receipt. Put in the quantities that were sold but no sale amounts on each line. When saved, this will expense the items through COGS without requiring additional revenue to be recorded, and it's a great option when the sales have come in through a different source, like through A2X. But you need to reduce inventory by SKU and record COGS through this way as well. To be clear, you would use this INSTEAD of the COGS feature in A2X not in addition.
drive.google.com/file/d/12x6_7KIouyYuaxPTO6ua3cbeKw13e89x/view?usp=sharing
US sellers on Amazon.ca, do you get a 1099 for your amazon.ca sales or only your amazon.com sales?
Yes, Amazon is required to provide reporting to CRA for you Canadian sales if you have provided your Canadian Business Number. If you have provided your US FEIN, Amazon will provide a 1099 to the IRS. If you have both, both will be provided to the appropriate agencies
Why do this when you can just download detailed reports for the whole year/monthly that show sales/expenses and all of that from Amazon? 🤔 I can literally pull up all my sales/expenses in detailed report come tax time for prior year.. this just seems like a lot of extra work to get the same numbers or am I wrong?
A lot of business owners like to see their numbers more frequently on a month to month basis.
Hello, How do i sync or input COGS as a dropshipper using venders like samclubs costco etc into A2X/Quickbooks Online?
Are you dropshipping FOR Costco and Sam's Club... or are you selling things and those vendors are dropshipping for YOU?
@@LedgerGurus I'm selling items and Costco and Samclub are drop shipping those items for me
@@AF-rm8eg Check out our videos about COGS - ruclips.net/p/PL8z_d3aPaZE-n25ANPG09V08UwrpiDB8E
This one in particular is on recording COGS - ruclips.net/video/paIBItvU8i8/видео.html
If i have 4 Amazon businesses, would i have to buy 4 seperate subscription of each? I am paranoid about accidently linking my accounts.. which i would want to happen.
This is a great question to ask A2X customer service directly.
How do I enter shipping cost for MFN/FBM orders?
Your sales report will tell you those amounts, and then you can put it in your accounting software. If you don't want to have to keep doing it manually, we suggest looking at A2X. We use them to summarize ecommerce sales channel activity for our clients, and they're wonderful. This video will explain more: ruclips.net/video/NEVrsDhHSJI/видео.html&pp=gAQBiAQB
I convert my monthly amazon ca sales to USD using the monthly CAD/USD avg exchange and enter this value in my Amazon ca holding account (asset). This is to account for my cash balance held in Amazon.
Waveapps converts foreign currency to USD based on the transactions day spot rate.
When Amazon ca deposits funds to my CAD bank I treat it as a transfer from Amazon ca holding to CAD bank.
However, there will be a discrepency between my amazon ca holding account and my cad bank because the currency flucations.
How should I resolve this?
I drew a diagram showing situation: i.imgur.com/amVWjCY.png
We would suggest you code the difference to gain or loss on foreign currency exchange
Is there some sort of equivalent of A2X for ebay?
Absolutely. A2X works with eBay, too. www.a2xaccounting.com/ebay
i think only accountants can understand this video not simplified for fba sellers- doesnt know how to teach
Thank you for your feedback.
Honest comment: You really really really, need to change the presentation style to simplify the message of why A2X corrects the accounting for Amazon Sellers! Way too complicated and too lengthy. Please simplify the presentation.
Thank you for the feedback.