3 Tips & Tactics In Business Accounting Reports for Amazon Sellers

3 Tips & Tactics In Business Accounting Reports for Amazon Sellers

As a proviso to this article, Amazon Sellers have found success in employing these tips and tactics for straightforward business accounting reports, but this should not be taken as advice on specific accounting practices. You should already be well-versed in Amazon accounting information. For definitive tax, accounting and legal advice, please engage the services of a CPA or Tax Attorney to provide you with the most efficient information on business accounting reports protocol.

Joseph Hansen Amazon Sellers workshop

With that said, there are three main business accounting reports that sellers have used which take about an hour each to generate. They remain crucial for efficiently generating accurate bookkeeping records, and are useful for management purposes.

Payment Reports

Of the three main reports, this one is the most straightforward and easy to navigate.

To open the Payments report in Seller Central, click Reports and then click Payments, then from the Payments report you can view:

  • Recent balances, orders and refunds information
  • Orders and transactions with all associated credits, adjustments and fees
  • (View) and export a report with total transactions from the last period

To provide customer service, investigate past orders or refund customers, use the Manage Orders page. All Payment Transaction Detail pages provide a link to the Orders Details page for easy navigation between the two features.

Bottom line: These reports either summarize or breakdown the sales you made, fees you incurred, and the money Amazon paid you.

Inventory Reports

If you use your own accounting software instead of the rough data provided by Fulfillment By Amazon (FBA), consider that the inventory data in your books may not take into account what is inbound to Amazon, what is missing, what is reserved, transferred from one warehouse to another, or even damaged. It is possible to account for the entirety of that data yourself, but because of the tediousness of the process, many sellers only update this type of information annually, for tax purposes.Instead of using the Inventory Tab for your inventory-related reports, we recommend using the “Inventory Health” and “Manage FBA Inventory” Reports.  While the reports contained in the Inventory Tab can each serve specific purposes to inventory management, some only provide limited data for accounting needs.

The Inventory Health report provides a viewable and downloadable report of all of your inventory, while The Manage FBA Inventory reportis only available for download and includes a report of all of your FBA inventory.

Many sellers with less than 50 skus use the Manage FBA Inventory screen (within the Inventory Tab) instead of pulling the Manage FBA Inventory report.

Sales Reports

The Sales Reporting section has the look and feel of Google Analytics with real-time cataloguing capabilities.It’s clean and visually appealing theme is helpful for comparing differing timeframes, making it possible to spot recurring trends in a clean, easy visual manner.

To navigate to your sales reports, go to the Reports tab and click on Business Reports. This will default to your Sales Dashboard showing today’s, yesterday’s, and the same day last week (and the same day last year) hour-by-hour. Filters can be applied to produce reports by day, week, month and year, or by product categories and fulfillment method. The default view from the dashboard will be a graphic.

To view this data as a list, you can select Table View in the top right corner of the Compare Sales section. Whether in graph or table view, you can click on Download in the top right corner of the Dashboard and download a CSV table of the data currently displayed according to the filters that have been set by you or by default.

It is important to note that the heart of the Business Reports section is below the Dashboard Link in the section entitled Business Reports. All of the reports in this section are available for display and for download.

Stay tuned for more tips and tactics in accounting for Amazon Sellers in an upcoming post!