Accounting & Bookkeeping Guide for Amazon FBA & eBay Sellers | Xero QuickBooks LinkMyBooks For ECom

Whether you're an Amazon FBA seller, an eBay trader, or you sell products more generally online - you MUST be on top of your numbers. If you don't know what income and expenses your business has, you run the risk of operating at a loss, which only ends one way.

In this video, I talk about the importance of keeping records of all of your business expenses for your Amazon FBA / eBay businesses, which can be done using my free expenses tracker.

I then talk about two pieces of software that I use religiously to help me keep on top of my financials - Xero and LinkMyBooks. Both of these tools will allow you to have your accounts & bookkeeping done on autopilot, which will reduce your accounting costs massively.

These tools here (and Quickbooks) are essential if you are running a business that has income and expenses - it doesn't necessarily even have to be with Amazon or eBay!

Bookkeeping & Accounting Guide for Amazon FBA & eBay Sellers using Xero QuickBooks LinkMyBooks. Accounting for Ecommerce!

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[Benn]

Being a seller approaching vat registration, this is a very helpful video thanks 👌

[aryanasmith]

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

[WhichCraftDoYouDo]

super helpful, thank you. I have watched so many videos recently and this was the only one that i actually felt i learned something with, i am about to go see if link my books will integrate with shopify, if you know already please let me know, trying to navigate all this with NO knowledge of business accounting is challenging to say the least! ;) many thanks again

[Flowzuk]

where would you add expenses as in when you have purchased items from Alibaba from personal savings? Also import fees etc

[Tiggi]

Which accountant do you use in the UK?

[noveedrehman]

Thank you Jason. Very useful videos as always

[Tiggi]

Can you do a video on calculating opening and closing stock figures? For instance when you start your business would you opening stock be $0 if you've not purchased anything at that point? Do you do stock takes on a monthly basis? What does this look like?

[awoody]

Thanks Janson just what I needed much appreciated 👍

[etchosts]

I been going crazy all week trying to figure out taxes as an online reseller on multiple platforms

[KhurramShahzad-yipp]

Thanks Janson, very precise and to the point information. keep it up, cheers

[linkmybooks]

Great video mate!
With all the new rules around UK VAT following the completion of the Brexit transit having a streamlined effective accounting system is super important to ensure that sellers don’t end up paying too much VAT.

👍

[ttnguyenjr]

How did you choose between Quickbooks and Xero? I'm deciding between the two for Amazon FBA.

[abiajayi]

Hi Jason, Thanks for the video. Quick question please i currently use my Amex credit card to purchase inventory, how do i integrate the Amex transactions in Xero or LMB. I am currently new to this.

[bobdydd]

Hi Janson
I have signed up with linkmyBooks but I am wondering what categories to use fo LinkmyBooks inputs.
Should I just use the default categories that LinkmyBooks creates in XERO ?
Or use existing categories that are alreday in XERO?
What do the majority of users do?
Best Regards

[OnlineSellingWithTina]

Do you offer coaching for teaching how to use Xero for a fellow Amazon seller?

[azerko]

Hi thanks so much for your great content.
What additional software do you use for keeping track of purchases, inventory and also profitability?
Do you think we need a specific tool for dealing with customer support?

[moussaibrahim]

Hi Janson
I want ask you, I am interested in Sage program, how do you see Sage.
Thank you
Moussa

[sesltd]

Good stuff Janson. Currently using Xero and LMB as recommended by accountant. Not too much I need to do at my end apart from set VAT rates on products sold, declare expenses to claim and submit receipts. Cannot imaging a world without these tools and don't want to. 😂

[abbreviateTome]

Do I have to go strictly with an e-commerce accountant, or would any accountant do? Thanks in advance.

[emmakerrigan]

Hi. Where do I record the cost of my items I have bought to sell?