Here is a blog post about receipt organization: Receipt Organization for Amazon FBA Sellers. Then put each month's receipts in the correct folder or envelope. You can easily do this by using 12 monthly file folders or 12 monthly envelopes. Once you have your receipts entered into your check register and once you capture your inventory information (purchase date, product, store name, buy cost) into your inventory spreadsheet or listing program, it's time to file them away. But please make sure that you don't go over your head in credit card debt. *** You can open a business credit card too – same rules apply – use it for business purposes only and keep your credit card register current. Also, if you use an electronic check register, you should be able to run a report that'll show you how much you received and spent in each category. The above are examples only and not what you have to use.īy keeping your check register current, you'll know how much money you have. Prepping and Shipping Supplies (Expense Account).Keep your check register current and categorize each income and expense as to what it is such as: Classify this money as “Owner's Equity.” You can later change the classification to a “Loan” or something else if that's what your legal professional advises you to do. To do this, write a check from your personal checking to your business checking account. You can always switch to a business account later.Įspecially if you're just starting your business, you may need to use personal money to open up your new business account. But again, use this for your Amazon deposits and purchases only. If you're not ready to open a business account, then use a personal checking account. You'll use this checking account to receive your Amazon FBA deposits, to purchase inventory, supplies, subscription services, courses, and all other tools and services that you'll need to run your business. These two actions will save you (or your bookkeeper) a lot of time later on when your bookkeeping system is being setup. Regardless of which direction you choose, I do recommend that you open up a business checking account and keep your receipts organized. Of course, you can check around for local bookkeeping classes and bookkeepers! If you would rather outsource your bookkeeping, I also have links that'll point you to companies that do bookkeeping for Amazon Sellers. If you also want to tackle the bookkeeping on your own, I provided links at the bottom of this post to other bookkeeping blog posts and to QuickBooks and Accounting Courses that you can purchase. I do my own bookkeeping because I enjoy it and because I had bookkeeping experience prior to becoming an Amazon FBA Seller. All of my answers are based on my personal experiences and with discussions with my CPA. When you read the answers, please keep in mind that I am not a legal tax professional, accountant, or certified bookkeeper. Plus, anything else you may have on the subject.Anything you have found to make things easier, quicker, and more accurate.What are your thoughts about sales tax?.Your plan so everything is easier for tax time.In today's post, I'm going to answer a few bookkeeping questions that one of my readers had about bookkeeping:
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |