Bookkeeping for e-Commerce
To keep e-commerce books accurate, need to track bundled payouts, inventory costs, platform fees, and sales tax.
Manage Inventory and COGS 📦
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Valuation tracking
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Use a consistent method to track inventory. Most common is First-in-First-out (FIFO).
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Cost of Goods Sold
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The cost for making / obtaining the inventory.
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Include shipping, tariffs, and prep fees.
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Write offs
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Damaged stock or lost inventory will need to be managed correctly.
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Monitor Sales Tax 📊
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State Sales Tax Nexus
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When selling nationally, knowing when to submit for a permit to sell is essential.
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Each State's threshold is different. Utilizing the right system to assist will make it easier.
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Remittance
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On time Sales Tax remittance is crucial.
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Reconcile Payouts and Gateways 🔄
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Gross vs. Net
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Split gross sales, refunds, and fees from bundled deposits.
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Multi-channel setup
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Reconcile Shopify, Amazon, etc. transactions regularly.
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Integration with QuickBooks Online makes reconciliation more manageable.
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