You are here:
In QuickBooks Settings, you configure ConnectBooks to reflect your Amazon sales in a way that meets your needs. Some of the configuration is based on your ConnectBooks monthly plan (ConnectBook Plans), while other settings you configure in QBs.
Channel Name
When you sell an item on Amazon, it is not necessary to bring each individual customer’s details into QBs (such as their name, email, phone number). Instead you create a separate customer name in QBs for each Channel name you have with Amazon.
Best Practice - For Amazon sellers with more than one account, such a US and UK , we recommend that you separate the accounts in QBs to differentiate which Amazon sales belong to which customer.
Sales & Fee Breakdown
In the Sales and Fee Breakdown section, you decide how you want to view your sales and fees in Quickbooks.
Note - This section is mainly applicable for clients with inventory integration. Clients using the 1099/ Non-Itemized Integration, choose Summary.
Sales & Fee Breakdown
To learn more about how we categorize your sales and their associated fees in Quickbooks using classes, Click Here
Summary | ConnectBooks does not provide any breakdown of the fees. |
Item or Category | ConnectBooks creates a class for each item to be used for associated fees, and also allows you to create a parent and child (i.e., sub) category for each item. For more information see Classes and Categories |
Bank Account and Credit Card
In the Bank and Credit Card field, it is necessary to select which bank account Amazon will deposit your Settlement, and which credit card they will charge in case your Settlement is in the negative, which can happen if you did not have enough sales to cover your accumulated fees.
To select a bank account:
You must select a bank account that already exists in your Quickbooks file. To find which bank is set up in your QuickBooks, from the QBs menu bar go to List > chart of accounts.
Step | Description | Screenshot |
1 | Go to the ConnectBooks web console, hover over Amazon store ex > select QuickBooks Setup. |
|
2 | Select QuickBooks Settings. |
|
3a | From the Bank Account and Credit card field > click the down arrow.
|
|
3b | Select the bank account where your Settlement cash gets deposited by Amazon. |
|
4a | In the Credit card Account tab, click the arrow. |
|
4b | Select a credit card account you have linked to your Amazon Seller Account.
|
|
|
|
|
Multi-Currency
Multi-Currency is for users who sell their Amazon products outside their country. For example, Amazon sellers who live in the US and sell to customers in Canada, Mexico, the UK, and more.
Amazon seller that sells outside their country
For example, an Amazon seller that lives in the US and sells to Canada.
Use Case:
Amazon Seller uses Amazon to convert the foriegn currency Settlements into US Dollars (or whatever the local currency).
In this case, it is necessary for you to select the checkbox Convert To other currency, and then select which is your home currency.
What happens next?
Connectbooks takes, for example, your Canadian dollar Settlement and converts it to US Dollars (or whichever currency you selected it to be converted to). Connectbooks also fills in the conversion rate Amazon used to convert the money.
If Amazon does not convert your foreign currency to your home currency Click Here
How should the invoices be broken up in Quickbooks
ConnectBooks only exports Settlements after they close. Note - A Settlement is for a two-week period.
To illustrate:
From the Settlement page, Settlement ID 10653979901 opened on 8/26/18 and closed on 9/9/18. The date of the transfer was 9/10/18. After the Settlement closes, that is the moment that ConnectBooks brings the data into QBs, and ConnectBooks marks the Settlement as Done:
When this data comes into QBs, ConnectBooks allows you to decide how much detail to show in the Sales orders.
Select one of these options:
Single | Each order is a single invoice.
|
Daily | One invoice for each day, which means for every day there is a different invoice. |
Weekly | One invoice per week. |
Settlement | One invoice for the entire Settlement period. Best Practice - We recommend this option, because the less data in QBs the better. If you select this option, ConnectBooks breaks down the Settlement by the month* |
.
*For example - Your Settlement starts on December 20th and finishes on January 5th, then there will not be one large invoice for the two week period. Instead, ConnectBooks creates one invoice for December 20th through December 31st, and another invoice for January 1st through January 5th. One payment will be applied to both invoices.
To select an invoice option:
Go to the ConnectBooks web console, hover over your Amazon’s stores’ name > select QuickBooks Setup.
Select QuickBooks Settings.
From the How should the invoices be broken up in Quickbooks field > under Import Sales orders, select one of the options.
Inventory Settings
Track Inventories
The default Yes or No is based on your ConnectBooks plan. For more information about these plans and what they include, see ConnectBooks plans here.
To illustrate:
Suppose that you selected the “Amazon QuickBooks Inventory Integration” plan for $99, then the Tracking Inventory’s default is Yes.
While if you selected the “Amazon QuickBooks Non-Itemized Integration” package, the default is automatically ‘No’.
Item Setup
In Item Setup, you can select how to calculate your profit, which is either by Gross or by Net.
Calculate Profit
For every product that you sell through Amazon, you have the choice whether you want the dollar amount of the sale to come in before or after the applicable seller fees. You can choose between Gross or Net.
Gross
Why use Gross:
We recommend Gross as a best practice.
See your original sales amounts and the deductions that came off it.
Gross is equal to 1099 that Amazon gives you at the end of the year.
The Gross shows you the amount you receive BEFORE fees are deducted from your sales. There are another 2-3 more service items after the listed sale of your item, to account for the FBA commission and FBA fulfillment fees. All other expenses ConnectBooks, puts into one account called Order Fees. This decreases the need to create excessive accounts in QBs.
To illustrate:
In the above example, a product sells for $13.71101, which is before any fees are deducted. Then there are the fees: Referral-Commission, FBA Fulfillment, and the shipping charge, this altogether is the application of the Gross selection.
Item Setup
For a detailed description on what is you best choice to select, Click Here
Default Income Mapping, Default Asset Account, Default COGS Account
In this section, it is necessary to map the default account names used in QuickBooks when you set up a new item.
To set up an item:
Below the Lists menu, go to Item List > New > Inventory Part (as the item type).
Whatever GL accounts you typically use to set up an inventory item, you enter that same information on this page, as shown in the screenshot that follows.
These are the three main accounts used to map applicable information into QBs. This is only relevant when, or if, you create a new product in QBs via the Connectbooks platform. This happens if there is a new product that does not exist in QBs yet, and your mapping was set to: Asin, Sku, or under Custom you picked the CreateNew option, then ConnectBooks creates that new item for you , and in this context, ConnectBooks needs to know which child accounts you want to use for those newly created items.
If in the Inventory setting, you selected No, then there are only two accounts to choose from in the Chart of Accounts. This is because ConnectBook isn’t going to set up items, but will be doing a wash to remove the cost of products sold from Inventory Asset.
Default Asset Account in this case would be the account you use when purchasing new inventory. (Typically named “Inventory Asset”)
Default COGS account would be the account you want to use to record the Cost of your products that were actually sold. (Typically named “Cost of Goods Sold”)
To continue to Advanced Mapping, on the QuickBooks Setup page click Next.