Intuit has introduced a QuickBooks Amazon Integration that assists small businesses in automating transaction categorization and reconciliation. This integration simplifies the complicated work of managing online orders, inventories, refunds, and more. Through automation, this integration increases profits, reduces costs, and saves time.
The most amazing feature is that it enables automatic syncing, which eliminates the need for time-consuming manual data entering and other analyzing procedures. This article is rounded up with all highlighting points and factors related to QuickBooks Amazon Integration.
- Why should you integrate Amazon with QuickBooks?
- How does Amazon work with QuickBooks?
- Important pointers needs to be keep in mind about QuickBooks Amazon Integration
- Key Benefits
- Steps to enable QuickBooks Amazon Integration
- Steps to connect Amazon Business Account with QuickBooks Online
Why should you integrate Amazon with QuickBooks?
The below listed points describes you the importance of QuickBooks Amazon integration:
1. Unique Automatic Reconciliation Algorithm
Imports, whether summary or itemized, can be 100 percent accurate. For example, when you import 200 or 200,000 transactions per month, all Entriwise imports will be reconciled to the cent.
2. Inventory Tracking & Amazon SKU Profitability
To use Amazon inventory monitoring in QuickBooks, you must first link Amazon SKUs to QuickBooks inventory products. You may also examine how profitable Amazon SKUs are in terms of net profit.
3. Record your Order
- Each order’s journal entries and transaction details, such as the customer, shipping and billing addresses, discounts, promo codes, sales tax, shipping method, payment method, and so on, are kept separately or summarized by day, week, month, or settlement period.
- With every Amazon sale, QuickBooks will automatically update your inventory and create missing products.
- Receipts and invoices for sales are made.
- QuickBooks class tracking, group items, assemblies, bundle items, and all QuickBooks currencies are supported.
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4. Completely Itemized Import From Amazon to QuickBooks
You’ll be useful for auto-configuration for all forms of Amazon FBA and seller-fulfilled transactions, as well as fees. Refunds, order fees; FBA disposal, inbound, outbound, reimbursements, and modifications, among other things
5. Sync Inventory
- When you add stock to QuickBooks, you may sync goods with variants and automatically update inventory levels with every sale and return.
- Tracks various inventory sites and integrates with QuickBooks Enterprise’s Advanced Inventory module.
- QuickBooks pro/premier inventory forecasting.
6. Amazon Refunds
Import each refund’s returned Amazon orders as an accounting document.
7. Integrate all Amazon store and capabilities
- Amazon UK/EU/Canada/Mexico
- FBA, Amazon Seller Central, Amazon Vendor/Prime, Amazon.com.
How does Amazon work with QuickBooks?
To know the working, simply follow the below procedures:
- First, visit the Entriwise platform in order to integrate QuickBooks Amazon integration
- Next, find an option for accounting integration and then click “Try it Free”
- Now, get into the Entriwise platform using your Amazon or QuickBooks credentials
- Enter your Amazon MWS credentials, and identify QuickBooks version that you used (QuickBooks Online or Desktop)
- Once done then choose plan as per your requirements and choice such as Basic, Pro, Elite
- After that, what kind of management you require like automatic or manual, other transactions, and according it charges the fees
- Once the signup process is successfully complete then you can begin the importing of your Amazon transactions.
Important pointers needs to be keep in mind about QuickBooks Amazon Integration
- You must login to the Amazon account that you use to purchase products in order to view the Amazon order information. You won’t be able to match the transaction if you aren’t logged in to your account.
- If you have two Amazon payment methods, you will only see the things purchased with one that is linked to QuickBooks Self-Employed.
- Your account will not show items purchased using a promotional credit or gift card.
- After saving the split transaction, even if you opt to disable the Amazon integration, your work stays the same.
- There will be no new transactions created. The Amazon orders are matched to the existing transactions imported from the payment card or bank, and the information or orders are added to them.
When it comes to accessing details in one location, integration makes your task simple and convenient. If you wish to connect the two platforms, you should be aware of the advantages of QuickBooks Amazon Integration.
1. Manage Inventory:
QuickBooks is the ideal inventory management tool whether you’re drop shipping or selling your products. You may construct a master inventory list and sync your products across Amazon’s warehouse and sales channels using this method. If you want to know when to restock your inventory, QuickBooks will send you an automatic notification when the stock level drops below a certain threshold.
2. Calculate Sales Taxes:
Keeping track of your sales tax is crucial for self-employed individuals. The sales tax analysis in QB is really straightforward. It calculates HST, GST, QST, and PST sales taxes automatically. You can also add your own custom tax rate if necessary. You may also view real-time data in QB to see what you and the customer owe each other. The application will also remind you when the tax deadline is approaching.
3. Handles International Currencies:
Amazon gives vendors the ability to sell their items all over the world. It assists business owners in reaching out to a large audience. As a result, it makes dealing with foreign currencies easier. On the other hand, accepting several currencies can make bookkeeping difficult. Accepting international payments and recording transactions in many currencies is simple with QuickBooks. You can also modify the currency in the reports to reflect changes in Canadian dollars. In addition, the QuickBooks program automatically accounts for the exchange rate. This allows you to keep real-time track of profits and expenses.
4. Automatic Transactions:
QuickBooks can also assist you automate the process so you don’t have to worry about the small stuff. The transaction is automatically recorded when you issue a refund or make a sale. This not only saves you a lot of time and work, but it’s also really accurate.
5. Collaboration with Business Partners:
It’s not simple to run a company on your own. The majority of business owners engage a huge workforce to handle many tasks. You can give staff and accountants access to Amazon and QuickBooks integration so that they can work together effectively.
6. Track store performance:
QuickBooks makes it simple to create reports. This means you can keep a close eye on your cash flow and make well-informed business decisions. QuickBooks also generates a report that allows you to view data with just one click. You might opt to order extra merchandise once you’ve reached your target.
7. Cloud-Based Management:
You don’t have to worry about data with QB because it’s cloud-based accounting software. Your data is completely secure when you use cloud-based administration. If the hardware is ever damaged, simply sign in to the other device and you’ll have access to all of your crucial data in a matter of seconds. Because the data is saved on an Intuit remote server, you can view it from anywhere, anytime.
Steps to enable QuickBooks Amazon Integration
This QuickBooks Amazon integration feature, you can enable it immediately from your account. Simply go to QuickBooks Online’s settings and enable QuickBooks Amazon Integration by moving to the Banking Apps section from the Banking section, and link your Amazon account with QuickBooks Online.
In case, if you face difficulty in finding QuickBooks Amazon integration feature then follow the below provided steps:
- Go to the Gear icon and then click “QuickBooks Labs”
- Next, click on the “QuickBooks Amazon Integration” and toggle the switch from “Off” to “On”
- After that, move to the Banking section which is located on the left side menu
- And then go to the tab called “Banking Apps”
- Finally, you can link your Amazon account to QuickBooks Online.
Steps to connect Amazon Business Account with QuickBooks Online
QuickBooks has a number of tools that can help you connect Amazon Business accounts to QuickBooks Online and keep your books up to date. One of the best QuickBooks Online and Amazon connection software is Amazon Business Purchase. It displays all of the essential Amazon Business purchase details in your QuickBooks account. All you have to do now is examine and approve the job.
To use the Amazon Business Purchases app, you must first set up your Amazon Business account and then review your Amazon Business purchases.
1. Step One: Connect your Account
Make sure you’re both the business admin and primary admin for your QuickBooks Company and the primary administrator for your Amazon Business account before integrating the two accounts.
To link your accounts, do the following:
- With your Admin rights, log into QuickBooks account
- Next, go to the “Amazon Business Purchases app” page
- And then click on “Get App Now” tab
- You can log into the “Amazon Business account”, if asked
- Make sure that you login as a primary administrator
- Choose the start date to import
- And finally, click on the “Finish” tab.
After you’ve done that, the program will begin importing your Amazon Business purchases into QuickBooks. If you have a large amount of data to import, you might not be able to discover it all at once. It could be a long process. The app, on the other hand, will continue to import data until all of the information is displayed.
Following the completion of the import task, the app will check your Amazon Business account at least four times every day. The most recent transaction in QuickBooks is then displayed.
2. Step Two: Review Amazon Business Purchases.
You may effortlessly examine and add Amazon Business purchases to the books for the record as you locate them in your QuickBooks account.
- Go to the Banking section and select the option “App Transactions”
- Next, move to the “For Review” tab and the Amazon Business returns and purchases will display in the list along with the details such as purchase price, quantity, fee breakdowns, and product description
- For each transaction, you can take an action that depends on the status:
- Match or Add: This purchase is being made in order to add to your books. If your QuickBooks is linked to your credit card or bank account (with which you made your purchase), you can use this feature to match it to the precise transactions in your books.
- Review: The credit card or bank account you use for purchases is not recognized by QuickBooks. You can check in QuickBooks to see if the account already exists. You can also add a new account to the Chart of Accounts as an alternative.
With the seamless QuickBooks Amazon Integration, you can save time on manual data entry. It enables all business owners to categories and comprehend their business spending without having to go back and forth between QuickBooks and Amazon to match up purchases. Along with this, gain deeper insights into where your expenses originate and how your business is performing.