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Getting Your Amazon Store Transactions into Wave Accounting With an Easy Feed File Upload
Figuring out the accounting for your Amazon store can be overwhelming.
This tutorial (with FREE spreadsheet download) is going to fix that problem- making your small business accounting faster and easier.
If you are starting out running an Amazon business, you might soon realize that you need help with the accounting processes of your new company. It can be complicated and time-consuming to crunch numbers and itemize transactions.
Not to mention, you probably don’t want to pay monthly fees for yet ANOTHER service. Nor do you want to use the outdated (and not expensive) Quickbooks, because at this point in our budding business, every penny counts! And we are all about bootstrapping everything we can!
So you’re going to want to explore the free services. And one such free service is Wave Accounting.
Wave accounting is free (but with a paid service payroll service option, if you might need it).
Plus, Wave stores everything on the cloud, so everything is accessible with just your login information and an internet connection. And Wave can even be accessed via your smartphone or tablet.
It is an excellent service if you know how basic accounting works. If you have no idea but willing to learn, Wave is a still good choice, but you might need a bit more time to explore and figure things out.
The problem with Amazon and Wave accounting: It’s a slow and painful process.
If you have used Wave for Amazon selling before, you probably already noticed that Wave does not directly link to Amazon’s system. That would be too easy! So getting your Amazon sales data put into Wave is a royal pain.
You have to download the report(s), open it in Excel or Google sheets, edit out the unnecessary information, and THEN upload it into Wave Accounting.
All this time-consuming work- with crossed fingers that it all uploads into Wave correctly.
You might have noticed that the downloadable report for Amazon monthly sales transactions lists several different fees and a sale price. Furthermore, this information is all in one row- making it hard to track all the expenses and costs associated with each sale. Then you have to categorize everything in Wave, one by one.
Sure, if you sell a few things a month, it is not so bad. But if you have over 100 transactions, this can be very tiring and grueling painful.
This tutorial provides a solution to getting your Amazon transaction reports ACCURATELY into Wave accounting!
The downloadable spreadsheet (below) will help you prepare the data from your Amazon transactions report into something that can be easily uploaded into Wave, with the correct fees in the correct places.
This sheet simply needs you to copy and paste into the A1 cell. Then you save it as a CSV file type. Easy, peasy.
Please note that we are not accountants and any accounting questions should be consulted with an accounting professional.
And So It Begins: The Walk-through For Your
Awesome Amazon-To-Wave-Accounting Feed File
This is how the magic of bootstrapping works
Log into your Amazon seller account:
Click on “Payments” in the “Reports” tab.
Click the “Date Range Reports” tab in the payments menu
Click the “Generate Report” Button
Select report type “Transaction”
Click the “Generate” Button
Download the report
Now comes the FUN part!
Open the Amazon report you downloaded in Step 7.
Remove the top rows of the Amazon report. (You want to keep the header row.)
Select all of the remaining information in the spreadsheet and select COPY. (Ctrl+C)
Then PASTE the data into your downloaded Google Sheet.
Choose the ‘Paste Special’ option, then choose ‘Paste Value Only.’
Click on the “Download in CSV” sheet at the bottom.
Now select ‘File,’ then ‘Download,’ and then choose ‘Comma-separated values (csv) to download the file.
Be sure to name it something you can remember later if you need to!
Login into Wave Accounting
*if you do not have an account with Wave, it does take a few minutes to set one up.
Click on “Transactions” in the “Accounting” tab on the left panel.
Click the “Upload Bank Statement” in the More tab in the top right corner menu.
Select the CSV file you just created (and downloaded) to upload into Wave.
Select the payment account.
*I use Amazon USA as the account name for reference only.
(Please ask a tax advisor on how to set this up if you need help understanding or have accounting questions. We are NOT and do NOT claim to be any sort of accounting expert.)
Click the blue “Upload” button.
Review the data to ensure the upload fields are correct and click done.
That’s it! You’re done!
You have now been able to upload your Amazon transactions to Wave Successfully.
Don’t forget to classify your transactions and save your work! Great job!
Please note that we are not accounting professionals. If you have any accounting type of questions, please contact your accounting professional as they would be able to answer your questions.