What do you send your accountant?
So I’ve been sending date range reports - summary reports monthly to my accountant but looking over some details it’s hard to see how they add up sometimes. The numbers just seem off.
What documents from amazon do you send? I’m vat registered if that makes a difference.
Working out VAT I just want to find somewhere on Amazon that shows:
UNITS SOLD THIS MONTH = 1000
TOTAL GROSS = £10000
so I can then do my own math to work out that each unit average selling price was £10.
I can’t find documents that list this simply.
What do you send your accountant?
So I’ve been sending date range reports - summary reports monthly to my accountant but looking over some details it’s hard to see how they add up sometimes. The numbers just seem off.
What documents from amazon do you send? I’m vat registered if that makes a difference.
Working out VAT I just want to find somewhere on Amazon that shows:
UNITS SOLD THIS MONTH = 1000
TOTAL GROSS = £10000
so I can then do my own math to work out that each unit average selling price was £10.
I can’t find documents that list this simply.
Seller_esvgLzKXw2YAl
As far as I’m aware, there is no other report that will give you exact sales/returns etc.
The business reports, you can narrow down to an individual ASIN, but they don’t account for returns and so on. Consequently, they are not that accurate.
You might want to look at using something like Sellerboard as it will give you more useable figures.
Though you could of course get the payment reports and sort the data accordingly. But that depends very much on your level of skill with spreadsheets.
11 replies
Seller_esvgLzKXw2YAl
The date range reports hold all of the correct information that is required by your accountant.
Though if you are also advertising and are vat registered, then you need to allow for the fact that those invoices have VAT on them. Other charges from Amazon do not.
But you may want to look at using something like Link My Books, which will pull all of the correct information directly into your accounts software.
Units sold has no bearing on VAT itself. So you don’t need that for VAT reports.
Seller_ypI4HgDJGCNUy
Thanks Neil I’ll have a look at that.
The units sold was just for my own spreadsheet so I can see average sale price, net income after all fees including expenses etc. My ASINs are all the same price and fees so if I could find a place that just show total sales in the timeframe would be great. I can only find orders which don’t account for multiple units per order.
Seller_esvgLzKXw2YAl
As far as I’m aware, there is no other report that will give you exact sales/returns etc.
The business reports, you can narrow down to an individual ASIN, but they don’t account for returns and so on. Consequently, they are not that accurate.
You might want to look at using something like Sellerboard as it will give you more useable figures.
Though you could of course get the payment reports and sort the data accordingly. But that depends very much on your level of skill with spreadsheets.
Seller_qZO3ZCjoBXEeL
Do you have any export sales, Channel Islands, Ireland & EU or elsewhere?
Those will all be outside the scope of VAT and need accounting accordingly.
Seller_ypI4HgDJGCNUy
Hey Peter, sorry I didn’t see this until now. We sell some in AUS and USA but far less than in the UK weirdly
Seller_qZO3ZCjoBXEeL
Nice, make sure you single those transactions out for your accountant as UK VAT is not applicable to the sales (unless you are on the flat rate VAT scheme).
Seller_ypI4HgDJGCNUy
Our accountant has access to our USA sales reports too and mentioned if the sales were low enough then it’s fine to be flat rate. We are on flat rate currently.
Seller_qZO3ZCjoBXEeL
So as long as you are aware you pay UK VAT on all sales - even overseas sales. Flat Rate VAT is based on total sales turnover so you are paying an additional 6.5% or 7.5% on all export sales.
When on regular VAT accounting export sales are outside the scope of UK VAT and VAT doesn’t have to be paid.
Seller_ypI4HgDJGCNUy
Yea, trying to figure out if it’s best to go up to 20% vat rather than flat rate as sales in the USA will grow significantly this year. It’s all very tricky to keep up with. I’m sure my accountant can figure it all out though I like to learn what’s going on myself aswell.
Seller_qZO3ZCjoBXEeL
That can be fun.
If your margins are good then flat rate will probably still be in your favour for a while. If you have low margin items then going full VAT will become more appealing as you recover the input VAT on your purchases.
Good luck!
