Amazon Fees / Payments help! £86K missing
Hi Everyone,
I need some help regarding Amazon payments which is very worrying. Previously I used a very expensive eCommerce ERP that was linked directly to Amazon so it reconciled all the fees and sales etc. Due to COVID I decided the cost was too high so moved to a Xero Accounts. My accountant is just preparing my year ends accounts and we have a massive £86,095.24 balance showed as owed to the company from Amazon.
I have reconciled the Amazon sales reports (Reports – Business Reports) for each of the 12 months and they match Xero to the penny. I have also reconciled the Amazon fees reports (Reports – Tax Document Library) and they also match to the penny.
My total sales for the financial year were £1,844,632.15 – Reconciled.
My total fees for the financial year were £146,172.70 – Reconciled.
Payments received should have been £1,698,459.45
Payments actually received from Amazon were 1,579,307.13
I had an Opening Balance waiting to be received for £33,057.08 from the previous FY – Received.
This leaves a difference of £86,095.24 and I have no clue where it is.
I don’t use FBA and can’t figure out where the difference is. A I missing some other types of fee reports as I just can’t figure it out.
Thanks in advance.
Amazon Fees / Payments help! £86K missing
Hi Everyone,
I need some help regarding Amazon payments which is very worrying. Previously I used a very expensive eCommerce ERP that was linked directly to Amazon so it reconciled all the fees and sales etc. Due to COVID I decided the cost was too high so moved to a Xero Accounts. My accountant is just preparing my year ends accounts and we have a massive £86,095.24 balance showed as owed to the company from Amazon.
I have reconciled the Amazon sales reports (Reports – Business Reports) for each of the 12 months and they match Xero to the penny. I have also reconciled the Amazon fees reports (Reports – Tax Document Library) and they also match to the penny.
My total sales for the financial year were £1,844,632.15 – Reconciled.
My total fees for the financial year were £146,172.70 – Reconciled.
Payments received should have been £1,698,459.45
Payments actually received from Amazon were 1,579,307.13
I had an Opening Balance waiting to be received for £33,057.08 from the previous FY – Received.
This leaves a difference of £86,095.24 and I have no clue where it is.
I don’t use FBA and can’t figure out where the difference is. A I missing some other types of fee reports as I just can’t figure it out.
Thanks in advance.
0 replies
Seller_wFLyWkLEIWEis
I would go to the payments dashboard and then disbursements tab. You should be able to click on each individual payment and see what was paid and what was deducted. Look through each one until you hit a discrepancy.
Other random ideas, VAT charges, other currency accounts, Currency conversion charges, advert charges.
Or just ask amazon to explain the difference - put it back in their court and see what explanation they give.
Seller_esvgLzKXw2YAl
How do you calculate that figure?
What are you actually basing it on?
Seller_mu9mPb5fxABQ2
I think I’ve found the issue. This report doesn’t appear to include credits, well it doesn’t say if it does or doesn’t just says “Sales”
Seller_n33KwLeg9XOvi
gone into space probably…
But seriously - you need a new accountant @Paul2
Seller_DnL3AXoQFgZKI
Hey Paul
You can use the reasonably inexpensive ‘Link My Books’ to automatically download your Amazon Data into Xero which I imagine will give you similar results to your very expensive eCommerce ERP.
Seller_4SmHVO7liHH6C
If you are VAT registered, Amazon would still automatically charge you VAT on their fees, which they shouldn’t. If you open a case with them and show a copy of your VAT registration, they must reimburse you for all the VAT charges for the whole year.
Seller_4ltq8zx6blipB
Hello
I recommend Link My books for the amount you turnover. It takes the information from the disbursements flat file which matches the amounts received in your bank account. Once imported into Xero it breaks down everything into different groups for you to see sales, refunds and various charges.
Seller_zRPTFpBVvbeGv
How are your seller fees so low out of interest? Circa 8%?
