📦Amazon Seller Accounting Checklist
Complete accounting guide for Amazon FBA and FBM sellers
Managing finances for an Amazon business requires tracking complex fee structures, settlement periods, inventory costs, and multi-state sales tax obligations. This comprehensive checklist ensures you never miss critical accounting tasks and maintain accurate financial records.
What's Included:
Daily Tasks
- Record all Amazon sales transactions
- Track inventory levels and COGS
- Monitor FBA fees and storage charges
- Document returns and refunds
Weekly Tasks
- Reconcile Amazon settlement reports
- Review and categorize advertising spend
- Check reserve balance changes
- Update inventory valuation
Monthly Tasks
- Generate profit and loss statements
- Reconcile all Amazon fee categories
- Review sales tax collected by state
- Calculate net profit margins by product
Quarterly Tasks
- File estimated tax payments
- Review inventory turnover rates
- Analyze long-term storage fees
- Evaluate pricing and profitability
Bonus Sections Included:
- Amazon fee structure breakdown
- Settlement period reconciliation guide
- Multi-channel inventory tracking
- Sales tax nexus determination
- FBA vs FBM cost comparison
- Reimbursement claim tracking
📋Monthly Bookkeeping Checklist
Never miss important monthly bookkeeping tasks
Consistent monthly bookkeeping is essential for maintaining accurate financial records, staying tax-compliant, and making informed business decisions. This checklist ensures you complete all critical tasks on time every single month.
Monthly Tasks Breakdown:
Week 1: Transaction Recording
- Record and categorize all income transactions from previous month
- Enter all business expenses with proper categories
- Upload and match receipts to transactions
- Review and approve credit card charges
- Document any personal funds used for business
Week 2: Account Reconciliation
- Reconcile all bank accounts to statements
- Reconcile credit card accounts
- Reconcile PayPal, Stripe, and payment processor accounts
- Match merchant account deposits to sales records
- Verify opening and closing balances match
Week 3: Accounts Management
- Review accounts receivable and follow up on overdue invoices
- Process accounts payable and schedule payments
- Reconcile payroll if applicable
- Review loan balances and interest charges
- Update inventory records and values
Week 4: Financial Reporting & Analysis
- Generate Profit & Loss statement for the month
- Create Balance Sheet snapshot
- Prepare Cash Flow statement
- Review key financial metrics and KPIs
- Compare actual vs budgeted performance
- Backup all financial data and documents
Additional Monthly Checklist Items:
- Review sales tax collected and prepare for filing deadlines
- Check for duplicate transactions or errors
- Update chart of accounts if needed
- Review expense categories for accuracy
- Set aside money for quarterly tax payments
- Document any unusual or one-time transactions
- Archive previous month's files and receipts
📅Year-End Tax Prep Guide
Complete year-end tax preparation for small businesses
Year-end tax preparation can be overwhelming, but proper planning makes tax season stress-free. This comprehensive guide walks you through everything you need to do before December 31st to minimize taxes, maximize deductions, and ensure compliance.
Year-End Tax Preparation Timeline:
October - November: Financial Review
- Review year-to-date income and expenses
- Calculate estimated tax liability
- Project fourth quarter income and expenses
- Evaluate current tax bracket and plan accordingly
- Review retirement account contributions
- Assess inventory levels for year-end valuation
December: Last-Minute Tax Strategies
- Accelerate deductible expenses into current year
- Delay income to next year if beneficial
- Make additional retirement contributions before Dec 31
- Purchase necessary equipment for Section 179 deduction
- Pay estimated state and local taxes
- Review and maximize all available tax credits
- Donate to charities for deductions (if itemizing)
January: Document Collection
- Gather all W-2s and 1099s (deadline: Jan 31)
- Compile receipts for all deductible expenses
- Organize mileage logs and vehicle expense records
- Collect home office documentation
- Prepare depreciation schedules for assets
- Document charitable contributions with receipts
- Compile bank and investment statements
February - March: Filing Preparation
- Reconcile all accounts through December 31
- Generate final Profit & Loss and Balance Sheet
- Calculate Cost of Goods Sold (COGS)
- Determine final inventory value
- Review all deductions for accuracy
- Schedule meeting with tax preparer or CPA
- File tax returns or extension by deadline
Essential Tax Documents Checklist:
Income Documents
- 1099-K from payment processors
- 1099-NEC for contractor income
- 1099-MISC for miscellaneous income
- Sales reports from all platforms
- Bank deposit summaries
Expense Documentation
- Receipts for all business purchases
- Credit card statements
- Bank account statements
- Inventory purchase invoices
- Advertising and marketing expenses
Deduction Records
- Home office calculations
- Mileage logs and vehicle expenses
- Depreciation schedules
- Health insurance premiums
- Retirement contributions
Tax Payment Records
- Quarterly estimated tax payments
- Prior year tax return
- Sales tax collected and paid
- Payroll tax records
- State and local tax payments
Top Year-End Tax Strategies:
- Maximize retirement contributions (SEP-IRA, Solo 401k)
- Take advantage of Section 179 equipment deductions
- Write off bad debts before year-end
- Evaluate S-Corp election for tax savings
- Bundle expenses or income strategically
- Review and optimize quarterly estimated payments
- Consider year-end bonuses to reduce taxable income