Ultimate Bookkeeping Guide for eCommerce Sellers: Daily to Year-End

Task 1: Track Expenses (5 minutes)

If you spend money on the business, record it immediately:

• Amazon Ads: Amount spent, date, which ASIN
• Software subscriptions: Monthly charges (auto-record if using QB)
• Office supplies: Receipt + amount
• Supplier payments: Amount + invoice number

How: Use a mobile app (QuickBooks Mobile, Wave) OR email receipt to yourself to process later

Task 2: Monitor Bank Account (2 minutes)

Check your business bank account daily:

• Verify Amazon deposits arrived (reconcile with Settlement Report)
• Watch for unexpected charges
• Catch errors immediately (easier to dispute same-day)

Task 3: Review Orders (If manually fulfilling)

If doing FBM or Shopify fulfillment:

• Pack orders for shipment
• Record tracking numbers
• Update inventory as items ship

Total daily time: 10 minutes max

Task 1: Categorize Uncategorized Transactions (15 minutes)

In QuickBooks, check for any transactions that imported but lack category:

• Go to Accounting → Uncategorized Transactions
• Assign each to correct account (Amazon Ads, Office Rent, etc.)
• Add descriptions/memos

Task 2: Spot Check Income (10 minutes)

Verify sales data matches reality:

• Compare QB total sales to Amazon Settlement Report
• Look for anomalies (sudden drop/spike)
• Note refunds processed

Task 3: Review Expenses (10 minutes)

Analyze spending trends:

• Are advertising costs reasonable? (on track for month?)
• Any unexpected charges? (software, fees)
• Are you staying within budget?

Total weekly time: 30-45 minutes

Step 1: Download & Verify Data (15 minutes)

Step 2: Reconcile Bank Account (20 minutes)

1. Go to Accounting → Reconcile in QB
2. Select bank account
3. Enter ending balance from bank statement
4. Check off all transactions that match statement
5. Investigate outstanding items (pending transfers, delays)
6. Click "Finish Reconciliation"

Key insight: Bank balance in QB should equal actual bank balance after reconciliation

Step 3: Reconcile Amazon Payout (15 minutes)

1. Download Amazon Settlement Report for the month
2. Total: Gross sales
3. Subtract: Referral fees, FBA fees, other charges
4. Result: Should equal bank deposit (check Amazon Reserve account)
5. Compare to QB; investigate variances

Step 4: Record Manual Entries (20 minutes)

Anything that didn't auto-import:

• Supplier invoices received (but not yet paid)
• Sales tax accrual (if collecting)
• Depreciation on equipment (if applicable)
• Loan payments (split principal vs interest)

Step 5: Generate Reports (10 minutes)

1. P&L (Profit & Loss) — Shows profitability
2. Balance Sheet — Shows what you own/owe
3. Cash Flow — Shows actual money movement
4. Compare to prior month — Identify trends

Step 6: Document & File (10 minutes)

• Save all reports as PDFs (date them: "Nov 2025 P&L")
• File receipts in folder structure (date-based: "Nov 2025 Receipts")
• Mark month as "closed" in QB
• Create checklist item for next month

Total monthly time: 90 minutes (do this in first 3 days of month)

What are "Quarterly" Tasks?

End of quarters: March 31, June 30, September 30, December 31

Quarterly Task 1: Estimated Tax Calculation (30 minutes)

1. Pull Q1/Q2/Q3/Q4 P&L from QB
2. Calculate net profit for the quarter
3. Estimate tax owed:
4. For self-employed (LLC/Sole Prop): Profit × 15.3% (self-employment tax)
5. Plus: Profit × your marginal income tax rate (24-32% typically)
6. Total quarterly tax: Profit × 40-47%
7. Make payment by 15th of month following quarter end

Quarterly Task 2: Sales Tax Filing (if applicable)

If you have economic nexus in states:

1. Download sales report by state
2. Calculate: Gross sales - Returns = Taxable sales
3. File with each state (most use online portals)
4. Remit payment due

Time: 20 minutes per state (varies by complexity)

Quarterly Task 3: Review YTD Profit (30 minutes)

• Calculate year-to-date profit
• Compare to prior year (growth or decline?)
• Identify problem areas (what's not profitable?)
• Plan Q4 strategy (invest in growth? Cut losses?)

Quarterly Task 4: Verify COGS Accuracy (30 minutes)

• Review COGS account for errors
• Verify inventory values match physical count (if done)
• Check for duplicate entries or missing invoices
• Adjust if needed

Total quarterly time: 2 hours (most important near year-end)

Year-End Task 1: Final Q4 Close (1 hour)

• Reconcile all December transactions
• Record any pending year-end entries (accruals)
• Generate final December P&L

Year-End Task 2: Inventory Physical Count (2-4 hours)

If you hold inventory:

• Physical count all items on hand
• Compare to QB inventory balance
• Adjust for shrinkage/damage
• Update balance sheet

Year-End Task 3: Fixed Asset Depreciation (30 minutes)

If you bought equipment:

• List all assets over $2,500
• Calculate depreciation (Section 179 or straight-line)
• Record depreciation entry in QB
• Document for tax filing

Year-End Task 4: Accruals & Adjustments (1 hour)

• Record any unpaid expenses (contractor invoices received but not paid)
• Accrue unpaid payroll (if you have employees)
• Estimate warranty claims/returns for next year
• Verify reserve account accuracy (Amazon Reserve)

Year-End Task 5: Generate Year-End Reports (1 hour)

• Full-year P&L
• Detailed Balance Sheet
• Cash Flow statement
• Month-by-month comparison (identify trends)

Year-End Task 6: 1099-K & Payment Reconciliation (30 minutes)

• Amazon sends 1099-K if over $20K in sales
• Stripe/payment processor also sends 1099-K if applicable
• Verify amounts match your QB records
• File these with tax return

Year-End Task 7: Prepare for Tax Prep (2 hours)

• Compile all receipts/invoices in folders
• List all business expenses by category
• Document home office square footage (if claiming)
• Calculate vehicle mileage if deducting
• Create summary of business income by source (Amazon, Shopify, etc.)
• Provide accountant with QB backup file

Total year-end time: 4-8 hours (do this in Dec 27-31 or Jan 1-7)