Tracking Amazon Sales Income

So, when it comes to keeping track of your Amazon sales income, the first thing you need to do is make sure you are accurately recording all of the money coming in from your sales. This includes the gross income you make from selling your products on Amazon, before any fees or expenses are taken out. It’s important to keep detailed records of each sale, so you can accurately track your overall income.

Deducting Amazon Fees

Now, Amazon is notorious for taking their cut of your sales through fees and commissions. So after you’ve recorded your gross income, you’ll need to deduct all of the fees associated with selling on Amazon. This includes referral fees, fulfillment fees, and any other charges that Amazon may apply to your sales. By deducting these fees from your gross income, you can get a more accurate picture of how much money you are actually making from your Amazon sales.

Transfers to Your Bank Account

Next, let’s talk about those transfers to your bank account. It’s important to track all of the money that is leaving your Amazon seller account and being transferred to your personal bank account. While these transfers may seem like income, they are actually just moving money from one account to another. So in your case, if you had $24k in transfers to your bank account, this is not all additional income – some of this money may have already been accounted for in your gross income.

Reconciling Your Records

To properly bookkeep your income, you’ll need to reconcile your records with Amazon’s reports. Make sure that all of your sales, fees, and transfers match up with what Amazon is reporting in your seller account. If you notice any discrepancies, you’ll need to investigate and make sure everything is accounted for correctly. By keeping accurate records and reconciling your accounts regularly, you can stay on top of your income and make sure you’re not missing anything.