super helpful, thank you. I have watched so many videos recently and this was the only one that i actually felt i learned something with, i am about to go see if link my books will integrate with shopify, if you know already please let me know, trying to navigate all this with NO knowledge of business accounting is challenging to say the least! ;) many thanks again
Can you do a video on calculating opening and closing stock figures? For instance when you start your business would you opening stock be $0 if you've not purchased anything at that point? Do you do stock takes on a monthly basis? What does this look like?
Great video mate! With all the new rules around UK VAT following the completion of the Brexit transit having a streamlined effective accounting system is super important to ensure that sellers don’t end up paying too much VAT. 👍
Good stuff Janson. Currently using Xero and LMB as recommended by accountant. Not too much I need to do at my end apart from set VAT rates on products sold, declare expenses to claim and submit receipts. Cannot imaging a world without these tools and don't want to. 😂
Hi thanks so much for your great content. What additional software do you use for keeping track of purchases, inventory and also profitability? Do you think we need a specific tool for dealing with customer support?
Hi Janson I have signed up with linkmyBooks but I am wondering what categories to use fo LinkmyBooks inputs. Should I just use the default categories that LinkmyBooks creates in XERO ? Or use existing categories that are alreday in XERO? What do the majority of users do? Best Regards
Hi Jason , Thanks for the video. Quick question please i currently use my Amex credit card to purchase inventory, how do i integrate the Amex transactions in Xero or LMB. I am currently new to this.
Thanks Janson. Have a question re purchases I’ve made yet won’t account for sales until a later date. For example, I ordered and paid for 1,000 units with my supplier as price was cheaper per unit but only shipped 500 for now. If xero and link my book reconcile this, it will never show as profitable but then when I do finally ship and sell the other 500 units, there won’t be a much expense against this as it was incurred much earlier when I purchased the full 1,000 units. Does xero allow you to override and if yes, in this instance would you recommend to do that or just work on it leveling itself out? Just worried if the leveling happens between 2 tax years. Appreciate your input here
Hi. When you buy stock it becomes an asset of the firm. If you don’t sell anything, profit would be 0. When you start to sell, the inventory (asset) that you sell becomes a cost and goes to your profit and loss statement as an expense.
@@JansonSmith thanks I’d Llp never thought to look at it this way before. So are you saying that the purchase from my bank account doesn’t feed through to xero as an expense until it is registered through link my books from the sale on Amazon?
Hi Janson, great video very insightful. You mentioned your accountant does the management of zero for you. How much do the accountants charge and would you recommend anyone? I'm just about to have my first product reach the amazon warehouse. thanks!
Yeah, it’s not really for accounting , more profit analysis that doesn’t integrate with other software. Also I think it’s USD only from what I remember
Do you still recommend link my books when not VAT registered? Currently paying £28 per month for it and keen to know if this is considered a worth while expense whilst being under the vat threshold?
It’s useful to have but I think it’s main benefit is helping simplify the VAT accounting side. If you’re paying £28 a month that’s quite a lot of transactions, are you near the threshold? You can try doing it manually and inputting revenue into Xero. Personally I’d rather just let the apps do it for me for what isn’t a great deal per day in £ terms
If you use Quickbooks, there is a FREE app called Onesaas that does the same as linkmybooks, to pull in all your eBay transactions. I'm new to quickbooks, so going through the set-up.
Wouldn't you recommend recording all VAT from the beginning? Once you reach the threshold of £85k you can reclaim VAT on goods bought up to 4 years before you registered for VAT and services up to 6 months.
Prepare your accounts, file your returns etc. Bookkeeping is essentially just classifying certain expenditure and revenues into buckets, which makes it easier to prepare the accounts and calculate tax liabilities etc
@@JansonSmith wow, super quick answer! Cheers buddy. Ok thanks that's helpful to help me start to get my head around this. If bookkeeping software saves a good 20 hrs a month I'm guessing an accountant is at least as important to free up your time (plus they know what they're doing, haha). Haven't started my fba journey yet, but learning so much from your channel! Thanks again
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super helpful, thank you. I have watched so many videos recently and this was the only one that i actually felt i learned something with, i am about to go see if link my books will integrate with shopify, if you know already please let me know, trying to navigate all this with NO knowledge of business accounting is challenging to say the least! ;) many thanks again
Being a seller approaching vat registration, this is a very helpful video thanks 👌
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
Good Tutorial very informative
Thank you Jason. Very useful videos as always
Thanks :)
I been going crazy all week trying to figure out taxes as an online reseller on multiple platforms
Thanks Janson just what I needed much appreciated 👍
No worries, a pleasure :)
Which accountant do you use in the UK?
Can you do a video on calculating opening and closing stock figures? For instance when you start your business would you opening stock be $0 if you've not purchased anything at that point? Do you do stock takes on a monthly basis? What does this look like?
Very useful video Janson. Thank you!
No problem Jenny!
where would you add expenses as in when you have purchased items from Alibaba from personal savings? Also import fees etc
Thanks Janson, very precise and to the point information. keep it up , cheers
Great video mate!
With all the new rules around UK VAT following the completion of the Brexit transit having a streamlined effective accounting system is super important to ensure that sellers don’t end up paying too much VAT.
👍
Agree - been a life saver for me. Will continue to recommend :)
Do you offer coaching for teaching how to use Xero for a fellow Amazon seller?
Good stuff Janson. Currently using Xero and LMB as recommended by accountant. Not too much I need to do at my end apart from set VAT rates on products sold, declare expenses to claim and submit receipts. Cannot imaging a world without these tools and don't want to. 😂
Hahah yes we are very lucky indeed! When my credit card provider started supporting xero integration I was so happy 😂
Hi Janson
I want ask you, I am interested in Sage program, how do you see Sage.
Thank you
Moussa
Learned a lot from watching your content!
Glad you like it :)
Great video. So informative, thanks Janson.
No problem thanks for watching Simon!
Hi thanks so much for your great content.
What additional software do you use for keeping track of purchases, inventory and also profitability?
Do you think we need a specific tool for dealing with customer support?
For amazon? For profitability I use shopkeeper www.bit.ly/shopkeeper2
Tracking of expenses use my tracker or xero
Hi Janson
I have signed up with linkmyBooks but I am wondering what categories to use fo LinkmyBooks inputs.
Should I just use the default categories that LinkmyBooks creates in XERO ?
Or use existing categories that are alreday in XERO?
What do the majority of users do?
Best Regards
Hi Jason , Thanks for the video. Quick question please i currently use my Amex credit card to purchase inventory, how do i integrate the Amex transactions in Xero or LMB. I am currently new to this.
How did you choose between Quickbooks and Xero? I'm deciding between the two for Amazon FBA.
My accountant used xero so just went with them.
Do I have to go strictly with an e-commerce accountant, or would any accountant do? Thanks in advance.
Thanks Janson. Have a question re purchases I’ve made yet won’t account for sales until a later date. For example, I ordered and paid for 1,000 units with my supplier as price was cheaper per unit but only shipped 500 for now. If xero and link my book reconcile this, it will never show as profitable but then when I do finally ship and sell the other 500 units, there won’t be a much expense against this as it was incurred much earlier when I purchased the full 1,000 units. Does xero allow you to override and if yes, in this instance would you recommend to do that or just work on it leveling itself out? Just worried if the leveling happens between 2 tax years. Appreciate your input here
Hi. When you buy stock it becomes an asset of the firm. If you don’t sell anything, profit would be 0. When you start to sell, the inventory (asset) that you sell becomes a cost and goes to your profit and loss statement as an expense.
@@JansonSmith thanks I’d Llp never thought to look at it this way before. So are you saying that the purchase from my bank account doesn’t feed through to xero as an expense until it is registered through link my books from the sale on Amazon?
@@nataliegreenan2297 it does feed through it it’s classified as an asset, and reclassified as an expense (cost of goods sold - COGS), once sold.
The whole thing is way cleverer than I’m giving it credit for! Thanks Janson
Hi. Where do I record the cost of my items I have bought to sell?
thank you it helps alot. x
Hi Janson, great video very insightful. You mentioned your accountant does the management of zero for you. How much do the accountants charge and would you recommend anyone? I'm just about to have my first product reach the amazon warehouse. thanks!
Check out Rethink Accountancy, if you mention my name you should get good rate - I use Alana.
Great thank you
Have you ever used Fetcher ?
Yeah, it’s not really for accounting , more profit analysis that doesn’t integrate with other software. Also I think it’s USD only from what I remember
you use a local accountant or an accountant that is specialized for amazon ? (never paid taxes so I don't know how it works)
Hi Janson, I can use Link my Books with my other global amazon FBA accounts?
Yes 😀
Can’t this be done with QB sole trader as I find that the apps sometimes don’t work with this branch of quickbooks
You’d still need link my books unless you wanted to manually pull the sales data
Do you still recommend link my books when not VAT registered? Currently paying £28 per month for it and keen to know if this is considered a worth while expense whilst being under the vat threshold?
It’s useful to have but I think it’s main benefit is helping simplify the VAT accounting side. If you’re paying £28 a month that’s quite a lot of transactions, are you near the threshold? You can try doing it manually and inputting revenue into Xero. Personally I’d rather just let the apps do it for me for what isn’t a great deal per day in £ terms
If you use Quickbooks, there is a FREE app called Onesaas that does the same as linkmybooks, to pull in all your eBay transactions. I'm new to quickbooks, so going through the set-up.
Wouldn't you recommend recording all VAT from the beginning? Once you reach the threshold of £85k you can reclaim VAT on goods bought up to 4 years before you registered for VAT and services up to 6 months.
Yes you are right, worth writing down for sure 👍🏻
@@JansonSmith thanks for your videos
Janson. Do you know if you can reclaim import VAT too or is this classed differently?
@@roulezcool5367 if it’s not DDP then yes i think you can.
💎 💎 💎
what about costs like tape, boxes etc?
What do you mean? These would be allowable expenses , part of your shipping / stock costs
This is a really naive question...But if you're using the software what more does an accountant actually do?
Prepare your accounts, file your returns etc. Bookkeeping is essentially just classifying certain expenditure and revenues into buckets, which makes it easier to prepare the accounts and calculate tax liabilities etc
@@JansonSmith wow, super quick answer! Cheers buddy. Ok thanks that's helpful to help me start to get my head around this. If bookkeeping software saves a good 20 hrs a month I'm guessing an accountant is at least as important to free up your time (plus they know what they're doing, haha). Haven't started my fba journey yet, but learning so much from your channel! Thanks again