Happy New Year!
Before you start to celebrate though, there are a couple things you need to do if you are an Amazon seller. First, let me say that I am not a tax professional. I do not give tax advise. I am simply writing a short article letting you know what reports to pull today from your Amazon account to make your CPA’s life a little easier.
First, you’ll need to know exactly what inventory you still have in stock at the end of the year. To pull this report sign in to your Seller Central account, hover over “Reports at the top, and then click on “Fullfilment”. You will come to a screen that looks like this:
On the left side of this page, you will see a rather extensive menu. The second section is called “Inventory”. Under the inventory section, you may have to click “show more” to find the menu option “Amazon Fulfilled Inventory”. Once you click on “Amazon Fulfilled Inventory” you will need to click on “Request Download”. You will see a screen like this:
It will take a minute for the report to generate. Once it does, click download. The file you download will look like a jumbled up mess of a text file. Once you open the file, right click anywhere in the file. Click select all. Right click again and click copy. Open up a spreadsheet in Excel or Google Sheets. Right click on the top right square and select paste. This should paste the data into a spreadsheet that is readable by your CPA. Save this file to a thumb drive or other portable storage. You may want to name the file “EndoftheYearInventory” or something similar.
After you finish with the “Amazon Fulfilled Inventory” report you’ll want to do the same process on “Monthly Inventory History”. This report can also be found under the “Inventory” section on the menu to the left of the page. On this one, make sure you select the time period to 12 months. You may want to pull this on January 1st, because if you do it on Dec 31 and choose 12 months, you’ll get a time period from 12-1 of last year to 11-30 of this year. Pulling this report on 1-1 will give you the exact report you want.
You will also want to pull the report for “Received Inventory” report that is also found under the “Inventory” section of the same menu. This report isn’t as important to do on a certain date because you can select the exact dates the report shows. Be sure to select Jan 1st to Dec 31st.
That’s everything you’ll need under the “Fulfillment” section of the Reports function of Seller Central.
Now to pull your financial report. Hover over “Reports” at the top and this time select “Payments”. This will take you to a page that shows you what your current proejected payout is. After you shed a tear in remembrance of those great Q4 payouts, you’ll see this tabbed menu under the dollar amount:
Click on “Date Range Reports”. You will see this page:
Click on “Generate Report”. A pop up menu will come up for you to select your type of report.
Under report type, select “Summary”. Select a custom date range. Select dates from 1-1 to 12-31. Then click “Generate”. This report won’t genera..te as quickly as the others we were working with. It will be ready on Jan 1st or 2nd.
Once you have all of these reports saved to a thumb drive, collect all of your other business costs such as invoices, receipts, mileage driven info, and related documents to your CPA ASAP (see what I did there?).
I hope this helped and good luck this tax season!