Amazon Settlement Report: Remove Reserve Amount

Amazon Settlement Report: Remove Reserve Amount

Amazon withholds some of your sales to cover refunds and returns. Connex will add these items on your orders, unless you instruct Connex to group orders by month. In addition, Connex will remove the reserve amount from the summary.

Why does Connex remove the reserve?

Let's say you had $6,000 in sales and $1,800 in fees. You instruct Connex to split the summary into two sales; one for October and the other for November. Connex will split your Amazon fees into two months, so you can properly track expenses for the month. November says $2,000, but October has $4,000. The reserve amounts are calculated in November, which means Connex would try and subtract the fees for the month plus another -$3,500. QuickBooks accepts no negative sales.

Our argument is your goal is to track sales by month. Since reserve amounts are not income, then they should be tracked differently.

Solutions

Merge all sales into one receipt

  1. Log into Connex.
  2. Click manage.
  3. Expand orders > sync orders to QuickBooks > summary.
  4. Choose store name as the group.

Add reserve amounts manually

For help choosing an account for these fees, contact your bookkeeper or CPA.

  1. In QuickBooks Desktop, click match deposits.
  2. In the screen, enter the reserve amount and an account associated.
  3. For QuickBooks Online users, click the banking button.
  4. Select the Amazon deposit and click find match.
  5. On the item details, enter the amount as a negative number and choose an account.
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