Once you generate the report, you need to download the PDF file and open it. You only need to be concerned with finding your gross profit, so there are only 3 totals to be concerned with in terms of reconciling your InventoryLab numbers from this report.
You will want to take the Income Total – Expenses to determine your gross profit for any given month.
Once you know your gross profit totals from the Amazon payments reports, you’ll want to compare that number with InventoryLab Gross Profit. To find that, you will subtract your Amazon Related Expenses from your Amazon Related Income. This information can be found under Reports>Profit and Loss:
MINUS
You will not factor in other expenses such as Cost of Goods Sold, Office Supplies, Rent, etc, to this equation.
If the two gross profit figures between InventoryLab and Amazon Payments reports are off significantly, please check to make sure you have the following manually accounted for in InventoryLab (service fees and removal orders became available through the API and were automatically imported by IL beginning in Jan 2015):
- Optional FBA Service Fees that you may have opted into (Inventory Placement Service, FBALabel Service, FBA Prep Service) (must be manually entered prior to 2015)
- Removal Order Fees (must be manually entered prior to 2015)
- Optional Loan Payments/Fees
- Advertising campaign costs
- “Other transaction fees” line on your Amazon Date Range Report
- Nothing outside of Amazon FBA only is included (Multichannel sales, other marketplaces, etc.)
- Marketplace Facilitator Tax (automation of this coming soon)
A good rule of thumb is to not concern yourself with total profit reports for any given current month until all of your sales for that month show as reconciled. Once a month is fully reconciled, your net profit should be final for that month and should not change beyond that point.
0 comments
Article is closed for comments.