I am a new member and tried searching the issue before posting but could not find a solution.
Our company just started selling on Amazon in 2015 and uses THub to download Amazon FBA sales transactions into QuickBooks. During the process THub assigns the freight charged to the customer to our freight income account. Amazon shows the freight as part of the sale which is correct. However when the settlement from Amazon was received and reconciled it was done manually and not through the automated THub reconciliation due to the inability of THub to recognize inventory adjustments. If the reconciliation was done through THub it would have recognized and recorded various expense items regarding freight adjustments that Amazon makes to effectively make it a wash. Therefore no income for freight.
When the manual reconciliation was done somehow it balanced without taking into account the offsets to freight income. The THub download shows that we received payment for the product and the shipping. Our profit and loss shows freight income that we never received. If I create another item (Amazon Freight Chargeback) to offset the freight income on each sale QuickBooks creates a credit balance for the customer which creates another problem.
I apologize for the long post but wanted to give as much information as possible. Going forward we are going to have to use the THub reconciliation and figure a work around for the inventory adjustments but I need to straighten out 2015.
Can anyone offer a solution for 2015? Thank you very much.
Our company just started selling on Amazon in 2015 and uses THub to download Amazon FBA sales transactions into QuickBooks. During the process THub assigns the freight charged to the customer to our freight income account. Amazon shows the freight as part of the sale which is correct. However when the settlement from Amazon was received and reconciled it was done manually and not through the automated THub reconciliation due to the inability of THub to recognize inventory adjustments. If the reconciliation was done through THub it would have recognized and recorded various expense items regarding freight adjustments that Amazon makes to effectively make it a wash. Therefore no income for freight.
When the manual reconciliation was done somehow it balanced without taking into account the offsets to freight income. The THub download shows that we received payment for the product and the shipping. Our profit and loss shows freight income that we never received. If I create another item (Amazon Freight Chargeback) to offset the freight income on each sale QuickBooks creates a credit balance for the customer which creates another problem.
I apologize for the long post but wanted to give as much information as possible. Going forward we are going to have to use the THub reconciliation and figure a work around for the inventory adjustments but I need to straighten out 2015.
Can anyone offer a solution for 2015? Thank you very much.