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all you need to know about ecommerce bookkeeping

In that case, there are several bookkeeping options available to suit your needs, so don’t worry. To ensure that your income, expenses, assets, and liabilities are in balance, double-entry bookkeeping records each transaction in two accounts credit and debit. With the increase of ecommerce businesses, the need for e-commerce bookkeeping is also on the rise.

all you need to know about ecommerce bookkeeping

The system you choose to use doesn’t need to be complicated and the ledgers should be straightforward, especially if you have just a few or no employees. The most important parts of doing ecommerce bookkeeping your own bookkeeping are staying organized and keeping track of the details. Now that you know the eCommerce bookkeeping basics, the next that you will be thinking about is taxes.

How do you record e-commerce sales?

We hope you found this article useful, and if you have any questions, please feel free to reach out. When looking for an accounting system, find one that can easily integrate with manufacturing software such as Katana Cloud Inventory. However, some other benefits, such as getting an advantage over your competition, aren’t so tangible. With information on your profits and losses, you can calculate your selling prices more appropriately, improve profitability, and stand out from competitors. Let’s say you own a shoe store and have 50 pairs of shoes in your backroom.

In this post, we’re sharing a detailed guide to eCommerce accounting. The same goes for raw materials — don’t be tempted to over-buy unless you know that you can make use of all the stock. Storage costs will end up overeating any type of bulk discount you are getting. The US retail sector faces $50 billion in losses per year due to the unmoving inventory. Don’t add up to those numbers as unnecessary inventory buildup impacts your liquidity and will reflect badly on all your assets and your bottom line. Customer returns and chargebacks are two different types of expenses that need separate recording.

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