Ecommerce Accounting vs. Regular Accounting: What’s the Difference?

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  • Опубліковано 22 гру 2024

КОМЕНТАРІ • 36

  • @ecombalance3501
    @ecombalance3501 Рік тому

    Definitely agree! Ecommerce Bookkeeping is no easy task! Not understanding how ecomm bookkeeping works often lead to poor financial data and thus result to poor business decisions.

    • @LedgerGurus
      @LedgerGurus  Рік тому

      True. This is why we work so hard to help people understand how it should be done correctly, as well as the importance of outsourcing.

  • @ShahzainAli-tl8sk
    @ShahzainAli-tl8sk Рік тому

    Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

  • @aryanasmith4426
    @aryanasmith4426 Рік тому

    Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.

    • @LedgerGurus
      @LedgerGurus  Рік тому

      Thank you! Will do! There's lots more to come. :)

  • @FrankJFerendo
    @FrankJFerendo 4 роки тому +3

    What would be really helpful is to tell us what the journal entries would be to make the adjustments for sales. Debits and credits to adjust sales for FBA fees, Shipping, misc fees, etc. Same thing with COGS, what are the correct journal entries to adjust? Good video for overall summery, now we need more details and a deeper dive into actual action to take. Thanks.

    • @LedgerGurus
      @LedgerGurus  4 роки тому +2

      Great suggestions, Frank. This video dives in deeper on recording sales: m.ua-cam.com/video/VjPD951tYtg/v-deo.html
      And this one goes into more detail with COGS: m.ua-cam.com/video/cvS5fPHUVJg/v-deo.html
      Let us know if these help!

  • @DreamFirms
    @DreamFirms 4 роки тому +2

    Wow, this is great! Thanks for sharing your knowledge.

  • @abdulazimalafifi6717
    @abdulazimalafifi6717 Рік тому

    Dear Sir, could pls tell me the meaning of FBA Fees. thx.

    • @LedgerGurus
      @LedgerGurus  Рік тому

      I'm sorry, but that's something you need to go to Amazon to get.

  • @My.BusinessCoach
    @My.BusinessCoach 4 роки тому +1

    Great content very helpful thank you Sir please share more videos on common mistakes usually made by bookkeepers

  • @beauty_in_life_through_my_eyes
    @beauty_in_life_through_my_eyes 2 роки тому

    Hello, how to treat the goods lost in transit in our books & the amount of compensation received from ecommerce company?

    • @LedgerGurus
      @LedgerGurus  2 роки тому

      These should net out against each other. It doesn't matter if you choose an income account or an expense account but ideally you would pass these both through the same account.

  • @kassandrahill4124
    @kassandrahill4124 4 роки тому +1

    Can you guys do some video on dropping shipping?

    • @LedgerGurus
      @LedgerGurus  4 роки тому +2

      We will put drop shipping on our list of videos to make!

  • @mayaewing
    @mayaewing 4 роки тому

    Can't wait until I need your help $$$!

  • @ybabigproduction
    @ybabigproduction 2 роки тому

    Do u help to grow e-commerce

    • @LedgerGurus
      @LedgerGurus  2 роки тому

      Yes definitely! How can we help you?

  • @LedgerGurus
    @LedgerGurus  4 роки тому

    Ready to offload your accounting to the gurus? Contact us here: ledgergurus.com/ecommerce-accountant/ecommerce-accounting-contact/. Also, check out our sales tax course here - ledgergurus.com/sales-tax-course-updates.

  • @lmutukisna3183
    @lmutukisna3183 3 роки тому

    thank you, whats your web site

  • @mayaewing
    @mayaewing 4 роки тому

    This is soooooooooooo helpful!!!!!

  • @flo5980
    @flo5980 3 роки тому

    How do I account for my e-commerce if I accept crypto?

    • @LedgerGurus
      @LedgerGurus  3 роки тому

      We're probably not the best ones to ask since we don't have any crypto expertise.

  • @lifeastobi
    @lifeastobi 3 роки тому

    thank you for this video!

  • @joeanntorricer835
    @joeanntorricer835 2 роки тому

    💕✅💜♥️💯

  • @allahsquranguidancewithout
    @allahsquranguidancewithout 3 роки тому +2

    Hello there
    I am pursuing QuickBooks Online Accountant Pro advisor Certification.
    Can you please advise an agency to get job there?

    • @LedgerGurus
      @LedgerGurus  3 роки тому

      Good luck on your job search. There are a lot of good agencies. You can probably find the ones that are looking to hire on websites like Indeed.com.

  • @curtishadley4114
    @curtishadley4114 Рік тому

    How do you account for digital products that you purchase and can resell to multiple customers?

    • @LedgerGurus
      @LedgerGurus  Рік тому

      I’m not sure I understand your question exactly, but if you use accrual accounting, you record the cost of the digital product as an asset, and when you resale it, the cost becomes COGS.

    • @curtishadley4114
      @curtishadley4114 Рік тому +1

      @@LedgerGurus When you offer a digital product, it can be purchased and downloaded many times, and really never goes out of your inventory. So determining how to account for the original purchase of the digital product is what I'm trying to categorize.

    • @LedgerGurus
      @LedgerGurus  Рік тому

      @@curtishadley4114 okay that helps me to understand the situation better for sure. I believe you should record it as an asset and amortize it.

    • @curtishadley4114
      @curtishadley4114 Рік тому +1

      @@LedgerGurus OK, I'll double check with my tax accountant, too, but I wanted to have an idea of what I was talking about before I bring it up to her. Thank you for your help!!