E-Commerce Chart of Accounts Template (QuickBooks & Xero)
Why a Generic Chart of Accounts Fails for E-Commerce
The default chart of accounts in QuickBooks and Xero is designed for service businesses. It has a handful of income accounts, basic expense categories, and simple asset/liability accounts. For an e-commerce seller, it falls apart immediately:
- There's no home for marketplace processing fees (Amazon referral fees, Shopify transaction fees, Stripe charges)
- Refunds and returns get lumped into miscellaneous expenses
- Sales tax collected on behalf of states or tax authorities has no liability account
- Marketplace clearing accounts — needed when a payout doesn't equal gross sales — don't exist
- Shipping revenue and shipping expense are treated as the same thing
A purpose-built e-commerce chart of accounts solves all of this upfront, so every settlement you process maps cleanly to the right account.
The Template
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Upload your settlement file — no login required. SettleBooks parses it and generates a balanced journal entry in under 60 seconds.
Try the free Settlement Summary Viewer →Below is a recommended chart of accounts structure for e-commerce sellers. Account numbers follow QuickBooks-style conventions (1000s = Assets, 2000s = Liabilities, 4000s = Revenue, 5000s = COGS, 6000s = Expenses). Xero uses names rather than numbers, so the account names translate directly.
Assets (1000–1999)
| Account Number | Account Name | Notes |
|---|---|---|
| 1000 | Checking Account | Primary bank account |
| 1010 | Savings / Reserve Account | Operating reserve |
| 1100 | Amazon Seller Account Balance | Clearing: funds held by Amazon |
| 1110 | Shopify Balance | Clearing: Shopify Payments balance |
| 1120 | Etsy Payment Account | Clearing: Etsy holds |
| 1130 | eBay Managed Payments Balance | Clearing: eBay holds |
| 1140 | PayPal Balance | Clearing: PayPal available balance |
| 1150 | Stripe Balance | Clearing: Stripe available balance |
| 1160 | Square Balance | Clearing: Square available balance |
| 1200 | Inventory Asset | Cost of goods on hand |
| 1210 | Inventory In Transit | Goods shipped but not received |
| 1300 | Prepaid Expenses | Prepaid software, ads, insurance |
Why marketplace clearing accounts matter: When Amazon pays out $3,450 to your bank, your gross sales may have been $4,120. If you only record the deposit, you lose the detail. The clearing account holds the gross sales credit; fees and refunds debit against it; and the net deposit moves to your bank — leaving the clearing account at zero.
Liabilities (2000–2999)
| Account Number | Account Name | Notes |
|---|---|---|
| 2000 | Accounts Payable | Vendor invoices |
| 2100 | Sales Tax Payable — US | State/local sales tax collected |
| 2110 | VAT Payable (UK/EU) | VAT collected for HMRC/EU authorities |
| 2120 | GST/HST Payable (CA/AU) | Canadian or Australian GST collected |
| 2200 | Tips Payable | Square/other tips owed to employees |
| 2300 | Gift Card Liability | Unredeemed gift card balances |
| 2400 | Customer Deposits | Pre-orders, layaway balances |
| 2500 | Credit Card / Line of Credit | Short-term borrowing |
| 2900 | Deferred Revenue | Subscription income not yet earned |
Revenue (4000–4999)
| Account Number | Account Name | Notes |
|---|---|---|
| 4000 | Product Sales Revenue | Core product income |
| 4010 | Shipping Revenue | Shipping charged to buyers |
| 4020 | Gift Wrapping Revenue | Gift wrapping fees |
| 4030 | Platform Fee Income | Stripe Connect / marketplace app fees |
| 4040 | Other Income | Miscellaneous credits |
| 4100 | Sales Returns & Allowances | Contra-revenue: refunds to buyers |
| 4110 | Sales Discounts | Contra-revenue: promotions, coupons |
| 4120 | Chargeback Losses | Dispute reversals (net of recovered amounts) |
Cost of Goods Sold (5000–5999)
| Account Number | Account Name | Notes |
|---|---|---|
| 5000 | Cost of Goods Sold | Direct product cost |
| 5010 | Shipping Cost — Outbound | FBA fulfillment or own shipping |
| 5020 | Returns Processing Cost | Cost to receive and restock returns |
| 5030 | Inventory Write-Offs | Damaged, expired, or lost inventory |
Marketplace & Payment Fees (6000–6099)
| Account Number | Account Name | Notes |
|---|---|---|
| 6000 | Amazon Referral Fees | % of sale charged per transaction |
| 6010 | Amazon FBA Fulfillment Fees | Pick, pack, ship per unit |
| 6020 | Amazon Storage Fees | Monthly/long-term inventory storage |
| 6030 | Amazon Advertising | Sponsored Products, Brands, Display |
| 6040 | Amazon Other Fees | Refund admin fees, subscription, etc. |
| 6050 | Shopify Transaction Fees | 0.5–2% on non-Shopify-Payments orders |
| 6060 | Shopify Subscription | Monthly platform fee |
| 6070 | Etsy Transaction Fees | 6.5% per sale |
| 6080 | Etsy Listing Fees | $0.20 per listing |
| 6090 | eBay Final Value Fees | % of sale + fixed fee |
| 6100 | Walmart Referral Fees | Walmart marketplace commission |
| 6110 | Stripe Processing Fees | 2.9% + $0.30 per transaction |
| 6120 | PayPal Processing Fees | PayPal transaction charges |
| 6130 | Square Processing Fees | 2.6% + $0.10 in-person |
| 6140 | Dispute / Chargeback Fees | $15 Stripe / $20 PayPal per dispute |
| 6150 | Currency Conversion Fees | FX conversion charges |
General Expenses (6200–6999)
| Account Number | Account Name | Notes |
|---|---|---|
| 6200 | Advertising & Marketing | Off-marketplace ads, email, influencer |
| 6210 | Software & Subscriptions | Accounting tools, inventory apps |
| 6220 | Professional Fees | Bookkeeper, accountant, lawyer |
| 6230 | Bank & Payment Fees | Bank charges, ACH fees |
| 6240 | Packaging Materials | Boxes, tape, labels |
| 6250 | Office & Admin | Workspace, supplies |
| 6260 | Insurance | Business insurance |
| 6270 | Payroll & Contractors | Staff wages, freelancers |
| 6280 | Depreciation | Equipment, machinery |
Mapping Marketplaces to This Template
Once your chart of accounts is set up, here's how each marketplace's settlement maps to it:
| Marketplace | Revenue Account | Fee Accounts | Tax Account |
|---|---|---|---|
| Amazon | Product Sales (4000) | 6000–6040 | Sales Tax Payable (2100) |
| Shopify | Product Sales (4000) | 6050–6060 | Sales Tax Payable (2100) |
| Etsy | Product Sales (4000) | 6070–6080 | Sales Tax Payable (2100) |
| eBay | Product Sales (4000) | 6090 | Sales Tax Payable (2100) |
| Walmart | Product Sales (4000) | 6100 | Sales Tax Payable (2100) |
| Stripe | Product Sales (4000) | 6110, 6140 | — |
| PayPal | Product Sales (4000) | 6120, 6140, 6150 | — |
| Square | Product Sales (4000) | 6130 | Sales Tax Payable (2100), Tips Payable (2200) |
Setting Up in QuickBooks Online
- Go to Accounting > Chart of Accounts > New
- Select the account type and detail type
- Enter the account name and number
- For clearing accounts (marketplace balances), use Type: Other Current Assets, Detail Type: Other Current Assets
- For marketplace fee accounts, use Type: Expenses, Detail Type: Other Business Expenses
Setting Up in Xero
- Go to Accounting > Chart of Accounts > Add Account
- Enter the account code (optional in Xero) and name
- Select the account type
- For marketplace clearing accounts, use Type: Current Asset
- For fee accounts, use Type: Expense and assign a relevant tax rate
Put Your Chart of Accounts to Work
A well-structured chart of accounts is only useful if your settlement data maps to it correctly. SettleBooks reads your settlement files and automatically maps every line — fees, refunds, taxes, payouts — to the right account. Upload your first settlement and see your chart of accounts in action.