Least-squares reverse time migration provides better imaging result than conventional reverse time migration by reducing the migration artefacts, improving the resolution of the image and balancing the amplitudes of the reflectors. However, it is computationally intensive. To reduce its computational cost, we propose an efficient amplitude encoding least-squares reverse time migration scheme in the time domain. Although the encoding scheme is effective in increasing the computational efficiency, it also introduces the well-known crosstalk noise in the gradient that degrades the quality of the imaging result. We analyse the cause of the crosstalk noise using an encoding correlation matrix and then develop two numerical schemes to suppress the crosstalk noise during the inversion process. We test the proposed method with synthetic and field data. Numerical examples show that the proposed scheme can provide better imaging result than reverse time migration, and it also generates images comparable with those from common shot least-squares reverse time migration but with less computational cost.