Hi amandamanastersk,
Welcome to the QuickBooks Online family! Beginning with a new accounting software can come with a learning curve, so don't worry! We have tons of resources that can help you learn the ins-and-outs of the program so you can take advantage of all QBO has to offer. I'll help point you in the right direction.
Running an Ebay business sounds really exciting! Making purchases from Facebook Marketplace and Kijiji is just like making purchases from a supplier. Depending on your accounting needs, you can likely follow the same workflow as a typical supplier fed business by recording your expenses and sales accordingly.
The first step will be to record your expense. You can set up a supplier for Facebook Marketplace, and one for Kijiji. To set up a supplier, follow these steps:
- Select Expenses, then Suppliers.
- Select New Supplier.
- Complete the fields in the Supplier Information window.
- Select Save and close.
In the Action column, select the small arrow ▼ icon to create a bill, cheque or purchase order. Then, you can view all transactions of your suppliers and manage them.
The next step will be to record your expense. You can do this by creating a Cheque, Expense, or Bill. If you're not sure which one to create, take a look at this helpful article that explains how each should be used: What is the difference between bills, cheques, and expenses? This article will also explain how to go about creating each transaction type.
Once you've completed the purchase entry, the next step is to record the sale of these goods on your Ebay page. You can record sales using a Sales Receipt or an Invoice. As explained in this article, "an invoice is used when your customer agrees to pay you later. You can set up terms to indicate how long the customer has to pay. If they don't pay within the specified time limit, their invoice is overdue. A sales receipt is used when your customer pays you on the spot for goods or services."
Follow the steps in this article to use the Sales Receipt option: Create and send a sales receipt. Alternatively, use this option to create an Invoice: Create invoices in QuickBooks Online.
I hope this gives you a clearer picture of how to go about tracking your purchased goods for re-sale. It sounds like your business is somewhat unique, so it's always a good idea to confirm these methods with your accountant. If you're not already connected to an accountant, you can find one in your area here.
You can also reach out to our tech support team if you'd like to work with an agent one-on-one for any further questions you may have.
Take care.
