eBay App Feed Vs. eBay Deposits

Applelisa · ‎March 09, 2023

I switched from GoDaddy Bookkeeping to QB Online in mid-year 2022. I used QB Accounting Services to get me started for the first few months until I felt comfortable with the system. The easiest way to get started was by using direct deposits from eBay into my Biz checking account for the sales and providing various eBay reports to the QB Accounting team. That all worked great for me. I wanted to switch over to using the eBay App for the details it provides. So I did, with no issues; it works great. Since then, I have deleted the deposit transaction every week when it is posted in QB since the detailed sales are already posted. Is there something else I should use that transaction for by setting up another account or is deleting the best option?

Also, GoDaddy provided a Schedule "C" at the end of the year, which I gave to my accountant along with my other tax data. What is the best report from QB to provide the accountant? Thanks for your help.

SirielJeaB · ‎March 09, 2023

I appreciate you posting your detailed concern in our Community forum, @Applelisa. I'd be pleased to provide you with clarifications regarding this subject.

If the transaction was downloaded from eBay, you can delete it and match the entries. If not, you can directly deposit it from eBay without recording the payment to avoid manually deleting the transaction.

Furthermore, the Schedule C form allows you to report to the IRS the income or loss generated by your business. You can get this information if you run the Profit and Loss report.

Check out these articles if you want to personalize the data of the reports, then save its current customization settings:

Having you here in the Community forum is greatly appreciated. We always have your back if you have concerns with any QuickBooks-related concerns. We're available 24/7. Keep safe!

View solution in original post

SirielJeaB · ‎March 09, 2023

I appreciate you posting your detailed concern in our Community forum, @Applelisa. I'd be pleased to provide you with clarifications regarding this subject.

If the transaction was downloaded from eBay, you can delete it and match the entries. If not, you can directly deposit it from eBay without recording the payment to avoid manually deleting the transaction.

Furthermore, the Schedule C form allows you to report to the IRS the income or loss generated by your business. You can get this information if you run the Profit and Loss report.

Check out these articles if you want to personalize the data of the reports, then save its current customization settings:

Having you here in the Community forum is greatly appreciated. We always have your back if you have concerns with any QuickBooks-related concerns. We're available 24/7. Keep safe!

Applelisa · ‎March 09, 2023

Hi: Thanks for the quick response. The P&L should be good; thanks for the two references. I'm still confused about the weekly Direct Deposit transaction into my Biz Checking Account.

"If the transaction was downloaded from eBay, you can delete it and match the entries. If not, you can directly deposit it from eBay without recording the payment to avoid manually deleting the transaction".

I have audited the detailed sales transactions every day through the eBay App. They are correct; I don't see the need to audit against a lump sum deposit each week. Am I missing something? If I am comfortable that the detailed sales by item equal the lump sum deposit each week from eBay, I can delete that deposit with no ill effect. Thanks for your help.

QueenC · ‎March 09, 2023

You're most welcome, @Applelisa.

Allow me to clarify things out and provide you with options for recording transactions in QuickBooks Online (QBO).

As for recording the transactions, yes, you can delete them with no ill effect. However, you also have the option to match the downloaded transactions to those you manually recorded in the system since QuickBooks has the ability to do so you won't have to delete transactions manually.

You can refer to this article to know how to match those transactions: Categorize and match online bank transactions in QuickBooks Online.

Additionally, I've included an article that'll help you utilize the bank rules feature to automatically categorize transactions from your bank to speed up the review process: Set up bank rules to categorize online banking transactions in QuickBooks Online.

I'll be around in case you need further assistance with regard to recording transactions in QuickBooks Online. Simply leave a comment below, and I'll get back to you.

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eBay App Feed Vs. eBay Deposits