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Buy nowCan you please provide me with instructions on how to record my ebay sales accurately? My ebay sales are automatically deposited to my bank account and the deposited order earnings excludes the sales tax, transaction fee, and shipping fee. I want to ensure that when I record the ebay sale into quickbooks, that I am not recording the sales tax since this is handled by ebay. Also, I want to ensure that the transaction fee/merchant fee and shipping fee are recorded as expenses.
I successfully created a undeposited funds account for the sale earnings to hold until the deposit hits my bank account and I can match them.
I have attached a copy of the ebay sale for reference. I would greatly appreciate a step by step walk through for this situation and I can use it as an example.
Thank you in advance.
Have you tried the eBay connector app from Intuit? It's free and will automatically sync your eBay sales to QBO. I haven't used it personally.
Any suggestions if you are using Enterprise Desktop edition and can't use the App?
The problem is that you have expenses and income from the same entity.
I've created an eBay-Sales customer account to rack the income and an eBay vendor account to track the expenses.
But is that the right way to do it?
Thanks for reaching out in the Community space @MichaelinNOVA. We value your efforts in finding solutions and improving your setup in QuickBooks Desktop (QBDT) Enterprise when handling eBay transactions. I bring you details and methods to streamline your processes.
Just a quick note, the Intuit eBay Connector is designed for QuickBooks Online (QBO). The app won’t be compatible with your QBDT setup; however, if you're using QBDT Enterprise 2022, you may consider integrating with Webgility to sync your eBay transactions.
This step will connect your online sales channel with QBDT, making it easier to track revenue and access details about fulfillment, orders, inventory, and more through QuickBooks. Learn more about this integration through this resource: QuickBooks Desktop e-commerce integration powered by Webgility.
I would also recommend contacting their Live Support to confirm if creating a customer account on eBay to track income and a vendor account to monitor expenses is suitable, and to get any additional clarification. Please refer to the Support and additional questions section for their contact details.
When you're ready and want to sign up and register for a Webgility account, before you connect it to QBDT.
Here's how:
Once done, here's how to set up QuickBooks Web Connector (if you haven't already) to connect your Webgility account to QBDT:
Furthermore, if your income and expense transactions on eBay involve taxes, I recommend working with your accountant. They can provide specific guidance and ensure everything is handled correctly for tax compliance. If you haven't got one, please refer to our Find-an-Accountant tool to look for an expert near you.
Additionally, you may customize your reports in QuickBooks Desktop to reflect the gross revenue and the net amounts more clearly, helping you make informed decisions and better analyze your financial data.
Following these steps will help you manage your income and expense transactions from eBay to align with your QBDT setup. The forum is always here to support you, @MichaelinNOVA. Be sure to enter a comment below if you need further assistance getting the most out of your QuickBooks experience. Have a fantastic day!
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