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Frequent Explorer *

What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. Need with setting up the chart of accounts (steps) and products.

Selling Auto Parts  

Options:

Invoicing/Receive Payments: for payments received later.

Importing transactions through PayPal to import invoices, sales receipts, transaction.

1. Set up customers based on sale info
2. Set up product and services by sku#’s, category etc...
3. Important via excel to QB.
Make sure to map to PayPal Sales Income. Make sure product name matches the category name etcs.
4. Make sure chart of account for sales/income/fees match the PayPal sales report format.
5. Don’t use duplicate numbers for sku or sell the same products on eBay and Amazon.
6. Receive the payments

Or

Sales Receipts sale/payment at the same time.

1. Use sales receipts to record the total daily pay pal sales by date, amt and qty.
2. Use a manual inventory tracking sheet to track inventory.
3. In QB0- the customer would be PayPal Daily Sales and Payment PayPal
4. Product/ Service would be the individual products being sold
5. Enter total Qty/Amount sold by each product.
6. Export the sales from eBay and Amazon in an excel format.  
7. Create a pivot table to sum products sold by sku#  using a pivot table and enter the total sales for that particular product for by product.
8. Map sales to PayPal income
9. Make sure name and category or labeled the same.
Solved
Best answer 07-04-2019

Accepted Solutions
Highlighted
Moderator

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. ...

The easiest way to track your E-commerce sales is through creating an invoice, sasconsultingser.

 

Before creating the invoice, you'll have to set up the product you're going to sell.

 

Here's how to do it:

  1. Click the Gear icon then, select Products and Services.
  2. Select New.
  3. In the Product/Service information, select one.
  4. Enter the product name, SKU, and Category.
  5. Fill out the necessary information.
  6. Then, Save and close.

Once done, create an invoice to track your sales. Upon receiving the payment, make sure you select your bank in the Deposit to field.

 

If you haven't set up the bank account, here's how to do it:

  1. Go to the Accounting tab.
  2. Select Chart of Accounts.
  3. Click New.
  4. Fill out the Account Type, Detail Type, and Name.
  5. Click Save and Close.

Whit regards to importing the transactions, I'd suggest connecting your eBay and Amazon app using a third-party application. This way, you won't have to manually import your transactions.

 

To look for a third-party app, click the Apps tab, then search for the application. You can also check it through this link: https://apps.intuit.com/app/apps/home.

 

This will help you track your sales inside QuickBooks Online. Have a great day!

View solution in original post

Frequent Explorer *

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. Need with setting up the chart of accounts (steps) and products.

I have one more question. How would you enter the Cost of Goods Sold. Would you book a journal entry and obtain the cost of the product sold by running the sales by product detail report. Presently, those costs are not showing on my P & L when it should. Please advise. 

View solution in original post

QuickBooks Team

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. ...

Hi there sasconsultingser,

 

You'll want to pull up your Profit and Loss report in accrual basis to see the accrued COGS account. Just make sure you've set up the item as inventory item and used COGS in your expense account.

 

Let me guide you through on how to verify the item.

  1. Click Gear.
  2. Click Products and Services.
  3. Locate the product or service item, then click Edit.
  4. Scroll down to the Expense account section to see if you've selected COGS.
  5. Click Save and close.

Then, open the invoice to see the transaction journal of your sales item. Here's how:

  1. In the invoice, click More at the bottom.
  2. Click Transaction Journal.
  3. Under Account, check if you have COGS account and Debit amount.

Once verified, pull up your Profit and Loss report again. Make sure to change the Accounting method to Accrual.

 

Feel free to read this article for more information: Impacts of inventory tracking on balance sheet and profit & loss reports.

 

You might also want to check this handy article for future reference: Inventory links and resources.

 

If you have additional questions, please don't hesitate to reach out anytime.

View solution in original post

5 Comments
Highlighted
Moderator

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. ...

The easiest way to track your E-commerce sales is through creating an invoice, sasconsultingser.

 

Before creating the invoice, you'll have to set up the product you're going to sell.

 

Here's how to do it:

  1. Click the Gear icon then, select Products and Services.
  2. Select New.
  3. In the Product/Service information, select one.
  4. Enter the product name, SKU, and Category.
  5. Fill out the necessary information.
  6. Then, Save and close.

Once done, create an invoice to track your sales. Upon receiving the payment, make sure you select your bank in the Deposit to field.

 

If you haven't set up the bank account, here's how to do it:

  1. Go to the Accounting tab.
  2. Select Chart of Accounts.
  3. Click New.
  4. Fill out the Account Type, Detail Type, and Name.
  5. Click Save and Close.

Whit regards to importing the transactions, I'd suggest connecting your eBay and Amazon app using a third-party application. This way, you won't have to manually import your transactions.

 

To look for a third-party app, click the Apps tab, then search for the application. You can also check it through this link: https://apps.intuit.com/app/apps/home.

 

This will help you track your sales inside QuickBooks Online. Have a great day!

View solution in original post

Frequent Explorer *

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. Need with setting up the chart of accounts (steps) and products.

Thank you so very much for your input. 

Frequent Explorer *

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. Need with setting up the chart of accounts (steps) and products.

I have one more question. How would you enter the Cost of Goods Sold. Would you book a journal entry and obtain the cost of the product sold by running the sales by product detail report. Presently, those costs are not showing on my P & L when it should. Please advise. 

View solution in original post

QuickBooks Team

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. ...

Hi there sasconsultingser,

 

You'll want to pull up your Profit and Loss report in accrual basis to see the accrued COGS account. Just make sure you've set up the item as inventory item and used COGS in your expense account.

 

Let me guide you through on how to verify the item.

  1. Click Gear.
  2. Click Products and Services.
  3. Locate the product or service item, then click Edit.
  4. Scroll down to the Expense account section to see if you've selected COGS.
  5. Click Save and close.

Then, open the invoice to see the transaction journal of your sales item. Here's how:

  1. In the invoice, click More at the bottom.
  2. Click Transaction Journal.
  3. Under Account, check if you have COGS account and Debit amount.

Once verified, pull up your Profit and Loss report again. Make sure to change the Accounting method to Accrual.

 

Feel free to read this article for more information: Impacts of inventory tracking on balance sheet and profit & loss reports.

 

You might also want to check this handy article for future reference: Inventory links and resources.

 

If you have additional questions, please don't hesitate to reach out anytime.

View solution in original post

Frequent Explorer *

Re: What are the best ways to track E-commerce Sales on EBay and Amazon in QBO Plus with PayPal. ...

Thank you so very much. Your guidance is most appreciated. 

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