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Illogical_Lost_Link
August 4, 2022
Question

How to Record eBay Postage Bought Through eBay?

  • August 4, 2022
  • 1 reply
  • 0 views

Hello All!

 

I've been running my books through manual journal entries splitting up my financial statements from eBay until recently when I connected the eBay/QBO software to automatically import sales data.

 

These entries can't capture the postage expenses that I incur when I buy a shipping label through eBay because the postage charge never hits my bank account. The amount automatically comes out of my payout that I receive.

 

For example, if I sold two things for $1.00 each and bought $0.57 in postage, that $0.57 would be collected from my $2.00 that has not left eBay yet. Then, I get a payout of $1.43.

 

How do I go about recording this postage expense? A journal entry? Do I connect it to the sales somehow?

 

Thank you in advance!

1 reply

D
DebSheenD
August 5, 2022

Hi there, Illogical_Lost_Link.

 

Glad to see you here! I'm here to help your eBay expense tracked in QuickBooks Online.

 

To record the postage expense, you'll create a service item and this item to your sales.

Here’s how:

 

  1. In your company, Go to the Sales menu, then click Products and Services.
  2. Tap the New menu to open the Product/Service information window and then choose Inventory.
  3. Fill in the fields with the correct information about the item.
  4. Make sure to select the correct income account.
  5. Hit the Save and close button.

 

Once done, you can now add this to your sales and enter the $0.57 as negative.

 

  1. Go to the Sales menu and choose Invoices.
  2. From the list, pick the transaction you’re working on.
  3. On the Invoice page, choose the delete (trash can) icon at the end of the line of the old inventory item.
  4. Add the newly created product.
  5. Hit the Save button.
     

Visit this article, in case, you want to reconcile an account. To ensure that your bank statement matches your QBO account:  Reconcile An Account. 

 

Please feel more than welcome to reply here if you have any other questions about tracking your postage expense. Have a wonderful day!

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