Question

How to account eBay / Stripe / PayPal monthly payouts for e-commerce?

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I am wondering how I should go about handling transactions for an e-commerce business.

I currently have eBay, Stripe and PayPal set to pay out the previous months takings account at the start of every month but of corse this only gives me 3 transactions per month. In reality, there is hundreds of sales transactions each month but these do not make it to QuickBooks.

Do I need to import every single transaction into QuickBooks or is the monthly payout transactions enough?

QuickBooks Online

G

GeorgiaC

Hi Thomas107, thanks for joining the QB Community 🙂

Recording the monthly payouts in QuickBooks is sufficient, however, if you'd like a greater level of insight into your sales & reporting, individual transactions may work better.

If you do choose to record these individually, you can use the 'undeposited funds' account to tie individual payments into one bulk payout. To do this, create sales receipts (+ new > sales receipt) for each transaction, and select the undeposited funds account on the 'deposit to' account. Once you've entered the sales receipts, create a bank deposit (+ new > bank deposit) - here, all the transactions posted to the undeposited funds account will show listed. Choose the bank that the payout was made to under 'account', select the date, and tick all transactions that apply - the 'amount' should then match the transfer to your bank. You can also deduct any fees taken by the processors by scrolling to 'add funds to this deposit' on the bank deposit, select a fee expense account under 'account' and enter the fee as a minus amount.