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LucyKWill
May 17, 2022
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Ebay payments and postage

  • May 17, 2022
  • 1 reply
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Apologies in advance if this is a really stupid question! It's hard to explain this in words, I have an eBay shop and I think postage is being duplicated or taken off my profit twice. For example:

- Someone buys an item on ebay for £10 plus £3 postage at a total of £13, I then buy the postage through my bank account. 

- Ebay sends me £10 in payment, not including the postage of £3.

- QB sees that I spent £3 on postage and it is logged as an expense

- Therefore does QB think I made £7 profit, rather than £10?

 

This is not taking into account Ebay fees etc, I am just asking about the postage. Am I going really wrong somewhere?! This is driving me mad! Any help much appreciated!

 

 

Best answer by EmmaM

Hello Lucy, Without seeing the account we can certainly help however we may be assuming circumstances so we need to check some things. Does Quickbooks show a sales receipt/invoice for 13 pounds and a separate expense for 3 pounds? or one for 10 and 3 pounds?  How are the transactions coming through is this through Shopify integration/Paypal connection or other bank account connections? If it is recording a sale for 10.00 and a separate expense of 3 pounds then yes it is recording 7 pounds as being the profit. 

 

What you can do so that this records correctly and you can match in banking rather than is to record the sales receipt or invoice for 13.00 and then instead of receiving payment to the bank chart of account on the transaction receive it to the undeposited funds account. This then puts it in the bank deposit section(+symbol bank depsoit). 

We can advise then how to record the fee and how to then match this in the banking instead of adding if that is what you are doing in banking. In the bank deposit section,>select payments included in this deposit> put a tick in the box to the left of that payment>In the add funds to this deposit section enter the customer name from the invoice, and in the account section select an expense account(either one you created for the charges and have already or if you can create one>.in the amount section on the same line as the above make sure you put in a minus symbol and then save and close(making sure the date is correct)

The remainder will be the 10.00 which you can bank (save the bank deposit)and match in banking. You should see a match for  (10.00 and the 3.00)both the fee and the amount received in the bank if that makes sense  Your profit will then be the 10.00. We do see this is a long answer. Come back here if you have questions or if our answer does not match your situation.

1 reply

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Carneil_C
May 17, 2022

Hi, @LucyKWill. This isn’t the kind of impression that I’d like you to have.

 

I’m here to help you with your concern about eBay payments and postage In QuickBooks Self-Employed. 

 

Please know that payments and downloaded transactions from eBay will depend on them.

 

Otherwise, you’ll want to reach out to eBay's support team. They have tools to pull up your account in a secure environment and will provide assistance with your concerns.

 

Alternatively, you can also categorise the transactions downloaded from your bank. Here’s an article you can follow for more details: Categorise transactions in QuickBooks Self-Employed.

 

Also, you can invite an accountant about the best process for your books.

 

If in case you’ll want to manually enter the eBay payment transactions into your account in the future, check out this handy guide here: Manually add transactions in QuickBooks Self-Employed.

 

You can always reply or reach out to us again if you need anything else with managing your accounts and transactions in QBSE. We're always here to guide and assist whenever you need help. Enjoy the rest of the day and keep safe. 

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LucyKWillAuthor
May 18, 2022

Hello,

Thank you for replying, but your answer really doesn't help my question! It's not something for Ebay support, I am asking if I am inadvertently logging postage expenses twice, as it shows up as a transaction in my bank account but is also taken off the payment I receive from eBay. 

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EmmaMAnswer
May 18, 2022

Hello Lucy, Without seeing the account we can certainly help however we may be assuming circumstances so we need to check some things. Does Quickbooks show a sales receipt/invoice for 13 pounds and a separate expense for 3 pounds? or one for 10 and 3 pounds?  How are the transactions coming through is this through Shopify integration/Paypal connection or other bank account connections? If it is recording a sale for 10.00 and a separate expense of 3 pounds then yes it is recording 7 pounds as being the profit. 

 

What you can do so that this records correctly and you can match in banking rather than is to record the sales receipt or invoice for 13.00 and then instead of receiving payment to the bank chart of account on the transaction receive it to the undeposited funds account. This then puts it in the bank deposit section(+symbol bank depsoit). 

We can advise then how to record the fee and how to then match this in the banking instead of adding if that is what you are doing in banking. In the bank deposit section,>select payments included in this deposit> put a tick in the box to the left of that payment>In the add funds to this deposit section enter the customer name from the invoice, and in the account section select an expense account(either one you created for the charges and have already or if you can create one>.in the amount section on the same line as the above make sure you put in a minus symbol and then save and close(making sure the date is correct)

The remainder will be the 10.00 which you can bank (save the bank deposit)and match in banking. You should see a match for  (10.00 and the 3.00)both the fee and the amount received in the bank if that makes sense  Your profit will then be the 10.00. We do see this is a long answer. Come back here if you have questions or if our answer does not match your situation.

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