Ebay Fees with Quick File

Accounting
8

Hi @djtit83

Firstly, it’s worth noting that when you say “Quickfile does not seem to be recording this correctly” - the software is only as good as the data it’s given. Google the expression “GIGO”.

Secondly, QuickFile isn’t specific to any scenario - it’s a platform built for multiple industries and therefore flexible. The way you are doing business (e.g. selling things through eBay), isn’t unusual, and can be dealt with easily within QuickFile. But because it’s flexible, it can’t pick up that “ebay” is a supplier, and “ebay fees” would be a charge - it doesn’t tag automatically unless you teach it via bank tagging rules (as @ian_roberts) mentioned above.

Thirdly, I’m not 100% sure how eBay take their fees, but from a bit of googling I take it that they invoice you on a monthly basis, and then you pay, either manually or automatically from PayPal or another method.

So, what you would have essentially, it a set up for PayPal money in and out, as per the guide here. You basically have 3 transactions for ever payment coming in and being transferred to your bank account. I’ll show you an example with a payment for £10 from a sale, but PayPal fees of £0.50 being taken too.

  1. £10.00 would come into the PayPal Account, tagged to the £10 customer invoice
  2. £9.50 would be transferred the main bank account, tagged as a transfer
  3. £0.50 tagged to a supplier invoice as PayPal fees

For ebay invoices, I’d imagine it would be the reverse but in 2 steps. Let’s say we have eBay fees of £1.00, you would have:

  1. £1.00 tagged to a supplier invoice for eBay
  2. £1.00 transferred from your main bank account to your PayPal Account

Hopefully that helps with that :smile:

Fourthly, in terms of missing payments. How many are you missing? What time frame are you missing? Is it a week, a month, or bits here and there? If the timeframe isn’t huge, you could just go through the PayPal statement, and add them manually.

If there’s a few missing from a period of say, 2 weeks, you could download a CSV file from PayPal for that time period, and import it, as per the guide here.

Overall, if you tag things as per the above, seller and transaction fees should be accounted for, and therefore taken off your profit. Similarly, any money coming in would be tagged to an invoice and therefore added to your profit.

And as you’ve just added about “Funds Availability”, from looking at PayPal, it would be funds that are not yet available to withdraw. If I understand the situation correctly, the following topic should help. I believe the situation is similar:
http://community.quickfile.co.uk/t/paypal-temporary-holds/4835

Edit
I should also apologise if the post is long, but I tried to cover everything for you. Also, apologies if I completely missed the point of your post.

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