Can you give me a hand?
Ebay have changed how they take payments. They now send the money directly to the bank (missing out paypal altogether) and deduct their fees in the process. i.e. I sell an item for £9.99 and the money I get in the bank is £8.35 (£9.99 minus their £1.64 fee).
At the moment I am having to manually input everything including:
creating the customer invoice (which used to happen automatically when the money came in to paypal)
Inputting the money as it comes in to the bank
Adding the extra fees as income into the bank which ebay have taken off (so that the invoice shows as paid in full)
Then creating a purchase invoice for the ebay fees (so that my bank balances)
It is all a proper nuisance.
Do you know if there is any other way to do this?
That is pretty much how it’s done.
However I wouldn’t personally be adding transactions to my bank account.
I’d create a new holding bank account where I’d add the full invoice amount then the fee and then create the balance as a transfer back to my main account matching to the money coming in.
You could use zapier between ebay and quickfile. When there is an order/sale on ebay that will be send to zapier and they send it to quickfile. With the data from ebay you can create the bank/holding account entries, invoices and create new customers/clients - see below.
Then you could create auto-tagging rules in quickfile and most of your entries will be tagged automatically. So, not much left to do for you except to check things from time to time.
Paul’s method makes a lot of sense, effectively treating eBay as a bank account. Do they give you a transaction report of sales/commission/final payment? If you could either turn that into the format of a bank statement or create one from scratch in Excel, export to CSV and load into QuickFile, then the auction amounts are allocated to Sales, the commission as a purchase from eBay as a supplier and the payment to you is a bank transfer to your current account. If you need to analyse the sales in more detail you could add text to tag with at the Excel stage. That would be the only manual work and the rest could be done with auto-tagging in QuickFile.
Hi, I have the same issue of having to create/adjust an invoice based on the new selling fee system ebay now uses.
What would be great if the developers could add a selling fee field (not project field) to be tacked to an invoice so any selling fees could be deducted (if required) and highlighted (as selling fees) to enable the user to adjust the invoice to match the payment received by ebay?
For eBay managed fees, create an additional bank account, and name it something like eBay Holding Account
Create your invoices from eBay sells, (if you send your eBay customers an invoice) or if you have many sells in one day, do a daily total sales invoice, in Quickfile and pay the full invoice amount, before any deductions, as paid into the eBay Holding Bank Account.
So for example, if you sold £300 in one day, mark this as paid £300 to the eBay Holding Account.
When eBay pay you, either daily, or weekly, do a transfer from eBay Holding Account to the bank account where you get the money transferred to.
For the fees, which now include the PayPal fees and selling fees, at the end of the month, create a purchase invoice, for the total invoiced amount, eBay send you, which shows all the transaction final value fees, and pay this purchase invoice from the eBay Holding Account. That will cover all the monthly eBay selling fees, and the PayPal (now handled by eBay) fees in one hit.
If you stopped selling, had the final payment from eBay and paid the last eBay fees invoice, this account would balance as zero, but as you would be adding daily sales, it will never be zero.
The only downside to the new system is, PayPal fees are VAT exempt, however, eBay does add VAT to these, as they handle this now, so unless you are VAT registered, you would now be the VAT on these fees worse off.
There was always VAT on the original eBay selling fees, but never on PayPal.
It’s actually quite a simple process, sounds more complicated, then what it really is.