How to log a payment on QF received from a sale on ebay

How-to
1

I recently sold an item on eBay, and received the NET payment from them, after deducting my seller fees and insertion fees. My online accountant said that I need to log this payment. I know how to enter purchases, but I am struggling to know how to log this received payment from eBay.

2

You need to treat eBay as a merchant account.

Create a bank account in QuickFile called something like “eBay holding account”. Then create a sales invoice for the gross total sale price (before deduction of eBay fees) and a purchase for the fees charged to you by eBay. Mark both the invoice and the purchase as paid using the new eBay holding account, which should leave a balance on that account equal to the net amount they transferred to you, so you can now tag the money in from eBay as a bank transfer from the holding account to close the loop.

1 Like
3

Hello @Coolhead

Here is the support article to help you.

https://support.quickfile.co.uk/t/handling-payments-from-merchant-accounts/8865

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