Using QuickFile for eBay, Amazon & Shopify Sales

Accounting
1

Hello all,

I am new here so please be patient

I have been running a business now for the last 16 months. I have always done everything on an Excel spreadsheet. There are different tabs working out different percentages per sale regarding eBay, Amazon etc.
For example, the eBay tab is set out, Item Cost, Sale Price, eBay Fee, PayPal Fee, Postage, Profit.

I then have a separate sheet called running totals. Where I will place the item costs, profit and total cost + profit. The sum of cost + profit is how much I have available in PayPal to reinvest after all ebay fees, paypal fees & postage. This also goes for when sold through Shopify or Amazon. I then have a cell beneath this which deducts the sum of item costs. Giving me a pure profit figure, if I need to purchase a new suit for instance. This is then deducted in a ‘Drawings’ cell.

Image below to show example.

This shows me how much I can use for going out, spending on myself etc.
It also shows me how much I have to reinvest into stock, among other things such as SEO etc.

I want to get away from excel as it is getting a little tedious now. Placing the cost, profit and cost + profit figures in each cell. No only that, if there is a slight manual typo it will screw the complete thing up. I have not gone down the route or pro-formas yet but that’s the next step. Keeping an eye out for possible money coming into the bank. Would I only type that in once it’s an actual sale ‘paid’?

I have come to Quickfile because it is free and I dont want to spend more unnecessary monthly fees on things if this does the job I need. So hopefully it will.

When coming to such software, it will raise an invoice for each order. Which will be a total before fees.
How would I go about working out my profits? Would I have to log the eBay fees, PayPal fees, (or Shopify and PayPal fees) as an expense. Would it then show me how much I have available to spend as above image?

How would I then work out how much I have available for myself?
Am I over thinking this?
I can keep my stock on an excel sheet, that’s fine. I’ll use Excel as a database.

I’m already confused to hell so any help will be massively appreciated.

Probably over thinking things and this will probably seem ‘thick’ to most…

Someone please explain this all to me in layman’s terms.

Thank you,
Anthony

EDIT: Also, another question. When raising an invoice in quickfile it assumes it is unpaid. I work on payment upfront terms. Is there a default setting I can change to turn these into more of a ‘receipt’?

2

Hi Anthony,

To answer your initial question, no doubt QuickFile will be very useful and make the process simpler.
You will set all the costs, item cost, eBay fees, Amazon fees, PayPal, postage, all as separate suppliers. Each invoice raised you will be referencing to the sale to which the cost relates to. It will make it easy to keep track especially when the sales are increasing rapidly. QuickFile allows you to run Profit & Loss report which will help to keep track of how much money you have to spend or reinvest.

Also have a read through the following guide which I think you will find very relevant.

Accounting for income from payment service providers

I hope that will make it clearer for you going forward.

There is no default setting as such however, you can easily achieve that by using our “Multi-Invoice Entry Form” This will allow you to create invoices and assign payments at the same time. You can read more about that function in the link below:

The Multi-Invoice Entry Form

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Hello PeterK,

True to your word, thank you for your reply!

When you say set them up as separate suppliers. Would this still be the same eventhough the fees will be different each item that is sold. It will always be a percentage. eBay for instance 10%, however the fee itself could be £34, £28, £12 and so on.

I think for a while I would have to run it side by side with excel. Which would take much longer but hopefully see the same figures each side. That’s when I can finally say scrap excel.

I don’t feel I need to go for anything much more than this. I may even create a database in access for my stock. Is there a way of pulling from a stock database. Would be a great module to add in. Pull a product code from a database and automatically fill the description and cost in.

I will give each link a read that you have provided.

As before, the help is much appreciated. Hopefully freeing up accounts time in my business will allow me to work on much better things. Digital marketing and so on.

Kind Regards,
Anthony

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