Quickbooks Desktop Pro 2021

[Castle Rock Emporium]

Hello Everyone!

I recently  started doing my bookkeeping with Quickbooks Desktop Pro 2021. I have been using Quicken for years and years, I really wanted a double entry system. (Not sure I needed and that being said, maybe an updated Quicken purchase would have been better….) I am a sole-proprietorship and have 3 companies set up right now –  eBay, a manufacturer’s representative business and my personal-home expenses/income including a side hustle W-2 job. I paid out the big bucks for Desktop since I can use it off-line and it will pay for itself in 2 years.

My question here is how are others entering their Managed Payments? I am manually entering and not uploading until I get a system in place, which I think I have accomplished, with one small flaw and I am wondering how others dealt with the error?

I enter my gross Ebay sale as a Sales Receipt with “Ebay Sales” as my Customer and the Sale# being the last 5 digits of my Ebay Order Number. The amount paid for the item, the shipping received and the sales tax collected for me are listed as separate line items. The total matches the Ebay order.  This automatically puts the Sale into Undeposited Funds.

When I get a Payout, I go over to General Journal Entry to record it. The Debit column shows the deposited amount (Payout # in Memo), the transaction fees, and any shipping labels I bought per my Payout Report. In the Credit Column, I am entering the Undeposited Funds with each Sales Receipt included in the payout listed with the Order Number in the Memo so I can reconcile.

However, this wasn’t balancing until I noticed the Payout Report Sale amount does not include the Sales Tax collected from the customer and deducted from me! The Payout amount before fees does not equal the Order Total! When I include the Sales Tax deducted (again, not listed in Payout Report….) when doing the Journal entry as an expense, then all balanced. I see my Undeposited Funds are a zero balance and the Payout Amount is showing up in my bank account register as a deposit.

Is there a way of running the Ebay Payout Report that is the full order amount with the sales tax deducted (paid for me) listed or have eBay not include the Sales Tax the Customer paid in the Order total?

I know I am asking for the sun, moon and the stars! Hope someone has some insight for me.

Thanks, Elizabeth

[Castle Rock Emporium]

Really? No former Accountants out there? No one using Quickbooks makes General Journal Entries? Maybe when Tax time rolls around!

Anyway quick update – Quickbooks Desktop Pro 2021 did not show Totals for GJE and previous transactions don’t show. You have to run report or keep calculator handy to make sure balanced!

I was going to upgrade to to QB Desktop Premier to have that function but it turns out the $350 price tag is now a Yearly Licensing fee! Apparently if they can’t get you to to sign up for a monthly Subscription Plan, a license fee is the next best way to get you to part with your money.

I really need to be able to work off-line and have a local backup for my Data, so I went on eBay and found a 2015 Quickbooks Desktop Premier CD that works great! (I did have to purchase an external CD Drive/Reader to install)

But back to Sales Tax question – how does everyone deal with the in and out amounts?

Enjoy the weekend! Elizabeth

 

 

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