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Thanks! Is Terapeak just eBay or does it look at all platforms?
Enjoy NYC – you always find some interesting scavenges. Do you still change your shipping time or just do Time Away? I’m headed to McLean, hoping to run into some high end garage sales while I am there!
Yep – That’s what used to happen but it skipped over that part today for some reason?
I guess I am actually mixing methods since I occasionally will sell something “on consignment” for someone (usually a favor and a reminder that no good deed goes unpunished….) and then I am deducting my COGS after the sale in the form of payment to that person.
Every once in awhile (usually in Dec) I get charged for my store twice in one month, once at beginning and once at the end.
Although I do like being able to look up what I paid for something when it sells!
Retro Treasures- what do you mean you use Transaction report for COGS? Don’t you keep track of COGS in your own bookkeeping as an expense at the time you buy something? I don’t wait to sell something to deduct what it cost.
My accountant never even sees my 1099’s 😂 My own numbers are far more accurate.
I found it very frustrating that eBay shows Sales Tax collected by eBay on an order, but doesn’t show that the Sales Tax is “deducted” from the Payouts. When I am entering a Sales Receipt in Quickbooks, I do not include the Sales Tax the customer paid.
For over 30 years in our other gig (independent sales reps) the 1099’s I got never matched my records. Someone would cut me a commission check on 12/28/20 so it would be on their 1099 but didn’t show up in my mail until after the first of the year, so I had it as 2021 income. I ignore the 1099’s and use my numbers I have kept track of over the course of the year.
Jay is right, the more important thing is a good system of how you keep track of your numbers. Just total your payouts as income since it is net the fees.
Is the Sales Tax collected from the buyer going to be part of the 1099 total?
Where do I find the Sales Tax deducted from my Payouts so I can track the expense? I don’t see it on my Payout Report.
Are we paying Final Value Fees on the Sales Tax Collected from the Buyer?
Thanks, Elizabeth
Hello Ryanne and Jay – Is there a cost to keep the Forum up and running? Even though you are not posting the weekly podcast, the Forum is still a great resource! Is your Tip Jar still active?
Thanks, Elizabeth
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
DebitsandCredits –
Do you just edit the listings ending (and I assume auto-relisting) or do you End and Relist or End and List Similar?
Thanks Old Dad – I will look into that and getting my Top-Seller status back!
I do not have a Brick and Mortar Store but do occasionally do Retail Marketplaces, temporary indoor sales (think Holiday Markets run by your local church or something like that. You pay a percentage of your sales). I was thinking about a Flea Market Booth this Sunday – Ryanne, do you remember Raynham? – but it is snowing!
