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Yeah, the Paypal integration doesnt work automatically. What we do is manually sync every day or every couple days. This works.
Hey, Jay. Unfortunately that is not what I’m describing. Sooner or later it will just stop working altogether. With no fix. Again, not bashing them, I love what it enables me to do, but would love the PayPal and bank connections to actually work.
(Edit: Shouldn’t say sooner or later it will stop working altogether. That has been my experience, not necessarily going to happen to you.)
Hi, not a tax professional, blah blah.
Every state will have different rules for this stuff. I know that in New York just getting your reseller certificate (which I have) means you DO have to file sales tax remittance quarterly, whether you have to submit any money or not. And while eBay is collecting on your behalf, anything you sell locally you should remit sales tax on. It’s a bit of a pain, but not too bad. You can also keep track of any sales tax you pay on items intending to resell (some vendors won’t honor your tax exempt status) you can get BACK from the state. However, New York’s paperwork burden for that is crazy, so I end up just eating it.
I’m looking into Wave Accounting for this year. Is anyone else using this and how did you set it up? I tried to pull my PayPal CSV for January, but it seemed kinda jumbly.
I used Wave for 2019 from the beginning of the year, and was able to get information successfully to my accountant. While I would not discourage anyone from trying a free service, I will say that the PayPal integration flat out doesn’t work. You might get it to work for a bit, but it will stop working shortly and you will get no help getting it to work again. Support just says to upload it manually, and the forums show that the problem has existed for several years. It also has stopped working with my bank periodically, and at this point I’m just manually doing that as well, I don’t really have too many bank transactions.
What I ended up doing was downloading a report weekly from PayPal and using the Wave Google Sheets integration to do a nice clean upload. Works fine but takes some time.
By far the best part about Wave is the mobile receipts app, which lets you take a picture of a receipt, analyzes it, does character recognition, lets you correct any errors, and then uploads directly to Wave as an expense. That works great, but if your bank integration is working will create duplicates which you will have to merge. At one point a technically-aware customer noticed that the receipt photos were being stored in a completely open Amazon S3 storage container which anyone can access if they know the URL structure. I don’t know if that was ever fixed, but I decided to live with it. Terrible lack of security though.
At one point during the year Wave was purchased by H&R Block. It was hoped that would enable resources to attack the issues that exist, but sadly I haven’t seen any improvements to speak of.
Not a perfect solution, but as cheap as I am has been working for me. I’m not really making enough money at this (entirely due to my own lack of devoting enough time to it) to justify spending money for a paid service at this time.
Hope that helps!
RichieMac9
