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Fri Feb 14 2020 20:56:55

Seller Seeks Accounting Solution to Tackle Taxes

By: Reader

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Dear Ina,
I enjoy very much getting your newsflash and reading it. Here's a thought for a topic - what are some good accounting solutions for eBay and Amazon sellers that are tailored for accounting for sales from those marketplaces? 

For example, solutions to automatically download sales data, itemized cost and expense data, etc. Or do you already have some kind of comparison or reviews on your site that I'm not seeing? Or are there a few that you know are best from prior newsletters you've prepared? 

Any thoughts appreciated - thanks again for your newsletter, it is very informative and a great read. 
Bill R.



Comments (8) | Permalink

Readers Comments

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

This user has validated their user name. by: iheartjacksparrow

Sat Feb 15 11:36:05 2020

@Bill R. - Doing an online search, these were the top accounting software packages for online sellers:

QuickBooks
FreeAgent
Wave Accounting
FreshBooks
NetSuite
Sage Accounting
Xero

I do my accounting the old fashioned way, with a spreadsheet (free from Open Office) set up so that everything about a sale is covered (date, item sold, amount paid, my cost, tracking number, etc.).  

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

This user has validated their user name. by: cfrphoto

Mon Feb 17 00:20:02 2020

The SixBit eCommerce solution captures order and sales data in a database. Unfortunately, eBay changes to the API did not keep up with events and as a result no sales tax information was available from eBay until mid-April of 2019. Managed Payments is also creating headaches for sellers who previously could rely an PayPal reports. Data available from eBay in the Orders report is difficult to import into Excel and goes back only 90 days so frequent downloads are required. Sellers incarcerated in the Managed Payments program have access to a Payments report that complements the Orders report. It too, only goes back about a year and is difficult to import into Excel.

I had imported PayPal transactions into Quicken until about five years ago when that turned into a nightmare. I now download PayPal balance affecting transactions for the entire year and create a summary in Excel to for Quicken. However, now that Quicken wants an annual fee, it is too expensive for what it does compared to using Excel or a relational database. I investigated QuickBooks which has better import capabilities, but I am not sure it is worth the monthly cost for remaining business activity on eBay.

Sellers who have any training or experience with SQL databases should use SixBIt. Captured sales and orders data can be easily queried to produce custom reports not available in the built-in reports. It is relatively straight forward to write queries for revenue or sales tax.

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

by: phantom This user has validated their user name.

Mon Feb 17 00:47:17 2020

I have use an excel spread for the past 10 years. Tracks all my cost and sales revenues. Has built in formulas to calculate eBay fees, Paypal fees and shipping. It also calculates ROI and EBIT. I know to the penny what I make on every sales. With a spreadsheet you can configure it to get what you need, not what some financial software company thinks you need.

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

by: MichaelP This user has validated their user name.

Mon Feb 17 03:15:24 2020

I've been using GoDaddy Bookkeeping for about 7 years and it's always been great. I have my Amazon account and both eBay accounts syncing with it, as well as both credit cards, my PayPal account, and my bank account.

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

by: OhWhatFun This user has validated their user name.

Mon Feb 17 08:26:34 2020

Greed daddy sucks. They increased the price on me 3x what it was the year before.
The program constantly loses info it had before.
Latest issue every payment etc coming from PayPal, just says PayPal so no info is being routed to the correct category. It gets worse by the day. Stay away from it.  I have purchased a ledger sheet book for this year. At least I know once I write it down it will not suddenly change on me.

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

by: JohnGermaine This user has validated their user name.

Mon Feb 17 12:01:21 2020

Paper spreadsheet, the old fashioned way. No password, no purchase a program, and it never crashes or won't let you in. One more KISS - Keep It Simple, Silly!

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

by: cvsharkey This user has validated their user name.

Mon Feb 17 13:39:48 2020

Yup....Excel spreadsheet
Macros are easy & a great way to minimize the useless columns on PayPal & Etsy reports.

Quickbooks required more robust programming skill than I have or would have time for.

Perminate Link for Seller Seeks Accounting Solution to Tackle Taxes   Seller Seeks Accounting Solution to Tackle Taxes

by: railady This user has validated their user name.

Thu Feb 20 09:15:28 2020

I use spreadsheets too but have been having a lot of trouble this year.

PayPal has been a joke from the beginning. I have absolutely no use for one long column of ''expenses'', money out regardless of what it was used to purchase, or ''income,'' again regardless of what it was for - no way to differentiate between an ebay customer's payment or my son reimbursing me for game tickets, for example.

How simple it would be to use one email address for business, another for personal - they won't allow it. An absolute joke.

The 2019 financial report from EBAY I am trying to download comes through with several hundred entries perfectly translating into a csv, but !! when I scroll down through, at about the 700th entry ALL the ones following never converted into spreadsheet box format  - each is still one long line, full of text and commands. WORSE THAN USELESS. I tried getting the report several times, thinking maybe it was me, but each time the report was created, the same thing happened.

Is there any instruction for fixing this - how do you take a bunch of rows, within a working spreadsheet, and tell them to change into individual boxes?  

I am using Microsoft WORKS programming, NOT EXCEL. I am in no way tech knowledgeable. Thank you in advance for any thoughts or ideas.  



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