If you buy anything through your Paypal account (such as when you pay for Ebay fees) you would highlight the Paypal Sage Bank Account and do a bank payment to the sales commissions code 6200.. as this is what Ebay fees are.
-- Edited by FoxAccountancyServices on Saturday 9th of November 2013 01:26:13 PM
I'm wanting to put my ebay sales into sage daily/weekly. At the moment I enter every sale as an ebay invoice and put the buyers name as the reference but it's got to a point where this is getting too time consuming and I'm looking for a simpler solution?
It depends what you want to do with the data.....it might be useful for stock and customer info (CRM) doing what you are doing, but I imagine you cantreat the e-bay sales as 'cash' sales. I expect that you will still have access to the detail of the sales in e-bay?
I am not exactly sure how this works compared to PayPal, but if the money is ever 'held' in an e-bay account and periodically transferred into your business account, then you could set e-bay up as a type of bank account. Then simply receive sales in a weekly/monthly period to that account. If the payments are direct to your business account, simply receive as cash sales with the reference e-bay?
I have a client who deals with paypal and the reports are quite messy although the details allow you to recognise different categories of sale.....if there was only one category, then it would be a lot simpler. I'm not sure if you want to categorise your sales in e-bay but if not, then totalling the sales per week or month would be fine. I expect you will have a weekly/monthly report from e-bay?
My usual way of dealing with Ebay, when all payments go through Paypal - is to simply take the Paypal Monthly Financial Summary (Located in Reports), and post that through a bank account set up for Paypal.
Sales in as Bank Receipt
Fees paid as Bank Payment
Bank transfer to current account for each drawdown
And then Bank Payment's to account for any Paypal payments.
Trying to reconcile Ebay to Paypal can be quite time consuming and if you are happy to post monthly figures into Sage, its much quicker.
The only thing to watch out for is when non ebay sales are paid into paypal. Manipulation of the monthly spreadsheet can highlight these items
I am doing a job like this right now, as it happens. The client has website and ebay sales. I have to identify the website sales first, then take the balance as Ebay
Using this Sage bank account for paypal, you should be able to match the opening and closing figures on the paypal statement. Much like you would reconcile the normal bank account statement
