QuickBooks Accounting Tips?

[for-eva-pets]

Good morning,

I recently started using QuickBooks for doing my own accounting for my company. I need to submit VAT using QB and keep track of everything for doing Corporation Tax, etc at the year end also.

Now, I have come into the problem of needing each individual sale to be accounted for (via the eBay app in QuickBooks) and that's for VAT purposes. The only problem now is, the eBay payout is also income. I've made sure the eBay payouts are excluded from VAT, as I don't need to pay the VAT twice, it's already doing it per individual purchase. Now the business income has almost doubled though. Is there something else I need to categorise the eBay payouts as? That's the actual income I care about though, I only need individual sales to be accounted for the VAT submissions only.

It's a bit of a headache, if anyone has worked out how to do this efficiently, please do share.

[therenewalworkshopltd]

Have you considered using something like Link My Books?  There are few different software's out there that will do this.  It just comes to mind first.

It makes the whole thing considerably easier and automated.  

[modelrealm]

Hi

Set up a ebay managed payment account in QB under a cash in hand account. if you are using the app make sure it is set to use the ebay managed payment account. You should then have the payouts come into your current account. Set a rule for payments into your current account as a transfer from the ebay managed payment account to the current account. This way you will keep all sales and transactions in the ebay managed payment account. Hope that makes sense

[radiostuff]

Hi,

I just signed up to Quick Books so I'll be inetrested in this one.  I use Wix as my main shop as well but I do not get any VAT value coming into Wix.  It's a nightmare and involves re-entering every invoice.