How do you transfer eBay Payout information into your business accounts?

[pillarboxred]

The way eBay sets things outs makes no sense. I suspect they do it in a way that suits their money management. `Here's a postage payment funded by my card via eBay next to the purchase of the label. Do I ignore one when writing up my business account because the money comes into my eBay account from my business account but the amount goes out from my business account?

[therenewalworkshopltd]

The only way it works, is to treat your Ebay account as a separate bank account.

With money in and out as you pay bills etc, then move money into to it to pay them from a savings account etc.

So for that payment, you have bought a label which debited your Ebay account and was then funded by a transfer in from your bank account.  Though the timings are a little odd....

But if you have a lot of transactions, then I would strongly suggest that you look at using something like Link my books.  It makes it all go away!  🙂

[pillarboxred]

So, if I understand you, I should only record the purchase of the label in my FreeAgent account?



HMRC needs to look at how sellers record their transactions. I suspect most of us are making errors from the bizarre layout of eBay's accounting, all the gobbledygook of references numbers. It is totally horrendous.

[pillarboxred]

I used to use 26 column, double-entry book-keeping on paper. It was tedious compared to Digital but was comprehensible.

[therenewalworkshopltd]

Yes, as the money isn't another purchase, it's just moving between accounts.

One would hope that most have an accountant to run their accounts passed at least.  🙂

But I'm totally automated.  Everything gets imported directly to Xero and I don't have to do anything, other than match it up.

[pillarboxred]

I used to have an accountant for nearly forty years but my sales have dwindled so it wouldn't pay, now