Integrate with QuickBooks

Data Management

Create the following File Folders on your Hard Drive or Network Drive:

  1. Commission Payments
  2. PayPal Downloads

Account Set-Up

  1. Create the necessary accounts for QuickBooks.
  2. Update the account information in the CrossPostIt Software Financial Screen.

QuickBooks Account Setup

Below are a list of Chart of Accounts that you will need to set up in QuickBooks:

Bank Account (You may put the title of your bank account here)
Bank account for Consignor check payments
This account is the account that will be tied to the PayPal account
PayPal the “electronic” bank account. widely used on eBay. It is the preferred method of payment for eBay transactions
Widely used on eBay, it is the preferred method of payment for eBay transactions
eBay Fees Income
This account is used to record the eBay fees that will be collected from the consignor
These fees are deducted from the consignor check
eBay Sales
This account is used to record the sales transaction that post to PayPal
This account is offset by the “Item Sold on eBay” account
Commission Income
This account is used on the consignor payment to record the deduction of the commission fee
This is the actual income you receive from the eBay sales
Item Sold on eBay
Cost of Goods Sold
This account posts to the consignor check to show the sales price of the item sold
This account relates directly to the “eBay Sales” account from the PayPal postings
Paypal and Postage
Cost of Goods Sold
This account is used to record the expenses related to the PayPal transactions
This is offset by the “eBay Fees Income” and “shipping” accounts
eBay Fees Expense
Cost of Goods Sold
This account is where the fees that you are billed by eBay will be recorded (listing fees, etc.)
This expense is billed separately by eBay monthly
Cost of Goods Sold
This account should be used to record all shipping expenses related to the eBay sales
The costs of this expense are offset by the amounts deducted from consignor payments
Interest/Dividend Income
Other Income
Interest paid to you by PayPal (if you have an interest bearing account)

Below are the corresponding QuickBooks’ accounts for CrossPostIt:

QuickBooks Information
Corresponding QuickBooks Account
Checking Account
Bank Account
This is the bank account for the consignor payments
PayPal Expense Account
Paypal and Postage
This account reduces the consignor payment by the transaction fees charged by PayPal and the postage fee for shipping the item
Void Checks
Void Checks
If you did not create a Chart of Accounts in QuickBooks for “Void Checks”, leave this blank
eBay Fees
eBay Fees Income
This is the account that deducts the charges from eBay from the consignor payment
Cost of Sold Items
Item Sold on eBay
This account lists the sale price of the item on the consignor payment check stub
Commission Income
Commission Income
This is the account that deducts the commission income from the sale price of the item sold on eBay

Downloading PayPal Information

Access your PayPal account: Log into PayPal

After clicking Transactions, you’ll see your history and then you can click download on the right.

Download sends you to the Download History section

Enter the date range and then select QuickBooks (.iif) as the file type to download. Then click Download History at the bottom of the page.

Enter the information as it appears down below. This should correspond to the accounts you created in QuickBooks. Then click Download Log. When the screen pops up asking if you want to open or save this file, select Save. Save the file to the folder previously created for PayPal Downloads.

Note: Change filename to the following format: YYYY-MM-DD thru MM-DD
(refer to this date you entered when you began the download process).