Data Management
Create the following File Folders on your Hard Drive or Network Drive:
- Commission Payments
- PayPal Downloads
Account Set-Up
- Create the necessary accounts for QuickBooks.
- 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:
|
Name
|
Type
|
Description
|
Notes:
|
|
Bank Account (You may put the title of your bank account here)
|
Bank
|
Bank account for Consignor check payments
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This account is the account that will be tied to the PayPal account
|
|
Paypal
|
Bank
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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
|
Income
|
This account is used to record the eBay fees that will be collected from the consignor
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These fees are deducted from the consignor check
|
|
eBay Sales
|
Income
|
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
|
Income
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This account is used on the consignor payment to record the deduction of the commission fee
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This is the actual income you receive from the eBay sales
|
|
Item Sold on eBay
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Cost of Goods Sold
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This account posts to the consignor check to show the sales price of the item sold
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This account relates directly to the “eBay Sales” account from the PayPal postings
|
|
Paypal and Postage
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Cost of Goods Sold
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This account is used to record the expenses related to the PayPal transactions
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This is offset by the “eBay Fees Income” and “shipping” accounts
|
|
eBay Fees Expense
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Cost of Goods Sold
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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
|
|
Shipping
|
Cost of Goods Sold
|
This account should be used to record all shipping expenses related to the eBay sales
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The costs of this expense are offset by the amounts deducted from consignor payments
|
|
Interest/Dividend Income
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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
|
Notes:
|
|
Checking Account
|
Bank Account
|
This is the bank account for the consignor payments
|
|
PayPal Expense Account
|
Paypal and Postage
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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
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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: www.paypal.com. 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).