Ebay Integration with quickbooks question
Alright, so I just got the QuickBooks for free with eBay for this year and so far it's going ok. But QuickBooks is showing Gross Profit AFTER shipping costs are taken out, so I feel like their Profit and Loss sheets are not accurate and are not going to be matching up with eBay's 1099. Are you seeing the same thing?
2 comments
caldreamer
·3 years ago1099 shows "gross sales" (purchase price + shipping income). From that amount you itemize and deduct "business expenses" (EBAY fees, cost of goods, mileage, office supplies, cost to print shipping labels, returned merchandise). You pay taxes on "net amount". You need to keep all receipts to backup your deductions.
eaze2go
·3 years agoI am also new to Quickbooks and could use some direction. I sell used/personal items on ebay, do I input into quickbooks my cost of those items (expense) or keep that information separate for later tax time?