Managed Payments confusion

[yellowvcr]

I’m a little confused using managed payments and have the following questions:

Do I need a business bank account now? Been using PP as my primary bank account

How will you be able to track fees for filing taxes as a small business seller? I’m used to using QuickBooks linked to PayPal and doing it that way where both eBay and PP fees are accounted for

Will PayPal still be an option for buyers?

[rebell45]

If you don't have a business account on eBay you won't need a business bank account. If you do, then yes, you'll need a businees checking account that matches your registered eBay name and address exactly. You'll want to read the MP requirements in the help pages.

I doubt that Quick Books will work with Managed Payments at this time. Maybe in the future?

And yes, buyers will be able to continue using PayPal. 

[yellowvcr]

Thanks. So without QuickBooks how can we account for fees and shipping charges as expenses? We’ll have to manually keep track of every transaction?

I don’t have an eBay business account but plan on selling repair services. A personal bank account should be sufficient without any issues?

[1tuna]

............general response............

I have a buisness account with ebay and only have a personal checking  account at my CU

as far as being a buisness at ebay all you need to do is check off the box thats says buisness and thats it.

I did not notice anything different with a buisness account

[creativecrisis]

Managed Payments has some kind of rudimentary reporting. You can take a look to find out whether the details you need are included. I track my own expenses, just easier for me. My eBay business is pretty simple.

I'm NOT an accountant or tax professional, but based on my experience as a business owner, I'd say you may need a business checking account rather than a personal account for your repair service business. You could talk with a business banker at your local bank about the requirements.

[yellowvcr]

So eBay provides different reports you can view monthly (pic provided)

 

Which report would be best to use for figuring out fees etc that I can account for as expenses/income?

[loveyourimagination49]

Sellers hub - payment tab - reports

Hope you find what you need. There are other options to click once you get there.