Which “report” includes information needed for reporting expenses come tax season?

[yellowvcr]

I’ve always used PayPal to sort out fees and tax collected per sale  

With managed payments I need to manually do this myself, but which report includes all the information? 

I need gross income, listing/final value fees, and taxes per transaction that the buyer pays which I need to deduct as an expense otherwise it shows it as a profit.  

Need all this info in one report. Which one would have it?

[firesteel_surplus]

Have you tried going to "Payments" , "All Transactions", click "Reports" on the left column, set your date range and then "Create Report."

It'll take a few minutes to create but you should have a report that you can open in MS Excel/LibreOffice Calc that should give you all the info you want. You'll have to spend a few minutes cleaning up the report columns and getting rid of the ones you don't need but all the columns are pretty self explanatory.

BTW...you'll have to hit "Refresh" a time or two to get the report to show up.

See if that works for you.

Mike

Firesteel Surplus

[yellowvcr]

So the report can only be opened with Excel or some other specific program?

[clarkphilatelics]

The report is a text file but may be useless without Excel and some Excel skills to reformat numeric columns displayed in scientific notation.

It is possible, if done for every payout, to enter the gross amount, net amount, and fee amount from the detail window into a program like Quicken or QuickBooks as a split transaction. Once the entries are reconciled with the checking amount, the total of the gross amounts (income) less fees (expenses) should equal the net amount. Be aware that holds must be accounted for if any are open at the end of the year.  If eBay labels are printed, the deducted costs will also show up in the detail window, and potentially make tracking expenses more complicated.

[yellowvcr]

Downloaded the report, little confused about the section “eBay collected tax”

It looks like eBay collects and handles it, but at the same time, does it show as “total gross income” that I need to account for?

[yellowvcr]

Can I just use the “Financial statement” for gross income of each month and then the “Tax invoice” for fees as expenses?

Or do I need to go through every single transaction and calculate income/fees that way?

These reports are kind of confusing 

[darsdandydeals]

Or pdf

[stainlessenginecovers · Accepted solution]

No; financial statement is worthless. Use the 'reports' under 'payments'; change the date from Mar 1 to Mar 31 to get the "monthly". 

Then add a line near the top right above the 1st line of items shown and create this as a "Total".  

You will want to delete out all Holds (they screw up the totals)

You will want a blank columns near the 'Total Gross' for Returns, move the minus (return to that column, then zero out the return in the 'gross' column

Taxes collected by ebay are NOT part of your gross, you do NOT need to keep track of those

"other fees", just now added in mid April, you will want to create a 'new' next to those and move those figures (so it's easy to get a 'total'). 

Bottom line- you will have 5 total columns at a row at the top for the following: (the bottom 4 items will be 'write offs') 

Gross Sales

Other Fees

Fees (the .30c ones)

Final Value Fees

Returns 

[yellowvcr]

Thanks appreciate it. Just to be sure, as of now there is no easy way to do it other than with an Excel like program?

And I’m looking for the “payments” report? Not “Transactions”? Do any of these expire if not downloaded in time?

[luvclapton23]

I am confused as well.

I am a small seller, so I had time to calculate my reports without using any system and I am not computer literate (i.e. I don't know how to use Excel nor do I have the energy or time to learn it as well as keep up on sales at the moment).

My personal record keeping included the following: The sale price of the item, the tax eBay collected on that item (I did not include that in anything, but had a record of it), what I paid for the item that I re-sold, eBay fees, PayPal fees, shipping cost, return fees if any, misc. fees like shipping supplies, etc., if any.  It was all simple and easy to support with my documentation.  I could clearly see what my profit/loss was on all I sold.

I'm finding the MP and the entire maze of the Seller Hub completely unworkable for me. As a small seller, just can't justify how much time it now takes to calculate my net profit on my few items. A ton of reports to sort through or print. Unfortunately, I have to do this - not only for my own self-employment taxes but for my income-based benefits that I now depend on (housing, food assistance, health insurance).

I am really lost in all of this and am avoiding selling altogether... but I have to. I need my medical insurance. Really resent the direction this has all gone for small sellers like me. I never made much on eBay, but enough to supplement my income when I was working.

I have no idea how to prepare reports for the government agencies I have to report to now. All they see is a deposit into my bank account from eBay and they think that is my profit. That deposit does not reflect the eBay fees, my shipping costs, etc.  I need my actual income from eBay to be accurate. This system does not work for people like me. I'm dreading income tax time... I've always reported my income but dread doing so this year. Hate this. 😞

[yellowvcr]

Should I check off all these or just the ones I have in the picture? 

 

[holmaneva-2]

 Amen! I as well unfortunately have to sell for the exact same reasons you stated. I also have kept basic records the old way and at this stage of life have no wherewithal to even begin to even think about using Excel to do it. There are probably many more in the same boat that just need a basic out line of a simple way to keep track of all the particulars for those that want to keep records as was done before computers. 

[kh-leslie]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.

Thank you for understanding.