Ebay Integration with quickbooks question

[vmcmyne05]

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?

[pburn]

The Form 1099-K issued by eBay simply reports gross proceeds (or payments)--item price and any applicable shipping--that have been processed by Managed Payments, not profit. Those are two very different things. It's up to the seller to determine profits based on the raw figure provided by the Form 1099-K.

Shipping costs are not profit. They're an expense.

[caldreamer]

1099 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.

[pennysdream]

Hi,  I am also new to this.  What I have figured out so far is that....

1. Don't dump your current system until after the 1st of the year.  When you close your current books. 

2. It is not going to automatically pull in your expenses.  I wish it could, but it is not a mind reader. hehehe

Did you enter your inventory costs and office (shipping Supplies).  All the other expenses you have paid sence the first of this year?

Connecting your eBay bank accounts also, make this much easier.  You only have to remember the items you paid cast for.  

I don't know if any of that helps.  Kind of the blind leading the blind here. 

Penny

[eaze2go]

I 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?