eBay Performance & Sales Help

[tjohnsonds]

I am filling out my taxes early, and I know that my year is done.

Does the screen for your sales take into consideration the cancellations and refunds you have done? For example, If I have had $1,000 in cancellations this year, and that page shows $10,000 in gross sales. Does that show the $1000 cancelled? Or should it be $1000 less on the gross sales. 

[luckythewinner]

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@tjohnsonds wrote:

I am filling out my taxes early, and I know that my year is done.

Does the screen for your sales take into consideration the cancellations and refunds you have done? For example, If I have had $1,000 in cancellations this year, and that page shows $10,000 in gross sales. Does that show the $1000 cancelled? Or should it be $1000 less on the gross sales. 

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IMHO you should not be using the eBay summary screens to fill out your taxes. 

IMHO you should be downloading your transaction history (either from PayPal or from Managed Payments, as needed). 

[tjohnsonds]

What do I do for a PayPal invoice?

Does it show EVERYTHING I need to know? Including sales tax, returns, etc?

[luckythewinner]

The paypal transaction detail shows every transaction. 

It shows eBay payments with shipping and sales tax, refunds, currency conversions, sales tax charged and sales tax  reimbursements back to eBay. It will also show postage you purchased and monthly fee invoices you paid, if you paid them throguh PayPal. 

The PayPal transaction detail download shows me everything I need for taxes regarding every penny that has gone through my PayPal account. 

PayPal > Activity > Statements > Custom

Choose Balance Affecting, set the date range (1/1/2020 to 12/31/2020), and CSV. 
Use Customize report fields to include whatever data you want. 

Click Create report

It can take a few minutes for the report to be available; they will notify you by email. 

When the report is available, click Download  

Open it in any spreadsheet program like Excel, OpenOffice, etc. 

Then all you need is to sort and filter the information as needed and sum up some columns.

It takes me about two hours to do my taxes for PayPal for the year. (Of course, this year it will be a pain because for the month of December I was in Managed Payments). 

[mam98031]

The first thing I'd say is that EVERY seller should be keeping their OWN books.  Reports from Ebay and PP should be supporting documents used to check your work.  You should be tracking all your sales and expenses yourself.

With that said, the reports on Ebay and/or PP INCLUDE cancellations and refunds.  I see you are in MP.  If that was for the whole year then you just need the reports that MP has to offer, which new and improved ones are coming out next month.

If you were in MP part of the year and in PP part of the year, you will have to use reports from both sites.