Managed Payments and Taxes
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  1. #1
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    Managed Payments and Taxes

    Alright, now that 2020s over, I'm trying to get a jump on the tax part. Paypal always made it really simple with the statements you could download to excel and edit. Anyone know the plan on what eBay is going to do for their portion of managed payments? Any document similar to that that we'll be able to download to show all of our income? I've got the invoice costs and I kept all of the USPS shipping in Paypal, so that parts done, I just need the incoming payments and fees charged. I guess I could go to my bank account and copy down every one of the payouts that eBay sent to it? That would be the incoming payments minus the fees, so I guess that would work? Any ideas or any tips on how you guys are doing tax prep with managed payments?

  2. #2
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    eye man

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    retire..........................I feel for ya
    Bassmaster96 likes this.

  3. #3
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    I haven't signed up for managed payments yet. Got a phone call about it from eBay yesterday. Guess I'll have to sign up within the next several days. Definitely not looking forward to figuring out a new system for handling inventory/sales/taxes.

  4. #4
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    Quote Originally Posted by trdhrdr007 View Post
    I haven't signed up for managed payments yet. Got a phone call about it from eBay yesterday. Guess I'll have to sign up within the next several days. Definitely not looking forward to figuring out a new system for handling inventory/sales/taxes.
    Yeah, they forced me into it back in August. I'm not a fan

  5. #5
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    Quote Originally Posted by Bassmaster96 View Post
    Yeah, they forced me into it back in August. I'm not a fan
    I've been expecting to get forced into it for quite a while. From what I can see it's a benefit for eBay & a major pain in the butt for me.

  6. #6
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    Quote Originally Posted by trdhrdr007 View Post
    I've been expecting to get forced into it for quite a while. From what I can see it's a benefit for eBay & a major pain in the butt for me.
    Yep, that's accurate

  7. #7
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    And the nightmare begins. I started the process this morning. Provided my bank info & the eBay system decided they needed to change the bank routing number. I tried to change it back & couldn't. Now they are telling me they can't verify the account.

  8. #8
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    Quote Originally Posted by trdhrdr007 View Post
    And the nightmare begins. I started the process this morning. Provided my bank info & the eBay system decided they needed to change the bank routing number. I tried to change it back & couldn't. Now they are telling me they can't verify the account.
    Good grief, I feel for you. After you get through about the first 2 weeks it gets better, but it's still super annoying. It should be an option, not a requirement
    trdhrdr007 likes this.

  9. #9
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    Quote Originally Posted by Bassmaster96 View Post
    Paypal always made it really simple with the statements you could download to excel and edit.
    Really, what am I doing wrong? I download the entire year and open in excel. I have it down to a science but it is still a lot of manhours.

    First I have to go in and delete all the duplicate line entries. one order might have 6-7 lines. Four for the order of money in and Three for the postage I buy to ship. Then I delete all the extra columns that paypal adds. Then you go through do the bookkeeping.


    Now what is this managed payments thing? Every order payment goes to paypal and when I get too much there I transfer to my business bank.

    Is ebay getting rid of paypal?
    When I did yard sales I was dollardan. No yard sales where I am now.

  10. #10
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    Managed payments is the new system eBay is making all sellers use. All payments go through eBay. They direct deposit into your bank account. I just looked at it again. They also restrict anyone signed up for managed payments from selling certain things. WTF!! Here's the list:

    Sellers enrolled in managed payments are not allowed to list the following items:

    • Adult only items, including movies, video games, and photographs
    • Auction services
    • Bullion
    • Coins & paper money (only Exonumia, and Publications & Supplies are allowed)
    • Gift cards & coupons
    • Lodging, timeshares, vacation packages, and car rentals
    • Motor vehicles
    • Tickets for travel, events, or experiences
    • Wine
    Last edited by trdhrdr007; Jan 18, 2021 at 08:33 AM.

  11. #11
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    Quote Originally Posted by cyberdan View Post
    Really, what am I doing wrong? I download the entire year and open in excel. I have it down to a science but it is still a lot of manhours.

    First I have to go in and delete all the duplicate line entries. one order might have 6-7 lines. Four for the order of money in and Three for the postage I buy to ship. Then I delete all the extra columns that paypal adds. Then you go through do the bookkeeping.


    Now what is this managed payments thing? Every order payment goes to paypal and when I get too much there I transfer to my business bank.

    Is ebay getting rid of paypal?
    Well yeah, it's not easy by any stretch even on PayPal. It's a pain, but at least it's all there together. I haven't found a way to get it that way on EBay managed payments yet.

  12. #12
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    Quote Originally Posted by trdhrdr007 View Post
    Managed payments is the new system eBay is making all sellers use. All payments go through eBay. They direct deposit into your bank account. I just looked at it again. They also restrict anyone signed up for managed payments from selling certain things. WTF!! Here's the list:

    Sellers enrolled in managed payments are not allowed to list the following items:

    • Adult only items, including movies, video games, and photographs
    • Auction services
    • Bullion
    • Coins & paper money (only Exonumia, and Publications & Supplies are allowed)
    • Gift cards & coupons
    • Lodging, timeshares, vacation packages, and car rentals
    • Motor vehicles
    • Tickets for travel, events, or experiences
    • Wine
    Yeah, I tried to list some Escrap the other day in bullion in coins and paper money and it told me I couldn't Makes no sense at all

  13. #13
    us
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    Quote Originally Posted by Bassmaster96 View Post
    Yeah, I tried to list some Escrap the other day in bullion in coins and paper money and it told me I couldn't Makes no sense at all
    If everyone is going to be forced to use this system and then they can't list those items that means they must be getting rid of those lines completely.

    I can remember when we could pay any way we wanted.
    When I did yard sales I was dollardan. No yard sales where I am now.

  14. #14
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    Quote Originally Posted by cyberdan View Post
    If everyone is going to be forced to use this system and then they can't list those items that means they must be getting rid of those lines completely.

    I can remember when we could pay any way we wanted.
    Yeah they said that they would eventually include those categories too, but what sense does that make? There's no reason not to include them to begin with. Think of the revenue they're missing from not allowing vehicle sales for managed payment sellers

  15. #15
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    Nov 2009
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    Quote Originally Posted by Bassmaster96 View Post
    Yeah they said that they would eventually include those categories too, but what sense does that make? There's no reason not to include them to begin with. Think of the revenue they're missing from not allowing vehicle sales for managed payment sellers
    Exactly. I just bought the wife a new truck & would like to sell her old one on eBay after I haul a couple things I'd rather not move in a brand new truck bed. Haven't finalized the switch to managed payments yet but suspect I will be before I get that done.

 

 
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