Managed Payments and Taxes

[Bassmaster96]

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?

 

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[metrotec]

retire..........................I feel for ya

 

[trdhrdr007]

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.

 

[Bassmaster96]

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

 

[trdhrdr007]

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.

 

[Bassmaster96]

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

 

[trdhrdr007]

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.

 

[Bassmaster96]

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

 

[cyberdan]

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?

 

[trdhrdr007]

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:

[FONT=&quot]Sellers enrolled in managed payments are not allowed to list the following items:[/FONT]

• 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

 

[Bassmaster96]

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.

 

[Bassmaster96]

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:

[FONT="]Sellers enrolled in managed payments are not allowed to list the following items:[/FONT]

• 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

 

[cyberdan]

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.

 

[Bassmaster96]

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

 

[trdhrdr007]

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.

 

[Bassmaster96]

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.

Oh yeah it's a real pain

 

[trdking]

Its not so bad and it is slightly cheaper than using Pay[pal. I have been on MP for about four months. They make daily deposits to my bank account. At the end of the year they give you a 1099 form showing how much dollars you sold. But you only get the 1099 if you sold more than 200 items or exceeded (don't quote me 20K or so)I do that on eBay in a month so I am now claiming eBay on my taxes. But I think if anyone is near that threshold they could open another account with the wife or SO with a different bank account and skate over the 1099. Just another thing to love about good ol Fleabay

 

[Bassmaster96]

Its not so bad and it is slightly cheaper than using Pay[pal. I have been on MP for about four months. They make daily deposits to my bank account. At the end of the year they give you a 1099 form showing how much dollars you sold. But you only get the 1099 if you sold more than 200 items or exceeded (don't quote me 20K or so)I do that on eBay in a month so I am now claiming eBay on my taxes. But I think if anyone is near that threshold they could open another account with the wife or SO with a different bank account and skate over the 1099. Just another thing to love about good ol Fleabay

See I'm hoping I get the 1099 because that will make things a lot easier. I should. Half the year for me was PayPal though. Is there any way to see your total PayPal fees for a year? I've got all of the transactions downloaded, but I don't see an easy way to show all of the fees you paid to PayPal or totals on payments since it automatically subtracts the PayPal fees when a transaction comes in.

 

[cyberdan]

Every sale I have ebay and etsy I print out all the paperwork. "you made sale, "you got paid" & "you bought label for $" and then I stick a label I make on top and keep track of every cost.

Item Cost:
Ebay Fee:
Ship Fee:
Paypal Fee:
USPS Cost:
CA Tax: (on this I just cross out if taxes were pulled)
TOTAL:
Profit:
Loss:

Then I fill in every applicable line.
At end of year I record each line in a spreadsheet and total.
It tell me everything I need to know.
I also download paypal yearly info and compare.

 

[Bassmaster96]

Every sale I have ebay and etsy I print out all the paperwork. "you made sale, "you got paid" & "you bought label for $" and then I stick a label I make on top and keep track of every cost.

Item Cost:
Ebay Fee:
Ship Fee:
Paypal Fee:
USPS Cost:
CA Tax: (on this I just cross out if taxes were pulled)
TOTAL:
Profit:
Loss:

Then I fill in every applicable line.
At end of year I record each line in a spreadsheet and total.
It tell me everything I need to know.
I also download paypal yearly info and compare.

That's basically what I do. I'm trying to find a way to do it quicker, but haven't yet. It also gets tough on big lots that have 200-300 items in them that aren't all listed at the same time.