If you are a new GoDaddy Bookkeeping customer who just set up your account linked to eBay and PayPal, there are still a few things that you have to do to make sure your entire transaction and fee history is correct for last year for tax purposes. Please see the information below.
- Brand new eBay import accounts only go back 90 days. This means you'll only have itemized fee transactions for those 90 days. This is what eBay will send us. (We'd love it if they sent us more!)
- But, don't worry! We can still get you the data you need for last year from PayPal. Since most folks pay their eBay fees with PayPal, you can make one change to some of the PayPal transactions to account for these fees. The initial PayPal transaction is categorized as a "Transfer Out", which doesn't affect your business profit / loss. If you change this category to "eBay fees' instead, it'll represent the paying of the fees. This is a one-time change as you'll be getting the eBay fee data from eBay going forward.
- Sign in to GoDaddy Bookkeeping
- Click on your "Expenses" tab
- Click on the "Non-Business" tab
- Click on "All Accounts"
- Type "eBay Inc." into the "Name" search box.
- Click "Filter"
- Click on the "Edit Multiple" button, and a check box will appear next to each transaction
- Click the single 'floating' check box button (circled in red in the image below). This will check the box for every transaction displayed.
- Change the Category box from "Transfer out" to "eBay Fees" and click 'Save.'
Now this will include all the eBay fees before the 90 days that eBay gives us. Going forward you will not need to do this because eBay will fill in your individual fees.