eBay Payments Is Now Integrated With QuickBooks
eBay announced that eBay Payments is now integrated into QuickBooks, which is one of the most popular accounting solutions for small and medium-sized businesses.
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Sellers who are not already subscribed to QuickBooks Online can subscribe through eBay’s link and save 30% for 12 months. This exclusive offer from Quickbooks for eBay sellers is only available for a limited time.
QuickBooks Online subscribers can conveniently and securely access QuickBooks via a web browser without having to download an app or special software.
Sellers can use QuickBooks Online to invoice buyers, pay bills, generate reports, and prepare taxes.
eBay Payments and QuickBooks Benefits
Connected for convenience
- QuickBooks automatically syncs eBay transactions, reducing manual data entry.
- Sellers can see a breakdown of income, sales tax, and fees for each transaction.
- The software keeps everything organized in one place.
Accounting made easy
- eBay income and expenses appear in the QuickBooks Profit and Loss statement.
- Sellers can automatically sort transactions into tax categories.
- QuickBooks enables business owners to see how their eBay business is performing with one-click reporting.
While reporting profits from business activities was always a requirement, for the 2022 tax year, the IRS has lowered the threshold of when marketplaces like eBay must issue 1099-K forms.
With this new requirement, it will be important for sellers to track and take every allowable business deduction to only pay income tax on profits.
eBay and QuickBooks have also teamed up to offer you a variety of resources to help sellers get set up and run their business efficiently and professionally. Sellers can check out a library of articles, videos, and tips by eBay’s team of expert business advisers.
To learn more about QuickBooks Online and eBay Payments, click here. And to learn more about the QuickBooks Online promo offer terms and conditions, click here.
For existing QuickBooks users that use the desktop version of QuickBooks, these features may not be available as described as you may need third-party software to import eBay sales. Please consult the third-party solution you use to find out more.
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Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.