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Adding Entries then Subtracting Deductions.

Harveyshot

I know this is simple, but the answer alludes me.

If I sell an item on eBay, I want to enter the sale price plus the sales tax the buyer paid, the shipping costs I paid and eBay's fees I paid to calculate what I made on the sale. I tried a couple of ways but nothing worked.

Thank you.

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Chris_QPW

Your math doesn't add up:

150 + 9 - 7.01 - 22.02 = 129.97 not 121.73. Where is the missing 8.24?

BTW by your description, the first one is correct, but is missing the 8.24. The second isn't right because the 9.00 the customer paid is a positive number in this calculation.

Harveyshot

I know it doesn't add up and it's driving me crazy. My bank shows the $121.73 deposit and that's what eBay says they paid me.

I really don't know and I've had other discrepancies with eBay orders. But it's impossible to contact them.

Thanks for your help.

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Jim_Harman

Have you tried using a split transaction? Assuming the net proceeds are deposited in your checking account, you would enter that as the transaction amount. Then click in the Category box and click on Split. In the Split window, you will enter several lines, each with its own Category:

The sale amount, a positive number
The tax received, positive
Shipping cost, negative
ebay fees, negative

These should add up to the amount you received and deposited

What you made on the sale depends on these items and what you paid for the item you sold (COGS).

Harveyshot

I thought I tried that with the split but maybe I didn't. So, just put a - before the cost numbers? I'll try it.

Thanks.

Jim_Harman

That's right, you want to make the split lines add up to the total you received, using negative numbers for the expenses.

Harveyshot

Ok, here it is. The buyer paid $150 plus $9 sales tax. Shipping wee $7.01. eBay's fees were $22.02. I received $121.73. I didn't receive the sales tax, eBay does. I verified the deposit of $121.73

Or this:

in both instances, I have a remainder. Where am I going wrong?

Jim_Harman

If you did not receive the sales tax the customer paid and don't have to pay that to the state, you can leave it out of the split transaction. If the numbers don't add up, there must be some other fee involved. Credit card fee?

Chris_QPW

Your math doesn't add up:

150 + 9 - 7.01 - 22.02 = 129.97 not 121.73. Where is the missing 8.24?

BTW by your description, the first one is correct, but is missing the 8.24. The second isn't right because the 9.00 the customer paid is a positive number in this calculation.

Harveyshot

I know it doesn't add up and it's driving me crazy. My bank shows the $121.73 deposit and that's what eBay says they paid me.

I really don't know and I've had other discrepancies with eBay orders. But it's impossible to contact them.

Thanks for your help.

Chris_QPW

Well, frankly it sounds like E-Bay is somehow taking more than they have told you (the 8.24).

There isn't anything you or Quicken are doing wrong, it just plan doesn't add up.