We sell online (mainly eBay) and I’m having trouble understanding the most efficient way of recording this in Manager.
I have been uploading my PayPal statements and using bank rules to auto categorise however can I get some guidance on a couple things;
- Say I sell T-shirts on eBay with ‘free’ shipping for $25.00. Shipping is $5 so in reality I’ve sold the shirt for $20. Is there anyway to accurately capture this in Manager without having to manually edit the T-shirt value back to $20 and adding a line for $5 shipping on each order? I know this is free software (freemium) but Quickbooks has bank rules that allow you to set an item to go to a specific product but also split the transaction.
Is there a way this can be replicated in Manager either currently or in future versions? I
- I have thought about the idea of just recording the above as ‘T-shirt for $25’ and then at the end of the month/week recording some kind Journal Entry for the shipping component so that the system reflects the actual (or at least more accurate) profit margins for each item. I just don’t know what account to put it to so it reflects against the income totals.
At current we have our accounts set up like;
Sales - T-shirts
Expenses - T-shirts
We do it this way so we can accurately see the costs and income for each type of product. Ideally we would like to see the reports show the shirt was bought for $10 and sold for $20 but at the moment it shows an inaccurate $25.
- Can import bank statements be refined to allow more columns to be uploaded? I know it’s for ‘bank statements’ however because it can also be used for PayPal transactions (and even eBay sales history’s), it would be great to allow for quantity and item columns also.
Any insight would be greatly appreciated.