Hey there, fellow eBay seller!
eBay Managed Payments are here. If your eBay seller account hasn’t yet switched to eBay Managed Payments, it’s very likely that it will very soon, whether you want to or not.
And that’s awesome. Here’s why.
With eBay Managed Payments, managing your accounts is an absolute breeze.
eBay Managed Payments mean *you* get paid faster.
It means eBay takes care of all seller fees and listing upgrade fees for you – just one less thing to have to handle.
And best of all, each and every sale can now feed automatically into 10 Minute Accounts.
How to do your accounts with eBay Managed Payments
If you haven’t already got started with 10 Minute Accounts, do this first. You can click the Get Started button at the top of this page.
Once you’re in your account, go to Banking > Add New > eBay.
Then just connect the software to eBay and you’re away!
The software can sync up to 90 days’ eBay Managed Payments transactions, and it can do this automatically, in near real-time. So as soon as you make a sale, you’ll see your Sales go up in 10 Minute Accounts, and you’ll see the transaction in your Transaction History.
You can now sync with eBay Managed Payments, and submit returns – in a few short clicks with Making Tax Digital. Here’s how.
Once your transactions are being synced through eBay Managed Payments, you can submit VAT Returns through 10 Minute Accounts.
You’ll need to do three things:
- Ensure your VAT Account is set up
- You’ve authorised the software with Making Tax Digital
- You’ve correctly categorised all transactions, and set the correct VAT Rate
VAT is automatically set at 20% for your sales, but you can further refine this as follows:
How to automate your accounting with eBay Managed Payments
So you’ve added eBay Managed Payments to your software? Transactions are coming in, and they’re all flowing nicely?
Next you’ll want to automate your accounting package.
That way, you’ll never have to do your accounts again. Ever.
Here’s what you’ll need to do:
- Select a transaction that you want to categorise – say ‘Parker pens’
- Click the Category to bring up the categorisation options
- Then set the Category as you want it. For example, Sales > [add new category] > Office supplies.
- Instead of just clicking ‘Save’, use the dropdown option to select ‘Apply to all matching transactions’. And then click Save.
From now on, sales synced through eBay that match the description ‘Parker pens’ will now automatically be categorised to Sales > Office supplies.
The great thing about this is that now, you can go to Money In > Edit Categories to further refine this category, for example, setting the VAT Rate to something other than the default – if that’s applicable to the category type.
When you’ve automated your accounting software, you can just focus on selling through eBay, and never have to worry about your accounts again.
So. You’ve automated your accounts. Transactions are syncing through eBay Managed Payments.
Now you can sit back and relax.
You’ll find that your Profit and Loss report automatically updates as sales come through.
You’ll see your Sales Report automatically update to show the latest stats and figures.
And, if you’re VAT registered, you’ll be able to check your VAT return, see how much you owe, and file returns direct through Making Tax Digital.
So you can get back to what really matters… running an eBay business. Your accounts … are done.
That’s the 10 Minute Accounts guarantee.