Export transactions to each clearing account within your accounting file.Greenback consolidates and normalizes your sales data including sales related expenses like payment processing fees.The first step is to create clearing accounts for each provider that collects funds. You sell across multiple marketplaces, payment providers & e-commerce sites. This illustration helps explain how Greenback uses clearing accounts Lastly, as eBay Managed Payments makes payout deposits to your business bank account, you will simply treat those deposits as transfers from the eBay Managed Payments Clearing account to your business bank account. Clearing accounts will provide a clean way to manage the ledger, tracking your itemized sales, sales related expenses, refunds and reimbursements. Clearing accounts are configured the same way you would any other bank account within your accounting file. The solution is to configure a clearing account for eBay Managed Payments. However An undeposited funds account will not adequately address the numerous transaction types (sales, sales related expenses, refunds and reimbursements) nor will it simplify the process of reconciling payout deposits. You may be tempted to manage your e-commerce sales by booking transactions to an “undeposited funds” account. A clearing account is no different than a bank account within your accounting program. As a best accounting practice, you'll want to use clearing accounts within your accounting program to manage your sales transactions. They act like any other bank account for your business. In almost all cases, eBay Managed Payments will maintain a balance of funds on their platform for your products/shop. Let's configure QuickBooks Introduction to clearing accounts Once completed, you'll be redirected back to Greenback. You are redirected to QuickBooks and instructed to authorize Greenback to connect to your account. Press Connect on the QuickBooks tile and Connect again.Let's also make sure you have QuickBooks connected You will start to see a few of your transactions flow into Greenback. Once completed, you are redirected back to Greenback where an initial sync begins. You are redirected to eBay and instructed to authorize Greenback to connect to your eBay account. Press Connect on the eBay tile and Connect again.Greenback auto-fetches your sales, sales related fees, refunds and reimbursements directly from eBay Managed Payments and syncs them to QuickBooks. This article will help you get started using Greenback to automatically sync your accounting data from eBay Managed Payments to QuickBooks. Greenback simplifies accounting for your eBay sales. How do I automate my eBay sales once I have migrated to eBay's Managed Payments? Your direct PayPal accounts will no longer contain the sales data needed to automate the accounting of your sales. If you are currently relying on the PayPal bank account or a PayPal app from the QuickBooks app store to automate the flow of your sales data from eBay, you will now realize that most of your sales data is no longer flowing into QuickBooks automatically.ĮBay sellers that have migrated to the Managed Payments service will now see all sales "clear" through the new managed payments service. Learn more about eBay Managed Payments here What does this mean for my PayPal bank account in QuickBooks Online? You will no longer need a separate PayPal account - for buyers or sellers. Buyers have more payment options including credit, debit, and gift cards Apple Pay Google Pay PayPal and PayPal Credit.
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