posted on April 6, 2001 01:38:37 PM
Do any of you guys use Quickbooks to keep track of your ebay businesses? I just got QBs for my computer & I was just wondering if you have any tips or insights that you would be willing to share.
First of all, I'm wondering if there's any easy way to do the invoicing thing. How do those of you using QBs handle the invoicing?
Also, in your opinion, do you think it's strictly necessary to input every single transaction that has taken place already? Would I be OK to start entering transactions that have taken place starting from the first of the year? Or would I be all goofed up if I did that?
I am so new at this that I don't even know what else to ask. Thanks in advance for any help- I appreciate it!
We use both Quickbooks and Auction Amigo to run our online selling business.
Auction Amigo (invenna.com) allows you to manage your individual auction's listings, payments, invoicing, relisting etc. We then incorporate this data into Quickbooks to accomodate the accounting and tax reporting.
There are a multitude of ways to accomplish these same tasks andy many different vendors. you'll just have to feel your way though until you find what way is best for you.
By the way, this site offers Auction Manager which might also work for you.
posted on April 6, 2001 02:01:21 PM
Hi, I use Quickbooks and have for 3 1/2 years and I absolutely LOVE the program!
Here's what I do.
When my auctions end, I enter invoices (through "create invoices" and enter their bid price, and any S&H charges, and in "customer name" field I enter the buyer's email addresses. I then print them out and file them in a folder waiting to be paid.
(BTW - I made up my own invoice template and I enter the item # in one field, and I have all my items categorized by type of item. So all information I need for this transaction is there).
When I get a payment, I go to "receive payments" and enter the payments one by one, again by the buyer's email address. As soon as I bring up the buyer's email address it shows me their balance. I then check to make sure their payment is what they owe me. I also enter how they paid. Then I staple the invoice to their paperwork they mailed me and put it in a file "to be shipped".
I always keep the "Reminders" screen on top and after I've entered all invoices for the day, it tells you what your dollar amount was for the day (invoices to be printed) and how much bidders owe you (overdue invoices) and when you enter payments that you received it tells you how much your deposits will be (money to deposit). You can even print out your own deposit slips!
After 10 days I go through my folder of printed invoices and anyone who is over 10 days late I file a NPB alert and mark it on the sheet something like "NPB 4/4/01" so I know the date I filed a NPB alert on that person. 10 days after that I go through the folder again and any payments that have not been received yet, I pull the invoice from the folder, file for my FVF, neg them and relist the item.
Probably sounds a little confusing but it's totally streamlined and hasn't failed me once!
Also, my accountant uses Quickbooks, so at tax time, I just make an "accountant's copy" CD and hand it to him! Couldn't be easier!
Edited to add: If you haven't had a LOT of sales this year and can easily enter them in Quickbooks, then I would suggest to do it. But if you can't and it's just too much work, I wouldn't worry about it - but definitely start entering every single transaction from this point on.
[ edited by ExecutiveGirl on Apr 6, 2001 02:04 PM ]
posted on April 6, 2001 02:19:51 PM
computerboy- thanks for the suggestion but I have already looked into auction amigo, and it won't work for me because I'm on a MAC. I do appreciate your post though- thanks!
ExecutiveGirl- thanks a lot for your helpful post. I am still wondering, are you able to email the winning bidder the invoice that you generate through Quickbooks? Or is the invoicing done in 2 steps, emailed once and then entered into Quickbooks?
You make it sound very easy!! I like the sound of that! Also I think your system would be much better than my current one is for keeping track of NPB's, etc. I am really excited about this!!
How do you incorporate the data from AA into Quickbooks? Most of the data that is input into AA is not accessible. About the only useful info is ID, bid, title. The customer info, shipping info is not available. I've contacted AA three times and have never gotten a response. All the information is input into an access database which is password protected. This is simply unheard of in the industry. So the only limited info you get is what can be downloaded into a csv file. Or are you just collecting the id, title and final bid from AA, importing that into QB and then inputing customer and shipping info directly into QB and not in AA? Thanks.
posted on April 6, 2001 02:38:11 PM
CAgrrl. May I suggest a Windows emulator for your Mac? If you have a quick enough Mac, you could invest in AuctionAmigo or even better AuctionTrakker to post, inventory, and manage your auctions.
marlenedz, e-mail me. I have your answer.
[ edited by sun818 on Apr 6, 2001 02:38 PM ]
posted on April 6, 2001 02:44:09 PM
Hi CAgrrl: No problem!
I always enter my invoices after all my auctions for that day have ended. I use AuctionTrakker and email my customers through there with just a click of a button. After all my auctions have ended for the day, I print out the page of my ended auctions WITH buyer's email addresses. I then go down the sheet and enter them in my Quickbooks separately. If someone buys more than one item, I just go back to the invoice and add the other item. It's very easy! I can't email my customers right through my Quickbooks invoices because I haven't yet upgraded to the 2001 version - which I believe there IS a way you can send invoices directly through Quickbooks to your customers with the new version (which I will be getting soon!). So to answer your question, I do my invoices in 2 steps. Email customer (either manually or with another program like AuctionTrakker) and then enter the invoices and print them.
Also, if you make a mistake in your Quickbooks, it's VERY easy to go back and edit. That's a feature I absolutely love about Quickbooks. They make it very easy!
Another tip: When you are entering your invoices, and you get to the field that says "Item Code" give your items a code. For example, if you are selling glassware - and you have a sale for "Fire King", make up a number such as #1001, "Pyrex" - #1002, etc. You can make them up as you go. Just enter a number if you're entering a new type of item and it will ask you if you want to add it to your list. At the end of the year (or any other time you want) you can bring up a report and it will tell you how much you are selling for each different type of item - how many you sold of that item, how much you made from that item.
Oh, and I forgot about your expenses. If you go to a thrift store and buy something for resale (keep all receipts), you can enter the expense. Go to "Enter Bills", enter where you made your purchase, the date, how you paid (or check #) and the amount. You will also need to classify it as an expense and enter what kind of expense (Thrift store would be COGS - Cost of Goods Sold) and when you bring up your P&L report it will show you your profit vs. your expenses. I would also suggest entering your expenses on a daily basis, because it's very easy to forget them! (don't forget mileage, postage, supplies and anything else you get to claim as an expense - including your Quickbooks program!)
Good luck! If you have any other questions just let me know and I'll try to answer them if I can!
posted on April 6, 2001 02:51:48 PM
ExecutiveGirl,
CompUSA has Quickbooks Pro 2001 for 219 less 40 instant rebate and a 35 gift certificate for future purchase plus $80 Quickbooks rebates for previous users. Net cost $64 plus tax. Sale ends 4/7 Hope there is one in your area. Or there are staples coupons for 40/200 Their price is 200.
posted on April 6, 2001 02:51:55 PM
sun818- we (my boyfriend & I) have considered getting virtual PC, but aside from the fact that we've heard that it's pretty buggy, it is not a necessity for us right now. I do have MAC-based software to help me do my auction listings, and I will be using Quickbooks to help me out with the accounting. That pretty much covers all bases as far as I'm concerned, at least it will when I can figure out the best way to set up my Quickbooks!!!
Why not look for someone disposing of their old Windows computer? New lowend ones from Dell are only about $700. But, if someone is upgrading, you probably can get them quite cheap.
As long it has adequate memory and fast modem, it work fine for the net.
Also, if you are going to print out invoices with each order and planning to do volume, be sure to check out the cost for ink cartridges before selecting a printer. Some printers have very high cost per page. Could be as much as 7 cents a page. And if you plan to do color invoices, watch out. I personally favor old laserjet printers if doing a lot of printouts.
posted on April 6, 2001 03:08:13 PM
Thanks for the info Marlene! My local BJ's has a rebate on their Quickbooks - the same I think for upgrading, which is what I'll be doing very soon!
posted on April 6, 2001 03:12:20 PM
Speaking of printers, I use an HP DeskJet 722C which I bought about 3 years ago (for $300) and the cartridges I get from BJ's cost about $24 each. I print a LOT and I print daily - I have my settings on econofast & grayscale and I only have to change my cartridge about 3-4 times a year. You can now get that printer for less than $100 brand new! It's now a very inexpensive printer, but VERY, VERY dependable! Never had one single problem with mine. This is probably the 3rd or 4th printer I've had and I would never buy another printer that wasn't an HP.
posted on April 6, 2001 04:30:20 PMCAgrrl: To enter your supplies and any other expense, just go to "enter bills". Enter the place of purchase (Staples, etc), date, how paid (check #) and the amount. At the bottom of that screen there is a place to enter what kind of expense it is. If you don't see one on your list, make one up - such as "packing supplies", etc. This will automatically come out of your P&L report at the end of the year.
posted on April 6, 2001 04:53:18 PM
I know a piece of 12" x 12" bubble wrap costs me $0.10, but I'm not going to calculate how many pieces of wrap go inside a package. I agree it should go under the category of "packing supplies".
As for printers, I suggest a fast dot matrix printer for invoices. Ribbons cost less than $10 and you can get a few thousand pages out of these things. There is something about the sound of a dot matrix printer that is very entrancing.
posted on April 6, 2001 04:59:00 PMI know a piece of 12" x 12" bubble wrap costs me $0.10, but I'm not going to calculate how many pieces of wrap go inside a package.
I would never do that (or suggest that) either. But if I go to Staples on Tuesday and buy $50 worth of bubble wrap, when I get home Tuesday I would enter $50 bubble wrap under my "packing supplies" expense.
posted on April 6, 2001 09:41:53 PM
One other sidenote, Quickbooks Pro 2001 has partnered with Wells Fargo and Chase for merchant accounts as well as Paypal.
posted on April 7, 2001 07:44:44 AM
There is a limit on the number of customers you can have in your file. I found this out the hard way when I reached the limit one day and couldn't enter any more records. The limit is around 12-15,000, I don't remember the exact number but its close to this. I had to create a new company file to continue and that takes some time.
They say you don't have to close out your records at the end of the year, but I do now.
I start every Jan with a new file. I move the inventory, accounts, etc. over to the new file.
posted on April 7, 2001 08:15:11 AMJake: Can you tell me where it says that there's a limit on how many customers you can have? I've been using my same company file since Dec. 1997 without any problems. I just tried to look in the help file of my Quickbooks and I can't find anything about it.. thanks!
What Mac-based auction listing or management software do you use? I'm about to start collaborating long distance with my sister on auctions. She uses a Mac and I use a PC. I haven't found any Mac-based software to recommend. I would prefer something that is available on both platforms.
posted on April 7, 2001 12:29:22 PM
I don't know if anyone else has done this, I used Quickbooks for awhile and switched back to using a standard practice accounting merchandise book for the business. I found it was quicker, gave me a much needed break from the computer, I don't have to worry about the hard drive failing or other computer problems, I have the my accountant go over it at the end of the year and it still didn't really cost me anymore than buying the software. I might give Quickbooks another try again as the business keeps growing, but it's definitely not a priority.
posted on April 7, 2001 12:38:41 PM
Come to think of it the book cost me $30, I could have used a coupon and saved a few bucks on this. A professional accountant was $75 to go over the figures for the year. Last time I checked on quickbooks it was around 200+. I probably would have still hired a professional accountant just to remain on the safe side of the IRS.
posted on April 7, 2001 01:52:53 PM
yes, I came to the same conclusion myself about the expenses, I agree with you. Your suggestion makes perfect sense.
As for the dot matrix printers, I used to have one of those- entrancing? mine sounded a lot like a screeching pteradactl.
littlenell- I will email your answer as I don't want to post anything that would be considered promotional.
posted on April 7, 2001 08:16:31 PM
This was probably asked and answered, but I want to make sure I read it right. In the newest version of quick books you can send e-mails.
Someone said quickbooks was something with paypal. What was it. Can you download the payments right into your quickbooks program.
I have been going to try quickbooks for quite a while but haven't for whatever reason.
Thanks
posted on April 8, 2001 10:19:14 AM
Thanks for all the great info shared here. Does anyone know if it is possible to use QB to list inventory as it comes in to my business and then carry the same item through the invoice procedure? I am hoping to use one program from the time I purchase an item through the time I sell it on eBay (or in RL mall) or dump it at Goodwill for a write-off. Does QB allow a retailer to do this? Sorry if this is a really basic question, but I am just starting to study this software and am unsure of its potential.
Thanks to any and all who may have insight on this!
posted on April 8, 2001 07:47:56 PM
This was probably asked and answered, but I want to make sure I read it right. In the newest version of quick books you can send e-mails.
Someone said quickbooks was something with paypal. What was it. Can you download the payments
right into your quickbooks program.
I have been going to try quickbooks for quite a while but haven't for whatever reason.
Thanks
posted on April 10, 2001 10:36:33 PM
apparently you will be able to email from the new version, as others have posted. I checked out
http://www.quickbooks.com
and found some interesting info. There is now a web version of quickbooks also.
Of course the new versions require a PC, so they effectively exclude me as a potential user.
How would you guys respond if the winning bidder notification you recieved from your ebay seller was in the form of a Quickbooks invoice that was an attachment to the email? I have not seen other sellers do this, and I doubt it would be something I would seriously consider since most people are suspicious of opening attachments from people they don't know. I am only wondering because it KILLS ME to do two extra steps- I am supposed to be saving myself work here! LOL!
posted on April 11, 2001 06:48:10 AM
ExecutiveGirl: I searched thru the help file and the manual and can't find it there now either. I went to the Quickbooks site and did find a page that lists all of the limits, here's the link:
Thanks in advance for any help- I appreciate it!