Hi. Since I entered MP in March things did get sorted out. There were far too many community threads on the subject between Feb and June. The details are scattered.
Managed Payments has been fully integrated into my accounting system . It's run smoothly ever since I got the broken Ebay link to my bank repaired. I'm surprised to hear people still have problems.
Book Keeping Under Managed Payments
For those of you who run your books in a cookie jar and a shoebox for debits you don't need to read this:
Most of us with a background in book keeping insist debits and credits get entered in real time. (Not at the end of a week or month because when things don't balance it's much harder to track down the problem.)
My program is similar to Quick Books or Sage. It links to my bank. I need to make entries daily if possible. MP does not let you do that for some debit charges. How I applied a "Ebay Workaround" that runs smooth was like this.
Step 1. Get a seperate bank account for Ebay. Get your connection fixed via an MP Service Specialist. Don't call a regular customer service rep. Must be Managed Payments specifically. You reach them on your MP page on the right hand saide you se a telephone icon and "Help"
Step 2. In your accounting system set up a "FAUX" bank account. This is your record of credits that Adyen is stockpiling prior to your payouts. Adyen collects the money from your buyers not Ebay. I called my account "ADYEN". This is where your money is held until you receive the payout. Keep this balanced with your sales. It's easy. It amounts to the price you sold an item for and the amount of shipping the buyer paid to Adyen.
Step 3. Depending on your choice of payout frequency (weekly is best for most) Adyen credits the payout to your bank. This is the point that Ebay may take debit charges out for various things. You can enter them. Ebay may also take debit charges directly out of your bank. For example if your store subscrption costs $21/mnth and you haven't sold anything since your last payout the money will come out of your bank not out of your next payout. Ebay will "peck" away at wherever they can. They may take a charge from;
A) your Adyen stockpile
B) your bank account
C) from your chosen backup payment method such as a credit card
(I don't know if they may take a bit from one and another if there isn't enough in the 1st )
Step 4) When the payout is done you can drill down on your "All Transactions" page and enter the Ebay debits (fees, labels, GST, subscription costs etc) into your expenses. You can do that in real time for each sale prior to your payouts if you prefer. It depends on what you sell.
Step 5) At the end of every Adyen payout to yourt bank your "FAUX" account called Adyen should have a zero balance in prep for your next week (period). It may sound complex but it's not for anyone who has run a small business that balanced a cash register daily, a payment provider (Visa Mastcard etc like Moneris) and a bank account. Same thing. The important thing to remember is Adyen has your money not Ebay. Then Ebay dips into one of your three payement methods.
There is a problem with Ebay labels. When you buy one (real time) they debit you with an estimate of cost. It seems every label purchase gets adjusted a few days later. It has to do with their agreement with Canada Post. Ebay blames it on Sellers who make mistakes with their weights and dimensions. Shippo does the same thing but Shippo bills you for the extra pennies once a month, not every few days. Shippo bills you along with extra insurance you may have purchased.
Book keeping is easier with MP if you reduce Ebay's opportunity to take debits like buying your labels elsewhere. This also reduces the number of bank account entries that some people have to pay service charges if they go over their limit.
All in all things run very smoothly. One final comment:
At the beginning of Managed Payments 2 years ago Ebay said fees would go down after the transition. This hasn't been my experience. Final value fees vary from category to category. During the last 2 years they have been restructuring categories and deleting many. They have said things like "We need to make your items more searchable on Google etc. " I'm not arguing that but I will say as someone who tracks everything my combined Ebay fees have gone up since I switched in the first half of 2021 (since I entered MP) over 2020. Sellers who don't track all their charges may see FV fees go down a bit but not notice other fees like International charges, label surcharges etc. I sell in many categories some of which they reallocated to other categories with different FV fees. Maybe someone who sells in 1 or 2 categories with low FV fees has noticed a drop. I don't know.
ITWM
