The eBay integration is currently available to businesses in the US with an active Pro Plan subscription.
Every 24 hours, Wave automatically imports your eBay transactions that have finished processing.
eBay accounts created in Wave
When you first connect to the integration, Wave creates all eBay-related accounts automatically. These accounts are:
- eBay Clearing account
- eBay Product Sales
- eBay Transaction Fees
- eBay Listing Fees
- eBay Payment Processing Fees
- eBay Advertising and Promotion
- eBay Subscription Fees
- eBay Shipping
- eBay Performance Fees
- eBay Dispute Fees
- eBay Other Fees
- eBay Uncategorized Income
- eBay Uncategorized Expense
Sales bookkeeping
Each individual sale is recorded in the eBay Money in Transit account. This is a single, split, deposit transaction that records the total sale amount and categorizes the different fees to their relevant expense accounts. The order number is also included in the description, and the link to the order in eBay is in the Notes section.
The eBay integration doesn't import operational transactions like inventory or COGS tracking, fulfillment or shipping data, unless it is required for tax lines, or payouts you receive directly from eBay.
Once you receive the payout for a sale, you must manually categorize the payment as a transfer from your eBay Money in Transit account:
- Open the Transactions page.
- Find your imported payout transaction, or create a new income transaction.
- Select the category Transfer from a Bank, Credit Card or Loan > eBay Money in Transit. If you’re creating a new transaction, fill in the remaining details.
- Select Save.
- Wave automatically creates the matching transfer transaction under the eBay Money in Transit account.
Multiple payments and fees that are processed close together may be bundled into one payout. This means your fees may sometimes be greater than your income from sales. In this case, eBay may charge the difference to your bank account. Categorize this withdrawal transaction as a Transfer to a Bank, Credit Card or Loan > eBay Clearing account.
How does Wave handle the sales taxes?
Due to Marketplace Facilitator Laws in the US, eBay must collect and remit sales taxes directly to state authorities on your behalf. This means sales tax is not included in your imported transactions to prevent incorrectly adding tax liabilities and inflating your income.
eBay fee bookkeeping
Fees not associated with a specific sale are recorded as a single transaction, categorized to the relevant expense account.