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Using Outright To Simplify Your eBay Accounting

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Using Outright To Simplify Your eBay Accounting
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Outright is a simple application, built right into eBay that can make keeping your books a breeze.  If you've never looked at it before, just go to your tabs in MyeBay.  You will see Activity, Messages, Account, and Applications.  Hold your cursor over Applications, and click on Manage Applications to get started.  At that point select Outright, and follow the prompts to authorize it.

Once you have added Outright to your applications you just need to hold your mouse over applications, and click on Outright when it appears.

The program automatically imports all of your ebay sales history, cutomer by customer.  It also imports all of your eBay and Paypal fees.  When you first open Outright it shows a graph with six months of profit / loss history.  Your total profit / loss for the year is also displayed in the upper right hand corner.  Over to the left hand side it tells you when your sales were last updated, and gives you an opportunity to refresh your numbers.  The refresh button is right below where it says Your Accounts, ebay "your user id."  Below that is a handy tax calendar showing you when quarterly tax payments are due.  Below the graph you will see buttons allowing you to manually add New Income or New Expenses.  Just click on either button to get started.

To add an expense, click on the add expense button.  First you need to use the calendar feature to choose the date, then type in the name of who your expense was paid to (Office Max, Post Office, etc).  The next space is for you to select an expense category.  Outright has the most common categories in a clickable list, but if you don't see the one you need, you can add a category by clicking on that option at the bottom of the list.  Next is a space for your dollar amount, fill that in, and tab over to the final space which allows you to add a desciption of the expense (international postage, packing supplies, etc).  When you have everything entered, be sure to click on Save, or your transaction will not be recorded.

If you have new income to report the same basic prompts pop up when you click on it.  Just be careful here because all new ebay sales that have been paid with Paypal are automatically imported by Outright.  If you add them manually, your sales will be doubled.  So only use this option to record sales made off of ebay.

At the top of Outright you are going to see five tabs - Home, Income, Expenses, Taxes, and Reports.

  1. Home - Brings you to the first page we already discussed.
  2. Income - Shows you all of your eBay sales transactions that have been imported into Outright.  At the top of the page there are clickable filters that let you view income by date, customer name, or by income categories, such as eBay sales, sales, or shipping income.
  3. Expenses - Shows you all of your expenses that haven been entered or imported into Outright.  As with income, you can filter your view by date, vendor name, or categor of expense.  There is also an add mileage option at the top of the page if you are adding mileage into your expenses.
  4. Taxes - Shows you a summary of quarterly taxes.  At the top it has a box for each quater showing what you paid.  Below that is a yearly summary showing you your income to date, and approximate taxes you owe.
  5. Reports - Brings up a graph visually showing your profits and losses for the past six months.  below that it displays yor profit and loss numbers.  Your income and expense numbers are clicable so you can go right into them, and see all of the numbers that make up each figure.  Below that you have the option to export your information to Excel, or to print your reports.  At the top left side you have a list of options that allow you to view Profit and Loss, Income by Category, Income by Customer, Expenses by Vendor, or Expenses by Category.

When all is said and done Outright is easy to use, and convenient because all of your information is kept right inside of eBay.  There are no expensive programs or add ons to buy, and best of all sales, along with eBay and Paypal fees are automatically imported for you.

 

Using Outright is a No Brainer.  Especially now that eBay is eliminating the eBay Accounting Assistant.  For old Accounting Assistant users, Outright does not have all of the features and reports you are used to with Quick Books, but it is one option you should definitely explore.

 

If you found this guide useful, please be sure to vote for it below.

 

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