Trade Me and MYOB

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Trade Me and MYOB

Hi,

 

I've been using Excel for logging my sales on Trade Me and I'm confused on how I'm meant to use MYOB.

 

Trade Me charge a success fee of 6.7% and if someone chooses to pay via "Ping" I get charged a separate fee of 1.65%.

 

Success fees are deducted from your account balance. Ping fees are deducted off the final amount before it's transferred into the bank account.

 

This would be so easy if MYOB allowed a custom fee deduction for online marketplaces. It's going to be so messy having to do everything manually, this is the only reason I'm wanting to shift away from Excel.

 

I also wish Trade Me took all fees off the selling price. The Ping fees are but the success fees come out of a separate system.

 

If there's an easier way of logging my Trade Me sales that would be great to learn but at the moment I'm stumped.

 

Image attached of how I've been doing it on Excel. The 8.35% deduction is the success fee + ping fee conbined. I have a separate sheet for sales where ping isn't used of just the success fee.

 

If MYOB doesn't allow of this I'll have to cancel my subscription and go elsewhere

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MYOB Moderator
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MYOB Moderator
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MYOB Moderator

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Re: Trade Me and MYOB

Hi @Night_Into_Day 

 

The way I understand it, is that you sell products on a platform, and gets billed for their service the same time. They should be recorded separately instead of rolling into 1 transaction, as one part is income, the other is your expense. Generally speaking, incomes are recorded as Sales invoices or Receive Money transactions, expenses are recorded as bills or Spend Money transactions. These transactions will also be categorised accordingly when it comes to BAS reporting.

 

I'd also suggest checking out this Online Help article on dealing with a supplier who is also a customer, you can also consider this set up if suitable for your business situation.

 

It would be best to discuss with your bookkeeper/accountant about the best way to set up and record the trades for your business situation, and reporting needs. You are also welcome to find an MYOB partner that's near you for consultation - Partner Search.

Cheers,
Clover

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