How the heck do you get a report (preferably in Excel, of all your activity?
My company's year end is July 31. I need to pull my revenue and expenses from my financial consisting and other income sources, including my stamp store. I requested a report of all sales through July 31, and the output was totally unusable. I can't believe that Hipstamp doesn't have this. Am I doing something wrong?
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Once this report is generated as an Excel file, you can make necessary adjustments to make the report meaningful to you. The report lists every single listing sold by individual. The first thing I do is to eliminate all unnecessary columns. I then total the sales and shipping columns. The time consuming portion for me is to eliminate the false shipping charges reflected on this report. I ship all additional stamps purchased in the same order for free, but the report ignores this and lists the same shipping charge with each item included in the order. I have to manually eliminate all the false shipping charges shown in order to arrive at the actual dollar amount I collected for shipping. Once this is done, I do a system count which tells me the number of orders I processed. I further break that down between domestic and foreign sales for my own curiosity. It would be nice if HipStamp only showed one shipping charge per order. They get this right when they invoice the buyer, but apparently the programing doesn't allow this distinction when the sales report is generated. I also do an End of Month sales report to determine the amount of sales taxes collected, but only concentrate on the sales tax column at that time.
Now the problem is that since your business is ending on 7-31, PayPal will be sending you a 1099 at the end of the year,
Bill...my corp is a C Corp. I've dealt with this before . Wonder why they would automatically do that?
The feds required Paypal and other payment processors to start issuing 1099s for any business taking in over $20,000 and having over 200 transactions in a year. If I remember correctly that was started abut 15 years ago plus or minus. As of January 1st of 2022 they now must issue a 1099 if you have sales of over $600 of goods or services.
Here is the link to Paypal page on that.
https://www.paypal.com/us/smarthelp/article/How-does-PayPal-report-my-sales-to-the-IRS-Will-I-receive-a-1099-tax-statement-FAQ729
Sorry for the rant.
You can click on the of reports page after the pending goes away. It shows up ready to open before the email comes in. I refresh the reports page until the "pending" goes away. The total shipping charge is applied to each item sold. If you charge $2 plus offer free for any additional items and the buyer purchased 10 items, you need to delete nine shipping charges for that buyer. It's a pain, but you need to this for each sale made.
Again that is why I just download from PayPal since it shows you the total sale and fees that you pay to PayPal.
Please advise how you get such a summary report? I don't see that as an option with PayPal.
Click the activity heading on your home page. 3rd column says reports. Under that heading it says all reports and tax documents. (Click under all reports and you should be able to find what you need.)
As far as in state and check payments all I do is print a copy of the invoice for my records and take it from there. (The payment type is noted on the Hipstamp invoice.)
This is what you should see
Transactions Resolution Center Reports Operations
And under reports, you should be seeing this
All Reports
Tax Documents
Don't scroll down the page to get to notifications, Recent activity. That will show you the individual transactions.
You will see at the top of the page a section that says activity you click on that and it will say transactions.
You click on that and then you will come to all the activity you had for the last 30 days.
You will then see a box that says date and you click on the arrow and you will see when you can put in a date range.
You set what you want to see whether month to month or for a whole year.
All your transactions will show up and then on the right side of the page it will say download and it will open to the a new page of reports. You then select all transactions in the transaction type and it should default to a csv file and hit create report. They will send you an email when the report is ready and you then can download it.
You then get a file and there will be duplication which you can delete what you do not want.
On the surface that seems to be the most likely reason we are seeing 2 different things, and why you are not seeing the business tools, that would make it quicker and easier to do.