Seller Ledger, a bookkeeping platform designed specifically for marketplace sellers and founded by one of the original co-founders of GoDaddy Bookkeeping, has introduced another highly requested feature for its users.
Users who have credit card charges for multiple items belonging to different categories or deposits in their bank accounts from marketplace payouts representing net amounts after combining sales, shipping, and deducting fees, can now enjoy increased flexibility.
With the click on the “Categorize” button, sellers can now choose to split a transaction by selecting the new “Split” option to properly categorize expenses and income.
To divide a transaction into multiple categories, Seller Ledger users just click on the “Split Transaction” option as shown above.
Users will notice that as they enter amounts in each row, the remaining difference will be automatically updated.
This helps sellers keep track of the original transaction amount that still needs to be allocated. Additionally, users can also use the “Add Splits” option to provide more details about the transaction.
New Seller Ledger Feature Helps 1099-K Tracking
Seller Ledger is natively integrated with eBay and Etsy to streamline bookkeeping. But some users are also using the software on marketplace platforms such as Poshmark, Mercari and others, for which there is no native API (yet).
The newly added feature should also prove beneficial for sellers who aim to maintain accurate records, trying to match any 1099-K forms they receive at the end of the year.
Currently, the IRS requires online marketplaces to issue a 1099-K Form, unless there is another deferment or change in the law.
Seller Ledger offers a no-obligation 30-day free trial, with no credit card necessary. Plans start at $10 per month.
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