Step 1 - speak to your accountant. Seriously. Don't take financial advice from randoms on the internet.
Step 2 - here's my advice 🙂
I use weekly payouts from Ebay which are paid to my company bank account. That is connected to my accounting software in which I reconcile all incoming and outgoing transactions, attach receipts and so on. My accountant can log in if he needs and uses it to rapidly prepare BAS, tax and financial statements.
At the end of each quarter I send him my starting and ending inventory balance and the Ebay Payout report for the quarter and he does the rest, with the info recorded in the accounting software.
Ebay sales reports only go for 90 days. The payout report you can run over longer periods and thus always capture the entire period. It contains gross sales, fees, returns and so on. It also shows which transactions have been made but not yet paid out, so my accountant can quickly compare the reported net amount to the combined value of the weekly payouts in the same period.
Depending on your system and the accounting software package you use, you can feed a lot of the detail in via API, system to system. I explored that but I have a catalogue of over 400,000 items (including variants) and the off the shelf API can only accommodate a few thousand. But depending on your catalogue size and systems in use, it might work for you.
Seek advice from your system vendor and your accountant.
Denis
