staffsuk
10th August 2010, 12:24
OK - I think I'm getting there with the book keeping for my business - I just want to check what I'm proposing is satisfactory for my records & HMRC.
I'm using Accounts Portal (so far so good AP!)
If anyone who is familiar with Accounts Portal could advise that would be great :-)
I have created a new bank account for PayPal - a new revenue account for postage / handling - and new expense accounts for PayPal transaction fees and eBay transaction fees.
For each sale - I enter the gross figure received into the PayPal account via a money received transaction split between sales revenue and postage / handling revenue on two line items.
I then charge the PayPal fees and actual postage costs to the relevant expense accounts. I charge the Ebay fees to its expense account each month as I receive their invoice.
I do not create any individual sales records but instead make a reference on each PayPal money received transaction of the eBay item ID and the PayPal transaction ID. I would end up with thousands of customers on the system and have to register with Data Protection if I were to generate sales invoices for each sale.
Sound OK?
PS - am a sole trader & not VAT registered.
Thanks to all again.
I'm using Accounts Portal (so far so good AP!)
If anyone who is familiar with Accounts Portal could advise that would be great :-)
I have created a new bank account for PayPal - a new revenue account for postage / handling - and new expense accounts for PayPal transaction fees and eBay transaction fees.
For each sale - I enter the gross figure received into the PayPal account via a money received transaction split between sales revenue and postage / handling revenue on two line items.
I then charge the PayPal fees and actual postage costs to the relevant expense accounts. I charge the Ebay fees to its expense account each month as I receive their invoice.
I do not create any individual sales records but instead make a reference on each PayPal money received transaction of the eBay item ID and the PayPal transaction ID. I would end up with thousands of customers on the system and have to register with Data Protection if I were to generate sales invoices for each sale.
Sound OK?
PS - am a sole trader & not VAT registered.
Thanks to all again.