Accounting software for ebay / paypal business

[JCs]

Hello

I have been browsing the forum all week and have already tried xero and kashflow free package.

A bit about me.
I run an online website and ebay store. Usually 1000+ customers per month. All sales are through paypal on both sites

I tried xero and linked it to my paypal account but I found I had to reconcile every customer individually?? is this the case


All I want is a simple software program to enter in my monthly paypal sales and all expenses. I would have no more than 20 expenses a month 5 or 6 of them being stock suppliers. I am soon going ltd so would need to enter flat rate scheme for vat etc... so I can see what vat I owe.
Also, I would like to be able to create a VAT receipt for business customers.

I thought it would be best to ask as everyone has different needs.

Regards

 

[kevin.doran]

Hi @JCs

Most online packages have PayPal integration these days. However, with 1000+ sales pm you're probably best just entering them in bulk come month end. For that reason, PayPal integration is of no consequence to you so go with whatever package you're comfortable with.

 

[JCs]

Could you recommend a few more to try please. I like the idea of entering monthly totals.

 

[john1989]

You can enter monthly totals on any package.

A few more cloud offerings:

• Clearbooks
• Accounts Portal
• Capium
• Free Agent

 

[MyAccountantOnline]

I'll second the suggestion to summarise the monthly transactions and enter the totals into an accounting package.

It's how a lot of my clients record PayPal transactions and how we do it when we look after clients bookkeeping.

All you need to do is to download a monthly summary from PayPal into Excel, summarise the account so that you have monthly figures for sales (you may need to split this into UK and overseas sales etc if you are VAT registered) fees, payments and transfers and enter the totals into your accounting software keeping the PayPal summaries as part of your records.

It'll save a huge amount of time doing it this way.

 

[Red Wood]

Cashflow.. will automatically add the purchases to your ledger and account for any money transfers automatically.

Kashflow doesn’t get mentioned a lot, but I can vouch for it.

 

[JCs]

What software do your clients use Nicola?

 

[MyAccountantOnline]

What software do your clients use Nicola?

I personally use Accounts Portal, I think it's a great package. It works well and is very competitively priced. A lot of my firms clients also use it. We get a small discount which we pass to our clients too.

Some of our clients who sell on Ebay also use VT cashbook, for those with basic requirements it works well.

 

[john1989]

Some of our clients who sell on Ebay also use VT cashbook, for those with basic requirements it works well.

VT Cashbook is great, but it doesn't handle VAT.

 

[MyAccountantOnline]

VT Cashbook is great, but it doesn't handle VAT.

It certainly does and it works well too.

Have a read here you'll see its listed as one of the features.

It's a great package for free!

It doesnt have a facility specifically for the VAT flat rate scheme but you can still use if if you use the flat rate scheme.

 

[john1989]

I thought cashbook didn't handle VAT and that you had to upgrade to VT Transaction. I've only ever really used Transaction. I'm obviously wrong however!

It must be as you say flat rate it doesn't handle ... which is the scheme the OP wants to use. Easy enough to fudge in VT though.

 

[MyAccountantOnline]

I thought cashbook didn't handle VAT and that you had to upgrade to VT Transaction. I've only ever really used Transaction. I'm obviously wrong however!

It must be as you say flat rate it doesn't handle ... which is the scheme the OP wants to use. Easy enough to fudge in VT though.

VT cashbook certainly copes with the flat rate scheme, and I wouldnt rule it out for someone like the OP who wants to use the scheme, but certainly something like Accounts Portal will do so much better.

 

[JCs]

Okay I am having a trial with Acc Portal.
So if I am entering monthly paypal totals do I just go to Sales - Paid - create invoice and make Paypal the customer?

 

[MyAccountantOnline]

Okay I am having a trial with Acc Portal.
So if I am entering monthly paypal totals do I just go to Sales - Paid - create invoice and make Paypal the customer?

If you are entering totals I wouldn't create a sales invoice just enter it as a general receipt.

 

[MyAccountantOnline]

@JCs you may find it useful to have a read here

 

[JCs]

Thanks.
So really all I should need to do is enter data into Banking - Receive Money or Spend Money

 

[MyAccountantOnline]

Thanks.
So really all I should need to do is enter data into Banking - Receive Money or Spend Money

Yes if you dont want to create a sales invoice or use the system to track unpaid invoices.

 

[JCs]

All my sales are paid upfront as are my purchases.
So I never have anything outstanding.
I am liking the Accounts Portal so far.

I am complete novice in this so still messing around but it looks good.

 

[MyAccountantOnline]

All my sales are paid upfront as are my purchases.
So I never have anything outstanding.
I am liking the Accounts Portal so far.

I am complete novice in this so still messing around but it looks good.

Certainly lots of my firms clients like it too.

 

[JCs]

Last question.
If I am entering paypal totals in for the end of each month.
How do I send a VAT receipt to a specific customer.

 

[MyAccountantOnline]

Last question.
If I am entering paypal totals in for the end of each month.
How do I send a VAT receipt to a specific customer.

You wouldn't be able to do it via Accounts Portal unless you create an invoice.

 

[Pish_Pash]

The advice you are getting is typical of those who have never run an online business...alas the ugly (& truthful) answer is that you are hitting the wall that most online sellers face nowadays. Everyone says aggregate your sales...I've never quite wrapped my head around how you can & still run a tight business (for example stock reports, best selling items, trending up, trending down)...but also VAT receipts...as you've pointed out, invoicing does really apply in your situation - what you need to issue is a VAT sales receipt (since by the time you find out you've sold something, you've already been paid!) Most accounts software will do VAT receipts, but it's manual.

There are meant to be packages out there that will do everything you need...but prepare to give away one of your kidneys (e.g. look at Brightpearl) ...I was never able to find one, so I rolled my own solution (gluing a few different apps together)

 

[MyAccountantOnline]

The advice you are getting is typical of those who have never run an online business...alas the ugly (& truthful) answer is that you are hitting the wall that most online sellers face nowadays. Everyone says aggregate your sales...I've never quite wrapped my head around how you can & still run a tight business (for example stock reports, best selling items, trending up, trending down)...

What many online sellers want in my experience is a simple way to keep accounting records when selling online and that's what most of us replying here are trying to help with.

If you want to spend time entering additional information you can certainly use the data to a much greater extent.

If you summarise the PayPal statements you can still analyse the sales quickly and easily and have some sales analysis within your accounting software.

 

[Energise Accounting]

On the whole I do agree with Nicola. however, if you would like a more detailed system you can use something like bright pearl.

 

[Pish_Pash]

What many online sellers want in my experience is a simple way to keep accounting records when selling online.

Same sellers probably need a way or running reports....how's that gonna happen if you've aggregated the sales & entered it into your accounts software , it's likely the same sellers want to automate issuing VAT receipts...how can you do that if you've aggregated? And so on. it all ends up very fragemented...the bit you've advised on, might - to the best of your awareness - be fine/suitable, but unless you look at the broader picture of what an online seller needs, it's unlikely to suit the overall admin process.

 

[john1989]

Sorry to interrupt your periodic accountant bashing.
The OP asked for a 'simple' bookkeeping solution to record income and expenses. The OP has been given recommendations based on the question asked.

 

[MyAccountantOnline]

Same sellers probably need a way or running reports....how's that gonna happen if you've aggregated the sales & entered it into your accounts software , it's likely the same sellers want to automate issuing VAT receipts...how can you do that if you've aggregated? And so on. it all ends up very fragemented...the bit you've advised on, might - to the best of your awareness - be fine/suitable, but unless you look at the broader picture of what an online seller needs, it's unlikely to suit the overall admin process.

You can easily run detailed analysis reports from the monthly PayPal summaries which you are keeping as part of the accounting records.

I'm not saying this is the perfect solution for every online seller but for those that sell on Ebay and want a quick and easy way to keep accurate accounting records without spending hours on bookkeeping it does work well.

 

[Pish_Pash]

Sorry to interrupt your periodic accountant bashing..

That'd be reciprocity in play. (becuase it seems that the answer to any business question is "ask your accountant" & anyone who suggests different must be subject to a pile on)

 

[john1989]

Sometimes the best advice is to see an accountant. If you visit the legal section of this site, you will also see people advising to go see a solicitor.