- Original Poster
- #1
I am a new sole trader with e-commerce, having started in the early part of the year, and I'm really stuck with an aspect of bookkeeping and I could really do with advice!
I've been a bit silly, and decided to use my personal bank and PayPal accounts for transactions. To make matters more complicated, about half my transactions, both incoming and outgoing are in dollars.
So my statements are a mess of personal, business and currency exchange fees and what not, which I can just about get my head round and I'm dealing with that. However, PayPal has really thrown a spanner in the works, as I've just found out it doesn't take money from your account per each transaction you make. It kinda lumps odd things together days after the purchase, meaning it's next to impossible to reconcile my bookkeeping with my bank account, as i can't tell what the lump PayPal fees are from, and how much of it was business or personal.
So I know my mistake. Im opening another bank account and separate PayPal this week. Lesson learned.
But my question for my previous records, can I reconcile my bookkeeping to my PayPal statement? Rather than my bank statement? As that would completely solve my problem. So if I spent 7.70 on a purchase, and it shows 7.70 on that day in my PayPal statement, is that enough for a sole trader's records?
Because trying to see how that 7.70 went from my bank account to PayPal is a pure nightmare.
Thank you guys so much in advance!!! Really need a saviour right now!
I've been a bit silly, and decided to use my personal bank and PayPal accounts for transactions. To make matters more complicated, about half my transactions, both incoming and outgoing are in dollars.
So my statements are a mess of personal, business and currency exchange fees and what not, which I can just about get my head round and I'm dealing with that. However, PayPal has really thrown a spanner in the works, as I've just found out it doesn't take money from your account per each transaction you make. It kinda lumps odd things together days after the purchase, meaning it's next to impossible to reconcile my bookkeeping with my bank account, as i can't tell what the lump PayPal fees are from, and how much of it was business or personal.
So I know my mistake. Im opening another bank account and separate PayPal this week. Lesson learned.
But my question for my previous records, can I reconcile my bookkeeping to my PayPal statement? Rather than my bank statement? As that would completely solve my problem. So if I spent 7.70 on a purchase, and it shows 7.70 on that day in my PayPal statement, is that enough for a sole trader's records?
Because trying to see how that 7.70 went from my bank account to PayPal is a pure nightmare.
Thank you guys so much in advance!!! Really need a saviour right now!
