This month or next?

[frankie007]

Hi all,
I run a small catering business next to a brewery. I have recently started taking payments with Sumup card Terminal. I am using my own(Lloyds) business account which means that it takes 2 days for the money to get transferred. So the payments made on 30th of April reach the account in May. My question is when I do my bookkeeping/accounting when do |I log in the sales? When the money went in to the account or when i made the sales. I have always done everything monthly. Also sum up produces a printable monthly record in which only the cleared money with fees taken out shows.

 

[Scalloway]

Strictly speaking you should log the sales when they are made. How I do this is set up SumUp as a bank account in my software. The sales go to the SumUp account and the balance is cleared when money is received from SumUp.

 

[MyAccountantOnline]

Hi all,
I run a small catering business next to a brewery. I have recently started taking payments with Sumup card Terminal. I am using my own(Lloyds) business account which means that it takes 2 days for the money to get transferred. So the payments made on 30th of April reach the account in May. My question is when I do my bookkeeping/accounting when do |I log in the sales? When the money went in to the account or when i made the sales. I have always done everything monthly. Also sum up produces a printable monthly record in which only the cleared money with fees taken out shows.

Is your business a sole trade using cash accounting or a limited company? Also are you VAT registered?

 

[frankie007]

Thanks for the reply MyAccountantOnline
Sole trader
Cash basis accounting
Not VAT registered

 

[MyAccountantOnline]

Thanks for the reply MyAccountantOnline
Sole trader
Cash basis accounting
Not VAT registered

In that case when it's paid into the bank account.

Do be careful with the deductions when you look at turnover for VAT registration purposes - your sales are the total before deductions not the net amount paid to you. It's an easy mistake to make.

 

[frankie007]

Thank you MyAccountantOnline and Scalloway for your replies, much appreciated

 

[Paul Kelly ICHYB]

You can actually run Sumup with a debit card, as a bank account.

Keep the money in that account and pay bills from it. Only transfer out drawdowns when needed, manually.