Tiktok shop HELP PLEASE

[SebMartley]

Hi! I was hoping to get some advice from anyone with experience selling on TikTok Shop, please. We’re struggling with the bookkeeping side of things.


We currently use Sage, so TikTok Shop isn’t connected to our accounting software — everything is entered manually. Every month, TikTok sends over their invoices showing the associated fees, etc. There’s also the finance summary available via Seller Central.


The fees listed there differ from those on the invoices, so I’m unsure whether we should be inputting both the invoices and the amounts on the finance summary, or just one of them.


I have, of course, contacted TikTok Shop support, but like most marketplaces they are ****.

Thank you for any help!

 

[Ozzy]

I would suggest working from the amount that arrives within you bank and use that value as the amount you receive, and log it as sales in. Just keep the paperwork for records to refer to, but use cash in bank as the true value.

 

[Paul Kelly ICHYB]

All depends on how deep you want to measure things and, probably, what you sell.

If you are happy with the figures supplied, Ozzy's suggestion is the simplest and best, however, as that figure is just sales - costs you might want to record those.

You might also do things differently, based on whether you are self employed or a limited company.

 

[AmazonGeek]

The easiest way is to use one of the platforms that sits in between TikTok and your accounts package. They all integrate directly to the cloud-based accounts packages like Xero and Quickbooks but you can usually do a csv export which can then be imported into others like Sage.

LinkmyBooks is probably the best - https://linkmybooks.com/uk/integrations/tiktok/xero

 

[SMShah]

Hi! I was hoping to get some advice from anyone with experience selling on TikTok Shop, please. We’re struggling with the bookkeeping side of things.


We currently use Sage, so TikTok Shop isn’t connected to our accounting software — everything is entered manually. Every month, TikTok sends over their invoices showing the associated fees, etc. There’s also the finance summary available via Seller Central.


The fees listed there differ from those on the invoices, so I’m unsure whether we should be inputting both the invoices and the amounts on the finance summary, or just one of them.


I have, of course, contacted TikTok Shop support, but like most marketplaces they are ****.

Thank you for any help!

Hi Seb,

Apologies as I have seen this post now.

It will be like the following (on a hypothetical basis)
Sales £ 120.00
Tiktok fees £ 10.00
Net Sales £ 110.00

The entries will be as follows:
Bank A/c £ 110.00
Referral Fees £ 10.00
To Sales £ 120.00