VAT Periods - Online Sales

[Billett]

Hi,

Probably a quick one (have emailed my accountant but he's away)

Received a payout for transactions made in December on my online store today (2nd Jan) VAT Period ended 31st December. I've added a journal entry today as i received payment today, but as the transactions were all in last period do i date it for then or are they ok to sit in the new VAT period?

Thanks

 

[Billett]

Probably answered my own question the more i think about it. The payout is a monthly payout running up to 31st Dec, so should fall in the last VAT period.

 

[japancool]

The transaction date should be the date when the payment was made, rather than the date you received the funds, I believe.

Possibly unless you're using cash accounting, but an accountant should answer that.

 

[Billett]

The transaction date should be the date when the payment was made, rather than the date you received the funds, I believe.

Possibly unless you're using cash accounting, but an accountant should answer that.

Yeh the transaction date is the date the payment was made, but its more about the payout which is a lump sum of multiple transactions. Unless i'd have to split every transaction out of a settlement file which would be crazy.

 

[japancool]

Yeh the transaction date is the date the payment was made, but its more about the payout which is a lump sum of multiple transactions. Unless i'd have to split every transaction out of a settlement file which would be crazy.

Can you not download a CSV which you can import into your accounts package?

 

[MyAccountantOnline]

Hi,

Probably a quick one (have emailed my accountant but he's away)

Received a payout for transactions made in December on my online store today (2nd Jan) VAT Period ended 31st December. I've added a journal entry today as i received payment today, but as the transactions were all in last period do i date it for then or are they ok to sit in the new VAT period?

Thanks

How do you account for VAT and what system do you use for recording your sales and VAT? You wouldn't generally add a journal to record a sales receipt.

Unless your accountant is going to be away for all of January I'd wait and get advice from them as presumably the VAT return is to 31/12 and not due until 7/2.

 

[Billett]

How do you account for VAT and what system do you use for recording your sales and VAT? You wouldn't generally add a journal to record a sales receipt.

Unless your accountant is going to be away for all of January I'd wait and get advice from them as presumably the VAT return is to 31/12 and not due until 7/2.

We use quickbooks Online and run accrual.

I was doing it in the same method that something like Linkmybooks would do for us with Aamzon Payout. Amazon for example will take all the transactions and dump a single payment at the end of the month in our bank. Linkmybooks would then create a journal entry covering sum of sale, fee, vat etc... it wont break them down into individual sales transactions in quickbooks.

Yeh he'll be back at the end of the week, just wanted to get it done before then

 

[Billett]

How do you account for VAT and what system do you use for recording your sales and VAT? You wouldn't generally add a journal to record a sales receipt.

Unless your accountant is going to be away for all of January I'd wait and get advice from them as presumably the VAT return is to 31/12 and not due until 7/2.

Actually have now got the site syncing to quickbooks. which has worked, setup a new register for the payments and job done all sorted

 

[LPB 123]

Actually have now got the site syncing to quickbooks. which has worked, setup a new register for the payments and job done all sorted

If you're using QB then you can use the QB connector for all the major marketplaces and carts etc. It's free as it was formerly OneSaas but QB bought them out a few years ago.

You can import like LinkMyBooks in a bulk format and match up payouts etc or you can import each sale individually depending on your preference.

 

[AmazonGeek]

Have a look at A2X (originally Amazon to Xero). It APIs to your Amazon account and every payment cycle it splits all your sales down into the various nominals and drops them into Xero. We use it for Amazon UK and the other 9 EU sites and have used it for about 4 years. It saves tonnes of time and costs about £50 per month. It needs setting up right and you need to keep checking the settings, especially when you add new products. We use it in conjunction with a VA so it literally runs on autopilot.

It has since expanded to work with QB and you can even have a custom CSV export that can be imported into any package. We also sell on Amazon so there is a similar integration for that and you can do the same for Shopify, Woocommerce, Walmart, Etsy and so on.