Ebay Book Keeping for a small business.

Kayalana99

Hiya guys,

Their must be an easier way!!!

Atm I type up every transaction onto excel - so basicly I have a sales sheet and a purchase sheet -then my own creation that puts them both together to work out profit etc...

Someone mentioned downloading the transactions from Paypal but I tried to do this and it all comes out haywire - i.e first it starts from 31decemeber and goes down...things are messed up...

Any advice? Or do I need to carry on with what I'm doing?

Bare in mind most my sales are around £1.50 mark and I'm bringing in about £600-700 sales/month atm.... -.-

theonlywayisup

If Paypal is the only method of payment method you accept then it would be obvious to use that.

Use the monthly financial summary and use it for each month. That will give you money in and money out.

If you have any form of VAT inspection (if you are registered) you will able to show each sale to tally to each deposit, but you don't need to do that for non audited accounts.

Kayalana99

So no need to keep a record of individual sales just proof of monthly sales from paypal?

As yet no cash sales anyway and I doubt I will be VAT reg any time soon!

theonlywayisup

Kayalana99 wrote: »

So no need to keep a record of individual sales just proof of monthly sales from paypal?

Paypal is your monthly proof, but you don't need to print it unless your accountant requests it.

If you use other methods of payment then there may well be another financial summary you could use.

It is acceptable for end of year accounts, unless you are audited (unlikely) or have an inspection. In which case you download the detailed reports.

TKPeters

We use Kashflow; http://www.kashflow.com/,
which imports all the Paypal payments [less fee's] & works out the VAT payments if applicable.
There was 6 month offer on huddle buy
edit: found it; http://www.huddlebuy.co.uk/deals/free/Kashflow-Accounting-software-2-months-free-trial-6-months-at-38-off

Archergirl

How long do things stay on paypal pages for, can you check previous years?

RFW

You can download all history from Paypal, for any period. I download and use Excel spreadsheet for the periods I require.