Doing year end accounts, problem with figures, help

System

possibly but theyd probably want £3k a year

trailingspouse

To be fair, they probably would want a great deal from you if you're not reconciling your bank statement.

Every so often (once a month is good) you need to check your bank statement (or PayPal summaries) against your XL spreadsheet. To make sure that everything agrees. For example, there may be a payment into or out of your account that you've forgotten to put through the spreadsheet. Or you might have put a payment through your spreadsheet, but it hasn't actually been paid into your account. That's what reconciling is. And if you do it every month it's easy enough (usually!!) to track down the missing items.

Do you do your own VAT? You can make adjustments at the end of the year if necessary.

System

I have went through each month on each and it always appears the Paypal (counting for refunds too) is over around £1.5k each month than my ebay sales (which I use for VAT and accounts). Something isn't right. Must be some kind of mistakes in my ebay records but I have no idea how I'm going to find as theres thousands of transactions

I do my own VAT, find it straightforward tbh

missile

berbastrike wrote: »

possibly but theyd probably want £3k a year

Maybe if you employ Deloitte or Ernst & Young <ROFL>

phill99

Given the ignorance shown in some of your posts, you cannot afford NOT to have an accountant. And I guarantee they will save you more than they cost you.

trailingspouse

Sadly, to get the figures right, either you're going to have to find them (in the good old fashioned way of ticking each one off on each list until you find one that you can't find, if you see what I mean) - or you pay someone else to do it for you. It needn't be an accountant - a bookkeeper would be cheaper.

Or - and this is the quickest and possibly the cheapest alternative - you accept that the PayPal figures are correct and work accordingly. If you are convinced that your records are right and the problem lies with PayPal then you are going to have to do the legwork to prove it.

Auntie-Dolly

Where are you getting the £880k from?

PlutoinCapricorn

There are ways of finding in differences between two lists that don't involve ticking. For example, you can sort into descending amounts and look for misalignments.

System

Auntie-Dolly wrote: »

Where are you getting the £880k from?

You can download ebay sales history. I do that quarterly. Its useful because it displays each transaction with details eg paypal reference, address including country (useful for seperating, EU and non EU sales).

Total it up, and use it for VAT return and also year end accounts. But also download paypal monthly summary which doesn't breakdown each sale, but gives total figures, eg sales, paypal fees.

Auntie-Dolly

I'd try redoing an ebay sales report to see if the figures have changed. The paypal figures will be accurate but it would be interesting to find the difference.