What records to keep when accepting paypal payments

lottieoflondon

I have a small internet bead business in which i accept mostly paypal payments.

I also use quickbooks for my accounting in which i more or less duplicate customers orders once they have purchased using my shopping cart, but can also use to amend any out of stock items and so on.

My question is for tax purposes with regards to

The paypal payments do I need to keep a copy of the total payment Only or the full list of everything they have purchased (as soon buy many beads and it can be a long list)

Do I need to keep a record of the own Quickbooks invoice i created with the paypal payment.

Do I need to keep the copy of the Invoice that my Internet shopping cart RC creates with every customers purchase

And what form of records do i need to keep for cheque, postal orders and BACS payments

I would be most grateful if anyone also using paypal could advise me what is the correct procdure.

Many thanks in advance

Clare

motorguy

You can download a complete history from paypal of all transactions in a .csv (comma separated variable) format. This will give you all your purchases, balances, sales, date etc.

Whether or not you physically need a receipt over and above that i dont know.