Online shop selling a products via paypal system and has own paypal account.At the end of finacial year do I need transfer money from paypal account to a business account to prepare balance sheet How i need to treat a paypal account?
if the paypal account is in the name of the business you should just bring this into the balance sheet.
If the paypal account is held outwith the business in your name for example and is strictly personal I would bring all the transactions in through capital introduced/drawings (if a sole trade / partnership).
Alternatively if the paypal account is in your name but only used for business transactions you could just bring this into the balance sheet as a bank account. HMRC would not have an issue with this and I have assumed its not an audited company.
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Forgive the typo's I generally do not proof read. Just lazy I guess!
Online shopping is the process whereby consumers directly buy goods or services from a seller in real-time, without an intermediary service, over the Internet. If an intermediary service is present the process is called electronic commerce. An online shop, eshop, e-store, internet shop, webshop, webstore, online store, or virtual store evokes the physical analogy of buying products or services at a bricks-and-mortar retailer or in a shopping mall. The process is called Business-to-Consumer (B2C) online shopping.
-- Edited by Kimberly Sarah on Thursday 19th of August 2010 07:16:17 AM
Online shopping is the process whereby consumers directly buy goods or services from a seller in real-time, without an intermediary service, over the Internet. If an intermediary service is present the process is called electronic commerce. An online shop, eshop, e-store, internet shop, webshop, webstore, online store, or virtual store evokes the physical analogy of buying products or services at a bricks-and-mortar retailer or in a shopping mall. The process is called Business-to-Consumer (B2C) online shopping.
-- Edited by Kimberly Sarah on Thursday 19th of August 2010 07:16:17 AM
Often people who have an online shop also have an ebay shop and use paypal the two are not mutually exclusive. One of my clients has an online shop and takes payment via cr card/streamline for the goods but also uses ebay/paypal. People who are not involved in internet trading would not know the difference and certainly we book-keepers wouldn't - all we're interested in is the paperwork which ensues from the transactions.
if the paypal account is in the name of the business you should just bring this into the balance sheet.
If the paypal account is held outwith the business in your name for example and is strictly personal I would bring all the transactions in through capital introduced/drawings (if a sole trade / partnership).
Alternatively if the paypal account is in your name but only used for business transactions you could just bring this into the balance sheet as a bank account. HMRC would not have an issue with this and I have assumed its not an audited company.
I agree this would be the best way to treat the items.
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