Hi can someone give me some advice regarding how to set up this company?
They sell on Ebay so I was going to set up Ebay as both a Customer and Supplier account (this is for fees and the occasional purchase).
Then set up Paypal as an additional bank account as all the sales and purchases go through Paypal before being transferred to the company bank account.
I'm not really familiar with Ebay, is there a standard report for the month I can use for all the info I need?
Any help so that I don't miss anything woud be greatly appreciated
I think my best recommendation is use software that can link to Ebay, PayPal and whatever else you need, Volution springs to mind - saves trying to get the owner to remember!
QuickBooks online can do all of the links but it costs a fortune £30ish a month for the links.
Paypal statements can be very confusing when you first look at them especially where such involve foreign currency translation.
They also confuse matters by having line entries to say that you are going to receive something and then later another line entry to say that you received it. If you are not careful its easy to end up recording the same amounts twice.
Basically Paypal statements suffer from trying to be too clever where they should really base themselves on a bank statement.
Once you are used to filtering out all of the shit that comes along with the legitimate information they're not too bad. Always keep the original unsullied in one worksheet with the version that your hacking to death in another as its easy to accidentally remove lines that you needed.
With foreign currency translations you get 4 lines with the name that you want and the sterling value on different lines so you will have a bit of cut and pasting to do with those.
There is software out there to make your life easier (probably owned by Paypal as the only reason that I can see for it being so horrible is if they are selling you something to simplify it).
I don't have any Ebay shopfronts (my Paypal clients use Paypal for credit card processing) so cannot comment on that.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
