Apologies for probably what is a very basic question...
We have a large number (2,500+) of small £1-£2 sales transactions, each with a processing fee. I see this as being 5,000+ individual transactions to put into sage. My question is as follows:
Is it acceptable to 'total' the sales, say by the day, so there are fewer transactions to enter? If not, is there a method to upload the CSV data into sage, saving a huge amount of time to manually input it?
Hi
So hows about an intro before we start. We always ask newbies!
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.
Also - when asking for a technical response about software then always best to add the type of software (in this case, is it sage one, essentials, 50 (and which type of sage 50, 200 etc) and then which version (year, or v20..... or such).
Are you VAt registered, if so what scheme and are all the items VATable (and at the same rates). What are the processing fees (where from) and are they all the same value ore dependent on the sale value?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
A brief introduction - I'm a business owner and have always done my own book-keeping, for almost ten years. A change in business direction has resulted in this mass of small transactions, and I've always inputted data manually so I'm a bit stumped by this. I have no formal training.
I'm using Sage 50 Accounts - V24
We are not VAT registered. The processing fee is a percentage of the transaction value, so is different for each.
The transactions I'm talking about are sales we've made through a card processing facility, I suppose the most similar company that people would know is paypal. So we take the funds into the 'paypal' account, they deduct their fee, then periodically it is withdraw to our bank account. I was hoping I could just total up the sales and fees to have 1 transaction each for each withdrawal, if this makes sense?
A brief introduction - I'm a business owner and have always done my own book-keeping, for almost ten years. A change in business direction has resulted in this mass of small transactions, and I've always inputted data manually so I'm a bit stumped by this. I have no formal training.
I'm using Sage 50 Accounts - V24
We are not VAT registered. The processing fee is a percentage of the transaction value, so is different for each.
The transactions I'm talking about are sales we've made through a card processing facility, I suppose the most similar company that people would know is paypal. So we take the funds into the 'paypal' account, they deduct their fee, then periodically it is withdraw to our bank account. I was hoping I could just total up the sales and fees to have 1 transaction each for each withdrawal, if this makes sense?
I am not sure if, from what you say, you are using paypal as well as the card processing facility or if you are just trying to use that as an example of a payment processing facility!
But either way we we cannot help you on here.
This is a forum for professional Accountants and bookkeepers, we do not and cannot provide advice to businesses unless we have a formal engagement letter in place.
The issue is simple to resolve so I would suggest you speak to your Accountant.
Might also be worth reviewing the type of card processing facility you use as most of the less expensive versions do not take a specific amount from each transaction and just do a lump sum each month, which whilst also cheaper will at least resolve some of your issue now.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
