Apologies if this is a stupid question, but I've got all confused about this so thought I'd see if anyone here can help.
Most of my sales so far have been at fairs/parties, in cash with no postage or paypal fees, so this has only just come up.
When I sell an item online - say through Etsy and the buyer pays with paypal, how do I record that?
Obviously the price of postage/packing is added to the price of the item, so that's the amount the buyer pays and then paypal take their cut off the total.
But when I record the sale on my spreadsheet do I record the price I asked for the item OR the price of the item + postage OR the price of the item + postage minus what paypal take? ???
I realise I'm probably making it waaaaaay more complicated than it needs to be, but I don't want to do it wrong now and then have to go back months down the line and try to remember what on earth I did when I'm trying to sort out my accounts....
I record the total price (with P&P) then next to it the paypal fee and then the cost of the postage.
My Etsy fee I record as a monthly cost as that is how I pay it!
If only my accounting clients were all as good as you Trudi!
Quote from: Trudi on January 18, 2013, 01:40:10 PM
I record the total price (with P&P) then next to it the paypal fee and then the cost of the postage.
My Etsy fee I record as a monthly cost as that is how I pay it!
Thanks Trudi
That's what I've done so I'll just keep doing it! ;D
Quote from: Purple Cobwebs on January 18, 2013, 01:44:28 PM
If only my accounting clients were all as good as you Trudi!
Second that.
...
Actually, if only all my accounting clients even knew how to use a spreadsheet!
Quote from: DementedMagpie on January 18, 2013, 01:57:19 PM
Quote from: Purple Cobwebs on January 18, 2013, 01:44:28 PM
If only my accounting clients were all as good as you Trudi!
Second that.
...
Actually, if only all my accounting clients even knew how to use a spreadsheet!
;D ;D ;D
You can print off monthly sales reports from Paypal, then you can easily see all the income and fees paid, although I just use the final net figure.