PayPal How to Tag Appropriately

Hi @zbrodie

Welcome to QuickFile :slightly_smiling:. Thank you for your positive feedback too!

Lumping PayPal sales together is more than fine, and if you’re selling quite a bit it will make life easier for you. So if you’re not concerned about the details of each transaction (bear in mind that if you’re selling through eBay/PayPal etc, they are likely to have details on these transactions anyway), you could lump the sales together on a daily or weekly basis.

Although the situation is different, the concept would be the same as a shop. I’d recommend taking a look at this topic:
http://community.quickfile.co.uk/t/accounting-for-daily-takings/8911

The main thing to ensure that’s right is that you don’t split weeks (e.g. as a sole trader, your tax year ends on the 5th April, so if a week runs 3rd - 7th, split the week into two invoices).

You can always list the details on the invoice itself, for example, one line per day or per transaction - however you see fit.

The important part is that your P&L is correct, and if you’re VAT registered, that it’s correct too.

I hope that helps?