Account for second hand items from private sellers

Hello,

I bought some tools/assets on Ebay for my VAT registered limited company.

Some of them are brand new, sold by VAT registered businesses and they can give me a VAT invoice. I would create a supplier with the name of that company and record the purchase normally.

Others are just second hand items sold by private sellers. I created a supplier “eBay” in QF and record the purchase with VAT at 0% and attach the paypal receipt of the transaction. I would use the same “eBay” supplier for any items bought from private sellers on ebay. Is that the correct way to do it?

Thanks!

This sounds correct to me, just make sure you have a copy of the VAT receipt for any items you’re claiming VAT on. You could attach this to the actual purchase invoice record.

That’s great!
Thank you!