Hello
First of all I would like to thank to the creators of Quickfile for providing such a great tool. It’s very intuitive, I think i got the hang of it in one day and I am looking forward to discovering more advanced features.
I would love to have your feedback about the way I’ve set up my Quickfile account before I input more data.
I have an ecommerce business. We sell on several marketplaces Ebay / Amazon UK / FR / IT / DE / US / CA.
We’ve been trading for 5 months and we’re about to reach the VAT threshold so I need a bookkeeping solution which will enable me to separate the transactions into UK / EU / Rest of the World. (we’re planning on using the normal VAT scheme).
I have set up one merchant account for each marketplace we sell on.
I have set up 3 nominal accounts for sales: UK Sales / EU Sales / ROW Sales
For Ebay transactions, I download a report of our sales from paypal and sort them by country. I do subtotals for each country then upload the details on Quickfile. I create an invoice/payment for each country then tag the payments to sort them into one of the 3 nominal sales account.
For Amazon, things are a bit more straightforward as each marketplace sells mainly to their domestic customers (99.9% of cases) so at the moment I just input the total sales and total fees on each merchant account then tag the sales to sort them into one of the 3 nominal sales account.
What do you think? Do you have any advice? If you are the owner of an ecommerce, I would be interested to hear how you keep your records, particularly how separate sales which are liable for VAT and those which aren’t .
thank you
andre