I’m still in the process of setting things up and figuring things out with QuickFile so do bear with if my question here is super simple to answer!
I’m using QuickFile to keep track of my sales and expenses as a sole trader, and to do all the tax stuff and HMRC things sole traders need to do here in the UK. I know you have to keep track of expenses and profits so you pay the correct amount of tax each year. And I know that means you have to log all your reciepts as proof of expenses.
But do you have to do the same for the money you earn through the business? I know invoices are used for this purpose, but some of my earnings come through Etsy, and here’s where I start to get confused.
Etsy doesn’t offer much in the way of a document that shows or proves the amount of money they pay into your bank account. You can see/save your order reciepts, but these show the amount the buyer paid - before Etsy took its own fees. So, that’s not useful for accounting I suppose?
Or they have an option to download a CSV file the amount the buyer paid and then all of the individual fees Etsy take from and just looking at it makes my brain hurt so I don’t know how I’d be able to use this in accounting. Plus, this still doesn’t show the actual amount of money that Etsy pays into my bank account, does it? Screen shot of the CSV for my latest Etsy order below as an example:
So still, I have no clue how to show my earnings from Etsy for my accounting. I also still don’t know if I really even need to? I’ve been uploading my bank statements so it does show the money that Etsy is sending me, I just can’t find a way to offer proof of it the way one would use an invoice, and I don’t know how I might use QuickFile to solve this.
I realise this topic is all over the place, but any insight at all into anything here would really put my mind at ease! Thanks in advance