PayPal How to Tag Appropriately


I am very new to Quickfile and it seems a easier to use than other out there. I apologies for this question I have looked to see if there is an answer, it may be my lack of financial understanding that is confusing me, I have booked myself onto a bookkeeping course so hopefully all will be come clear. So any help much appreciated.

Our ecommerce website creates the invoice for our customers, payment is made upon ordering and we use PayPal for this. I have set PAYPAL to auto feed moving forward and I have uploaded historic transactions back to 01/07/15, however I am at a loss on how to tag the Paypal transactions appropriately, I dont think I want QuickFile to create a invoice for each transaction as I am not really concerned about the detail of each transaction, is best to tag all the paypal entries as Sales or something similar, therefore grouping them together so I will be able to see quite clearly the sales amount?

If anyone could point me in the right direction what info/articles to read that would be amazing, I get the concept of tagging I just want to make sure I do it appropriately for my situation.

Again Thank you


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:

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?

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