PayPal refunds - Creating bulk entries

[Mark_Kajdi1]

Hi,

I have more than a hundred refunds that needs to be tagged. I ran e-Commerce businesses, selling worldwide.

Often times the refund amount is greater than the sales amount due to currency conversions, therefore I have to duplicate the invoice and credit note it, which takes lots of time if I want to do it more than a hundred times.

I have an idea of how could I tag these refunds the easiest way possible and not spending hours by tagging them 1 by 1:

Scenario #1:

• Create bulk sales entries like “January sales in 2020”( Creating 1 new client as “PayPal EUR sales” and invoices for every single month),

• Create an another bulk entry called “Refunds of January sales 2020”.

Then I would be able to tag the entry as a refund against the bulk sales entry. I would create 1 invoice that would contain the overall amount of sales / refunds for the month.

Scenario #2: I would do the exact same thing, except I would create 1 sales and refund entry for a whole year.

What do you think?

Mark

[rhc]

Hi,
I think you asked this before.
Number two is not working at all and not accepted.
And Number 1 is not good practice either. It is may working for something like paypal fees or so but if you sell hundreds of items every month you should do at least daily bulk entries. And don’t forget to keep all the original invoices/credit notes just in case hmrc is asking for those. But as always, you should may speak to your accountant s/he knows best your situation.

[Mark_Kajdi1]

Thanks for your answer.