Are you a LTD company or sole trader? Are you mixing business and personal transactions in the same account?
Regarding accounting for income through PayPal, this guide covers all the key points.
Accounting for income from payment service providers
I am Sole Trader. Yes, I’m mixing personal and business transactions.
Generally speaking you would upload your personal statement and just delete anything that doesn’t relate to the activity of the business. Any remaining entries on the account should be tagged to purchase or sales invoices accordingly.
Thanks a lot!
One question left:
What about If I spend money from “Petty Cash” how can I completely withdraw this money from Cash Book in QF?
If you’re spending money on non-business items, you can enter the money leaving petty cash and tag it as a bank transfer to the proprietor drawings account. It’s effectively just treated as drawings.
You are very helpfull!.
Thanks you very much
Regarding the above query I have a possibly silly question…
If the items are deleted then the bank account can’t be reconciled…is that correct?
Presumably for Self-Assessment purposes (income and expenses) then it doesn’t really need to be reconciled but am I missing something?
I didn’t enter an opening balance either!