Hi, can PayPal fees be recorded in one transaction daily, weekly or monthly? Instead of importing the fee after every single transaction?
The same with the postage costs paid through eBay?
Thank you.
Hi, can PayPal fees be recorded in one transaction daily, weekly or monthly? Instead of importing the fee after every single transaction?
The same with the postage costs paid through eBay?
Thank you.
Yes, that should be fine to do that. The important thing to ensure is that it doesn’t cross tax periods (e.g. end of year or VAT periods).
Other than that, recording them in bulk should be fine. Just make sure you have a breakdown of the bulk payment.
A note of caution - if you are VAT registered, then HMRC require daily transactions for MTD. Daily totals are fine but weekly or monthly would not meet the requirements.
What about the processors that send a monthly invoice like Stripe?
Stripe, PayPal, Sumup, and so on, deduct their fee from every transaction. They send a monthly invoice, you then create that invoice on quickfile and tag every fee (for every transaction or on a daily basis) to that invoice. At the end the invoice should be completely paid off.