I was wondering if any one could offer any advice for my current scenario and how I would process it…
I use the website Fiverr to both Sell and Buy services for my company, I recently sold a service which was paid for and deposited into my Fiverr account, I have then purchased a service using part of the balance from my Fiverr account thus no money has been deposited into my company account, nor have I paid anything out (of my day-to-day accounts). Now i am not sure how to balance the books with these transactions?
I think the best way to deal with this is to treat Fiverr as a merchant bank account, in a similar way to PayPal.
So what you would have essentially, is (I’ll keep the figures nice and round in GBP, although I appreciate they can vary because of the exchange rate)
- £5.00 coming into your Fiverr account, tagged to a sales invoice
- £5.00 going out of your Fiverr account, tagged to a purchase invoice
Then, when they pay you, you simply tag it as a transfer out to your current account.
Hope that helps!
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