I just wanted to check i was doing this correctly.
Our business purchases a fair bit online from lots of different suppliers on Ebay and Amazon. I am currently creating a separate purchase for each individual purchase (although this is proving tricky and time consuming as not all suppliers readily provide an invoice).
Can I create Ebay as a Merchant and simple log the purchases as ebay with the details Ebay provides or for accounting purposes do I need to continue entering each individual purchase?
Thanks for your time.
If you’re VAT registered and claiming back VAT on the purchases then you must have a valid VAT invoice for each one and record the invoice date as per the VAT invoice and the payment date as the date you actually paid.
If you don’t care about VAT then you can be a bit more relaxed about it, you could log one purchase a month (say) with all the things you bought that month against a generic “eBay” supplier and log payments against that, but given the way bank tagging operates it may be quicker to still record each purchase separately so that when you tag the payments you can assign them in one click (rather than having to go the “pay down multiple invoices” route).
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