What category to post to?

[Harvie]

Hi

Just about to set up some new suppliers for PayPal fees, Ebay fees other marketplace fees.

Please could you let me know where these are to be created in the “chart of accounts”.

Do PayPal fees sit under “bank charges” or do they need their own account set up.

Thanks

[QFMathew]

Hello @Harvie

You may find the below post helpful:

@George_H

If I were you I would create a nominal account say 7907 and name it Selling fees, or use a “direct expense” like n/c 6900 Miscellaneous Expenses, as PayPal fees are taken directly from each sale made.

Either of these codes can be used for any selling fees like Ebay fees, Klarna fees, PayPal fees.

The post also discusses that as PayPal isn’t a bank, they aren’t classed as bank charges and shouldn’t be accounted for as such.

I hope this helps.

[Harvie]

Great thanks.

Just busy creating the suppliers for fees. Depending on where an item sells, sometimes we pay our Paypal fee in GBP or sometimes in USD. Would it be sensible to create two different suppliers for PayPal fees, or just use the ptions in QF to toggle on the invoice between both currencies?

Thanks

[QFMathew]

There’s no definitive answer here - it’s whatever would be easier for you. Having two suppliers would make it easier to isolate invoices from each, but you can also do this with the currency itself.

Personally, I would opt for one supplier, but there’s no right or wrong way

[Harvie]

Thanks

I’m going to start out with one supplier and see how it goes.

Thanks for your help again