I’ve managed to link QuickFile to my payPal account and have imported transactions - so far so good. Almost exclusively I will be using this integration to keep track of purchases I’ve made, not for tracking payments received.
What I’d imagined was I’d see a list of transactions inside QuickFile which I could tag to classify them as business related items and specify a category they fall into.
However all I seem to get in QuickFile is a reference number and a GBP figure. How can I tell what the transactions actually are without looking each one up in Paypal by their Reference number?
If I look at the transactions in PayPal itself I see a “Purchase details” field which for example might say “Red Shrouded Socket Adaptor” .But in Quickfile as far as I can tell that’s missing (please correct me if I’m looking in the wrong place!)
Mostly my transactions will be from eBay and it’s fair to say that I get the name of the ebayer, say “ethan_smith1980” and then a reference number in brackets inside Quickfile - but tbh that doesn’t tell me much about the transaction either.
Here’s a comparison between what I see in Quickfile for a transaction and the more useful information in PayPal:
Purchase details: MINI PCI-E MSATA SSD TO 2.5’’ SATA 6.0 GPS ADAPTER CARD CONVERTER MODULE BOARD . Item number112125258140
Versus:
ethanno2016 (16478867M7777780J)
I’m thinking that at year-end if my accountant asks “What is this, this and this transaction…” I’d have to spend time looking them all up, but if Quickfile could show the “Purchase Details” it would be obvious.
The way you would identify what a transaction relates to is you would still use the bank tagging button to tie it to a purchase invoice, like you would a standard bank transaction.
Think of it like a standard bank statement - “Tesco” would appear there, but it’s the receipt that would tell you what the order was for.
So you would create a purchase invoice and either list all the details of the order there, or just one line per nominal (e.g. one for rent, one for water rates, etc.) and attach a PDF, or JPG of the receipt/invoice that it relates to. This is what HMRC would be interested in if there were any queries as this ultimately shows how everything links together, and where the money went (and when).
If I’m not mistaken, this seems like an eBay transaction? In this case, eBay (being the former sister company to PayPal) passes all it’s transaction details through to PayPal. Other companies that accept PayPal may only pass a brief description rather than the full order details.
I hope this helps, but if you need any help or guidance with the tagging process, or anything else within QuickFile, please let us know - we’re here to help
Think of it like a standard bank statement - “Tesco” would appear there, but it’s the receipt that would tell you what the order was for.
Are you given the “receipt” part from PayPal or would I need to manually get hold if the information from PayPal for each transaction?
So you would create a purchase invoice and either list all the details of the order there, or just one line per nominal (e.g. one for rent, one for water rates, etc.) and attach a PDF, or JPG of the receipt/invoice that it relates to. This is what HMRC would be interested in if there were any queries as this ultimately shows how everything links together, and where the money went (and when)
That all makes sense, thanks. But again - would I have to get the information from PayPal and paste it into each transaction myself?
You would need to get hold of the information from the supplier you’re buying from, not from PayPal. The supplier’s invoice is what HMRC will want to see if you get inspected, not the PayPal notification (which isn’t a VAT invoice).
