"There is no need to apologise, your Q is not basic or anything like that, we all struggle with this stuff daily! I just googled and your vat is 20% so if the invoice has many lines on it just take the total of each line and multiply it by 1.2 and…"
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Entering sales invoices with deductions (first time user, please be gentle)
Started this discussion. Last reply by Lyndsay W Mar 7. 7 Replies 0 Likes
Hi all, Firstly I apologise for the basic nature of this post. From what I can see the forums there are tons of advanced users out there. I'm a sole trader, selling just a few items here and…Continue
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Lyndsay W replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)Lyndsay W replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)"I am still not quite sure about your Q. As postage is freight is a cost of sale why not just take the invoice total inc the postage and divide it by how many items you bought, that would be your cost.
"
Adrian Pearson replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)"Hi Mark,
You Playtrade Sale Fee should be of type = Direct Cost. The Transfer Fee should also be treated as a direct cost if you transfer each and every individual amount at the time. If you sometimes accumulate the amounts and withdraw in one…"
Mark C replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)"Thanks for the help with this. Sorry to be a nusance with probably such an obvious answer.
Can I just confirm that this is a way to do this.
In the chart of accounts I could create something like
201 - PlayTrade - Type = Revenue - No vat
405…"
Lyndsay W replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)"Hi I dont understand your VAT question really, can you expand on it? I think with your purchases you need to account for the bank charges and fees as per the example given below as they are all a cost to your business and affect your P and L, so…"
Adrian Pearson replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)"Hi Mark,
Good to have you with us!
Firstly, regarding question 1. what information you want out of the system dictates the amount of work needed recording transactions. If you want your reports to show gross sales less website cost less transfer fee…"
Mark C replied to Mark C's discussion Entering sales invoices with deductions (first time user, please be gentle)"Thought I'd give this a gentle bump as I really need to get out of spreadsheet hell.... :D"
Mark C posted a discussionEntering sales invoices with deductions (first time user, please be gentle)
Hi all, Firstly I apologise for the basic nature of this post. From what I can see the forums there are tons of advanced users out there. I'm a sole trader, selling just a few items here and there online. I'm not VAT registered but obviously my suppliers break down their invoices to show the VAT. This is my 1st venture into trying to do some proper accounts on a decent system rather than the tried and tested spreadsheet method. Question 1. How would I enter the following? I list of…See More
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