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Paypal Fees...how to document?
Ive heard Martin (vectis) say a number of times that the Paypal fees are tax-decuctable...and rightly so, they are a valid business expense.
But, and heres the thing....
How do you document them on the balance sheets?
For example, a client pays my £50.00 NRBF online using Paypal. The money o have available to transfer into my bank account is £48.10...Paypal take £1.90...fair enough, but there is no paper trail for them taking that £1.90, all my accountant sees is 348.10 coming into the account via paypal.
paypal, dont give me statements, and they dont give me a yearly summary of what theyve took in fee's...so am I missing something?
Other than saying paypal takes £1.90 in every £50...I cant actually prove it
Tel:0800 990 3030
The opinions here are those of an individual and not necessarily those of Dynamic Entertainment.
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You can actually print your statements out mate
If you click Veiw all transactions it says download or print
Dave
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I just go into my admin page, select the year range and dump to CSV file, pull it into Excel and strip out the handful of personal transactions that went through the account leaving just the business stuff.
Print out a copy by way of a receipt.
There is a fees column. Total it.
If you're doing simple accounts then it's just an expense.
If you're doing full ledgers then I'd pop it under professional fees as you would with banking charges (which is what they are, after all).
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Originally Posted by
Booche
You can actually print your statements out mate
If you click Veiw all transactions it says download or print
Originally Posted by
Vectis
I just go into my admin page, select the year range and dump to CSV file, pull it into Excel and strip out the handful of personal transactions that went through the account leaving just the business stuff.
Print out a copy by way of a receipt.
There is a fees column. Total it.
If you're doing simple accounts then it's just an expense.
If you're doing full ledgers then I'd pop it under professional fees as you would with banking charges (which is what they are, after all).
Thank you both....thought I would be missing something.
Tel:0800 990 3030
The opinions here are those of an individual and not necessarily those of Dynamic Entertainment.
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Not sure whether this is relevant as a business use as I've only used Paypal for personal reasons (ebay etc) but I know there is a way they can send money as a 'gift' and Paypal don't take a fee (I think that's right).
Maybe worth looking at but like I said, not sure if this can be used for business purposes.
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Originally Posted by
JAMdisco
Not sure whether this is relevant as a business use as I've only used Paypal for personal reasons (ebay etc) but I know there is a way they can send money as a 'gift' and Paypal don't take a fee (I think that's right).
Maybe worth looking at but like I said, not sure if this can be used for business purposes.
If you send money as a gift YOU pay the fee not the recipient.
Paypal are a business not a charity
When I used to sell stuff online I accepted payment by Bank Transfer, Nochex or Paypal.
I charged a surcharge for Nochex or Paypal that would leave me with the desired amount AFTER charges had been deducted.
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Not sure if they still offer "Gift" as i know certain payments under X amount you could send as a gift and nobody got charged BUT as i say im not sure they still offer it.
Dave
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...and as we're all running BUSINESSES here, the gift option (whether it still exists or not) is completely irrelevant.
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Web Guru
Kinda off-topic but to clear up what kind of payment is free of fees - if the sender selects "Personal - Personal Payment Owed" then no fees are charged to either party. BUT there are a few caveats, such as no buyer protection at all.
Paypal say this should only be used to pay back people you know personally for things like split bills in restaurants, etc...
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Sorry to dig up an old thread but my account recently told me I was dealing with my PayPal fees incorrectly and I found this rather helpful article on the matter.
http://www.e-ccountant.co.uk/blog/bo...r-paypal-fees/
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