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Originally Posted by
ukpartydj
That article is spot on. Basically, account for the full payment from the customer as "sales" and the PayPal charge as "Cost of Sales". PayPal can be interrogated for its charges in My Account and you can print the statements out.
One small issue from the OP's post, this all takes place on your Profit and Loss statement, not your balance sheet (which probably not many do anyway).
And yes, PayPal fees are tax deductable as a legitimate cost to the business (as are indeed credit card fees and interest and any loan interest).
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