by Kylie Short on May 25, 2011
One of my favourite features of QuickBooks is the ability to do Sales Receipts. Sales Receipts allows you to record the invoice and the payment at the same time!
As promised, here are the steps to record PayPal fees in QuickBooks.
1. Create a new item: Click on Lists > Items > Add new item > Give it an item name that makes sense (I used PP Fee) and allocate it to an expense account called PayPal fees.
2. Create your Sales Receipt: Click on Create Sales Receipt > enter the sale information as you would normally > On the next line insert the item for PayPal fees and enter the fee as a minus figure as per below > Check the deposit to account, if you have PayPal set up as a bank account then this sales receipt will need to be deposited to the PayPal bank account. > Click Save & Close.
So there you have it! Nice and simple, not only are you able to enter the sale for the full amount, but entering the PayPal fee is simple too. Entering your PayPal sales via this method certainly makes reconciling the bank account much easier for your bookkeeper.
by Kylie Short on May 24, 2011
So there are a few different ways you can record PayPal fees on money received into your PayPal account but here is my preferred method of recording the transaction.
1. Create your invoice: Click on Sales > Enter Sales > and enter the sale as you would normally, then click record.
2. Receive Payment: Enter the payment details for the full amount BEFORE the fee was taken by PayPal but make sure you allocate it “Group with Undeposited Funds”
3. Record Deposit – Part One: This is where the fun stuff starts. Go Banking > Prepare Bank Deposit > select your deposit and tick it > Click on Deposit Adjustment > enter the amount of the PayPal fee, the date and allocate it to a relevant expense account. In this example we have created a new expense account and have called it ‘PayPal Fees’. Side note: in tracking your PayPal fees you can see if it’s worthwhile or not setting up a merchant account. There is also no GST on PayPal fees either (Australia only). > (If you have PayPal set up as another bank account make sure you deposit to the PayPal account and not the cheque account like I have in the example below.) > Click record.
4. Record Deposit – Part Two: Now that you have the adjustment entered you’ll be able to see that the total deposit amount has been adjusted too. In recording your PayPal fees this way you’ll clear out the total amount of the client invoice and record the PayPal fees at the same time.
So there you go! Nice and simple. My next post will be for the QuickBooks users out there who also need to know how to record their PayPal fees.
by Kylie Short on May 23, 2011
As most of you know, it was announced at AVAC this year that IVAA is opening a division for Australian based VAs. Kathie Thomas will be heading up the Australian division and is looking for helpers – they must be IVAA members to assist. Things have been happening behind to scenes to get this all happening, as you can appreciate, it does take some time to organise the legalities and make sure everything is as it should be.
In the meantime, we want to share with you that IVAA has extended its membership registrations for a little while longer so that Australian VAs can join to help grow our Australian membership and discuss how we will be developing Expert of the Month sessions, Peer Discussion groups and Summits geared towards the specific needs of Australian VAs, as it relates to topics and speakers that align with your businesses.
Also, programs will be timed more favorably to Australia and that they will be eligible for ALL IVAA benefits (many of which are here: http://www.ivaa.org/?page=MemberServices) and that Australian volunteers will be working on getting discounts and programs of benefit outside the US – for example – we have some discounts on long-term care insurance and through an attorney – this would be for US members only – we would be looking to establish similar discounts that would be available to our Australian VAs.
To join, please click here!
Everyone who joins as a ‘regular’ member, through June 30, 2011, will receive $10 off their 2011 Online Summit registration as well as a copy of the audio from the 2010 Online Summit panel discussion, “Pricing Your Services in a Down Economy!” We are so excited to offer this opportunity to new regular members – spread the word.
Kathie M. Thomas, Australian Rep – kathie@ivaa.org
by Kylie Short on May 17, 2011
Five years ago I was extremely pregnant, living in Bathurst with my husband and two boys in our newly built dream home and feeling a little bit lost. I had been studying to re-train as a primary school teacher for the previous 6 years (part time around looking after and making the kids) but I still wasn’t convinced that it was what I wanted to do. I enjoyed my studies but I wasn’t inspired and I wanted to be at home with my kids as much as possible. I ended up finding a job advertised in the local paper “bookkeeper/secretary – must have own laptop” and I instantly thought ‘I could do that easy!’. So I waddled up with my rather large belly (due to pregnancy complications, I was extremely huge at 34 weeks – had looked like I was full term since 24 weeks) and they offered it to me as a contracting position from home.
I like to think of that first client as the catalyst for the start of Tilda Virtual.
Over the last five years I’ve learnt some very important lessons, have achieved what felt like achievable goals and have crashed and burned big time. Being a business owner is hard work and it’s not just about providing a service or product, it’s all the behind the scenes stuff that goes with it. I knew early on that I didn’t just want to have enough work for myself (and effectively create a job), I wanted a team of subcontractors and/or employees and I wanted to do it all from home. I’m extremely proud to say that I have an awesome team and without them I’d still be struggling. So thanks everyone and a big BIG thank you to my awesome husband who said to me five years ago “go for it babe!”.
by Kylie Short on April 25, 2011
Just a reminder that all BAS lodged quarterly are due Thursday 28th April 2011 if lodging via paper. Remember, this means your BAS must arrive at the Australian Taxation Office before Thursday 28th.
If you have any questions or would like to find out using Tilda Virtual to lodge your BAS return, please contact us on 1300 991 306.
