VAT, eBay, Amazon, Etsy, QuickBooks

[mnporter2001]

A little advice needed please.
So up until now I have been trading as a non VAT registered limited company so my income from eBay, AMZ, and Etsy gets reconciled on quick books as "sales" I request AMZ payments Daily as they are unpredictable and seem to ban sellers accounts when ever they fell like doing so, for Ebay I normally request PP to pay out every £500 (although this is just about to change as I have been moved to Ebay managed payments).
Etsy just seem to pay me when ever I sell on there which is not very often.

I have registered for VAT and am awaiting my VAT number. So my question is how on earth do I reconcile stuff now, for example my AMZ sales will hit my business account as a lump sum lets say £400 but in that £400 there may well be 25 separate sales that make up the total, so how do I then break that down so my Quickbooks VAT bit makes sense.
I am hoping you are not going to tell me I have to create a separate invoice in Quickbooks for every online sale I make.

I guess there are some of you on here that trade as I do and have figured this all out, and your help/advice would be greatly appreciated.

Thanks
Mark

[JMugs]

I shall follow as my accountant says my books could be better, but as I am consistent he doesn't want me to mess with it and get in a muddle. I could very well learn something here.

Janners

[logobear]

If your turnover is above the vat threshold, but UNDER 180k .... I think, it is really worth looking at the 'simplified vat' schemes.Instead of detailing vat on all your inputs and outputs, you just pay a flat % age on total sales
I think I was on 7% or maybe 8%

If you make BIG capital asset purchases, you can claim the vat back separately, but the scheme to SOOOOOOOOO much easier to administer.

The only caviatte being, if you sell a lot of zero vat items like kids clothes or safety wear, you have to 9probably) pay vat on a zero vat item sale too.

Deffo worth looking into, saved me lots of money to HMRC vat .... until my landlord started charging vat on my rent .... = spanner in works !

[mnporter2001]

If your turnover is above the vat threshold, but UNDER 180k .... I think, it is really worth looking at the 'simplified vat' schemes.Instead of detailing vat on all your inputs and outputs, you just pay a flat % age on total sales
I think I was on 7% or maybe 8%

If you make BIG capital asset purchases, you can claim the vat back separately, but the scheme to SOOOOOOOOO much easier to administer.

The only caviatte being, if you sell a lot of zero vat items like kids clothes or safety wear, you have to 9probably) pay vat on a zero vat item sale too.

Deffo worth looking into, saved me lots of money to HMRC vat .... until my landlord started charging vat on my rent .... = spanner in works !

Hi and thanks for the reply.
I have around 70k per year in sales of non vatable goods so in my case I need to go the whole 20% route, however my issue is that yesterday for instance I had 18 sales on AMZ with a combined value of £390 and each sale is in vatable goods, but that £390 will arrive in my bank as one lump sum. So do I just create one invoice for said £390 and reconcile it against the income which I guess is not the best and probably not the legal way to do it, or do i need to create a separate invoice for all 18 sales and then reconcile them against the lump sum.

Damn this is hard work trying to figure out the best/correct way to do this.

Mark

[UK Printed Mugs]

Ditch quick books. Use Xero and pay a book keeper to set up and perhaps monitor what you're doing. Making sure you are doing expenses correctly and you can treat say a bulk payment as "sales income" and pay vat against this whole amount. Xero is incredible but having a book keeper is now a must as well.

[Fletcher]

I invoice every single invoice, (so 420 invoices for december just on ebay alone) reason for this is the fees are different depending upon the sale price, plus breakages and missing items / refunds. Its easier to deal with as single items. IMO

[mnporter2001]

I invoice every single invoice, (so 420 invoices for december just on ebay alone) reason for this is the fees are different depending upon the sale price, plus breakages and missing items / refunds. Its easier to deal with as single items. IMO

Yes I think this is prob the way I will have to go, not looking forward to breaking the news to my admin girl though lol