I’ve Been doing my books ready for end of Tax and for some reason my Paypal account doesn’t add up to what I have down on my spreadsheet. I’m now going to have to go through everything again to make sure I haven’t missed anything out. What a nightmare, you would have thought was the easy part.
nightmare Pauline! fingers crosed it’s sorted for you
The reason why its in such a pickle is because of when I’ve sold something abroad and its gone through Paypal as a different currency, I can’t find any where on Paypal the amount in £’s after conversion of exchange rate. Is there anywhere I can find this.
Not sure there is Pauline, I have only ever seen a conversion rate when I transfer money into my bank account, sorry that’s probably no help at all!
It’s stupid not been able to see the payments in £’s as well. I’m only a few pounds out I think but if the tax man wants to see that then its going to be difficult to show it.
I’ve just guessed an exchange rate which is not a very good thing to do.
I have bought embroidery designs from American sites and the actual invoice has told me what that is in £’s.
For example I bought some designs that came to $12 and lower down the page it told me that was £7.95 and also said what the exchange rate was…does it not do the same for sales?
I can’t seem to find anything anywhere on my sale slips. It’s mainly my E–y Bills I need to know the rates for.
Can’t help you re: past orders but it may be worth setting up your shop so that you sell in ££’s. I made a sale to America in $$'s and lost out on the paypal currency conversion charge. If you sell in ££’s I think the conversion charge is included in the price quoted to the customer. Also means all your invoices are in ££’s! Hope this makes sense.
Agree with @Rozcraftz, not that that helps you for now but my Etsy shop is set up in £££ - too confusing else!
Hope you manage to sort it out x
I’m starting to get my figures close, I’ve forgotten a couple of purchases off which is getting me close to the correct figure.
@Louisa15 Thank you for putting this into the correct catergory for me, wasn’t sure which to add it to.
The exchange rate changes all the time though, so you would need to know what it was at the point of each payment.
Not a problem, how did you know it was me that did that? I didn’t realise it was visible to anyone who changed a category! I normally have a look through any uncategorised threads and see if I can help out by putting it somewhere
@Louisa15 When you go to the speach bubble at the top of the page near your profile icon it tells you who’s replied and liked your post doesn’t it, your name came up with a little pencil icon.
oh I see, I kind of hoped I was doing it anonymously. Useful to know that it shows up
I’m sure people don’t mind especially if your helping them out. I certainly don’t mind.
Pauline are you sure the PayPal commission isn’t making it not balance? If you can’t resolve it do your tax and fess up in the anything to add at the end of the on line form, simply explain you cant get it to tally completly. Its not as if you are Tesco
That’s what hubby said, it’s not as though its thousands missing. It’s probably only a few £’s.
Pauline you can download your Paypal transactions for a month or a year as a CSV then muck about in excel or whatever you use. Select all transaction types not just sales.
I had my currency set to dollars for part of last year, so mine are probably similar to yours. You will find four entries for a sale - Paypal Express Checkout USD, Update to Payment (which doesn’t show postage for some reason?) and then two Currency conversions, one USD “to British Pound” and one GBP “from US Dollar”
You can use the last two to find the currency conversion rate for the individual transaction, then use that rate to convert your dollar figures into pounds, including the Paypal fee which may be where your missing pennies are.
Thank God for excel formula function!
I’ll give that a try at the weekend when I plan to tackle my books again, plus hubby will be here to help then.
Thank’s to everyone for all the info. I’ll make sure with my next years tax I’ll get it right.