Hi all,
Please forgive the newbie question for someone new to business and recording everything digitally, instead of using a spreadsheet.
I recently started using Quickbooks Online to record all my income and expenses relating my business that accepts PayPal.
When I've entered Sales Receipts for my sales, for example $100.00, I've entered as received $100.00 (including GST), even though PayPal took their cut of $2.60.
In total for the month of February, I paid total of $300.00 (example) in PayPal fees. When do I record these fees?
I'm guessing it's in the reconcile option?
I'm very late to start recording everything so really rushing to get everything completed before BAS lodgement date. But since PayPal is GST free, I don't think it's required to include on BAS, I hope! Just required in terms of reporting Profit & Loss?
Thanks in advance everyone :)
