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Invoice Myself?

  • 11-02-2013 11:13am
    #1
    Big Mouth
    Closed Accounts Posts: 234 ✭✭


    I'm in the wholesale business and am thinking of getting some online retail trade going. The question I have is should I set-up a "customer account" to invoice the stock I sell online or should I just journal the stock off and pay VAT on sales?


Comments

  • #2
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Just run them as you would any other cash sale, though having an "online cash sales account" would be nicer for tracking your online sales data etc.

    cheers

    Peter


  • #3
    Big Mouth
    Closed Accounts Posts: 234 ✭✭Big Mouth


    Okay I invoice cash sales and finance manager would need to have it balanced everyday and would be wondering why a cash sale invoice is unpaid so not sure that would work I can see it being messy.

    Also say my wholesale selling price for an item is 4.95+VAT and I get 9.99 for it online should I just invoice away at 4.95 and then let the "account" get into a minus or should I invoice after sale has gone through online and match up to VAT i.e. work VAT back from 9.99 and invoice at 8.12 to match funds up perfectly?


  • #4
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    You raise an invoice for 9.99 and you get a cash reciept for 9.99, the account thus balances. You account for the VAT (1.87) on the sale in the normal way. You appear to be mixing up debtor accounts and the sales ledger/VAT account.
    I am no accountant but I simply don't see the issue here.

    Cheers

    Peter


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