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ABeeC123
July 7, 2020

Payment records for HMRC

  • July 7, 2020
  • 1 reply
  • 0 views

Hi

Apologies in advance but I’m new to all this despite being employed for the local authority for 30 years up until recently. 

When lockdown began back in March I was asked by quite a few people to do some online teaching. I did this and then realise that this could be a new career for me.

Yesterday I finally got round to registering with HMRC and I want to get my accounts in order.

 

Because of lockdown and the fact I didn’t want to give my personal bank account details to my clients I was paid via pay paypal. I then transferred this money into my normal everyday bank account. Due to not having my code yet I am unable to open a business bank account but have managed to open a post office savings account.

 

- Is it okay to have payment records as PayPal payments?

 

- Is it also okay to now send receipts to customers albeit, these are backdated?

 

I just want to make sure that everything is above board . Many thanks and apologies for being such a novice!

1 reply

G
GeorgiaC
July 7, 2020

Hi ABeeC123 👋

 

Welcome to the Community and congratulations on opening your new business in online teaching! 

 

It's completely fine to record payments to your PayPal account - to do this you can either connect the PayPal account to QuickBooks and add the payments to your books directly or you can create the PayPal account manually within your Chart of Accounts and select when creating the transaction. 

 

In QuickBooks you can back-date transactions as far as needed, to do this simply edit the date on the transaction when entering.

 

Please get back to us on the thread below if you have any more questions! 

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