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How to record online sales?

Started out with Xero, not sure how to record sales

Hi guys, 

New here so hello to everybody!

My business is sells online courses. Payment is handled by Stripe who makes bulk payments (after 7 days) to our bank account. 

My question is, from HMRC/Companies House point of view do I need to record each and every customer transaction separately in Xero?

Or can I just record the lump sums paid in to the bank account without customer details. Something like £1000.00 received from online sales.

What does HMRC/CH expect on this? Do they need to see every £ coming in great detail such as customer name etc or will they be happy with the accounts showing say £10000.00 sales online?

Any help would be appreciated. 

 

Thank you!

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24th Sep 2018 20:17

This is a forum for accounting and finance professionals. The best advice I can offer is to speak to an accountant about record-keeping requirements, especially as these are changing. If you want to DIY then I would suggest a self-help forum such as https://www.ukbusinessforums.co.uk/ which is a sister site to this one aimed at businesses.

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25th Sep 2018 07:53

Your question is about bookkeeping not financial reporting. For financial reporting purposes your P&L account will include one annual figure for sales, and that is all HMRC, unless they conduct an enquiry, will see. If you fillet the accounts you send to Companies House, as you are probably entitled to, users of Companies House won’t even see that single annual figure.

So forget about what “HMRC/CH expect on this”.

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By admal
25th Sep 2018 10:22

Stripe take a fee before making payment to you - therefore just recording your income as the bankings you receive will mean your gross turnover is wrong.

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25th Sep 2018 15:33

As Tim Vane suggests earlier, you really would benefit from some professional advice.
With the greatest respect, through your initial enquiry, you portray a naivety, in financial matters, which could create greater problems, for you and your business, along the way.
Ask yourself, if you had a dental problem, which required treatment, would you consider resolving the ailment, yourself?
I didn't think so.

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25th Sep 2018 16:09

Connect stripe to your Xero account as an additional bank account and it does all the posting for you.

Stripe account will send post gross sales to sales, charge to charges then transfer the net to bank account when the money goes into main current account.

If you are struggling with how to use Xero speak with a Xero accountant or look up their help videos on how to use Stripe on Xero website.

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