Hi guys
I'm about to start marketing other peoples digital products online for commissions.
I and my company are based in the UK, but my main market is US so i'm taking payments through paypal in USD($). I take payment to my account, then pass on the share to the owner.
Almost all services im paying for (hosting, advertising, freelancers) are USD based and can be payed using paypal in $'s.
My bank account however, is GBP(£) and as far as im aware, my bookkeeping/Taxes are to be in £.
I have quickbooks and im yet to learn how to set up and track everything.
Sales will go into paypal and i can either keep it sitting in $, then convert it to my bank in £ after there is a big enough balance to keep costs lower, but introduces currency risk (which im not too concerned about since i'm taking the view i cant predict the market and the GBP|USD has 50/50 of going in or out of my favour).
Cant move forward until i have this one figured out.
Can anyone with some insight suggest the easiest way for me to keep my costs to a minimum and making the bookkeeping as simple as possible using quickbooks?
I'm about to start marketing other peoples digital products online for commissions.
I and my company are based in the UK, but my main market is US so i'm taking payments through paypal in USD($). I take payment to my account, then pass on the share to the owner.
Almost all services im paying for (hosting, advertising, freelancers) are USD based and can be payed using paypal in $'s.
My bank account however, is GBP(£) and as far as im aware, my bookkeeping/Taxes are to be in £.
I have quickbooks and im yet to learn how to set up and track everything.
Sales will go into paypal and i can either keep it sitting in $, then convert it to my bank in £ after there is a big enough balance to keep costs lower, but introduces currency risk (which im not too concerned about since i'm taking the view i cant predict the market and the GBP|USD has 50/50 of going in or out of my favour).
Cant move forward until i have this one figured out.
Can anyone with some insight suggest the easiest way for me to keep my costs to a minimum and making the bookkeeping as simple as possible using quickbooks?
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