Best way to enter epass transactions in accounting software?
 

What's the most professional and accurate way of entering data in my accounting software for Epass transaction, should I list the payee name as "epassporte" and then write in the "comments" section of my software the details of what it was for or should I just enter the payee as the "nickname" of the other parties epass id.

For example, for some PA accounts I have, it just lists the "nickname" of the site owner I'm buying the traffic from as the "descriptor" field in the Epass statement. Should I just enter it that way because that wouldn't look too professional? And then when I receive deposits from sponsors through epass for example Wildcash shows up as "Internet Media", should I just then enter that as the payee? How does the IRS prefer it in case they audit etc?

When I enter stuff in from going off my bank statement it's easier because I just enter the payee as how it appears on my statement, but with Epass it's different, it will just show the nickname of the other person etc.

I'd do 'ePass: nick : Reason', myself.

I do "Epass.. misc" only for payouts ;l)

Also, is it a good idea to print out Epass monthly statements for accounting purposes just in case, does that count as an invoice, or is it better to print out the e-mail from the individual your buying services/traffic from, and what if they don't send an invoice? What works better as a "Receipt" in case you get audited? What do you print out as proof that you paid for this and that amount for the IRS? I'm doing taxes right now, thats why im asking.

I have no idea if the IRS is the same as Australian Tax Office but aslong as you are keeping reciepts/transaction details it shouldn't really matter what type of filesystem you use for entering data just use whatever easiest for you so when the time comes and they say find me this invoice or that payment you can find it quickly. If you get audited they will sit down with you not just ask for all your paperwork and walk away.

in my software(MYOB) for payments it says Cheque: and you enter the number etc.. if its epass just enter EPASS and put the epass id in the comments section would work.

For receiving $$ from sponsors create a contact for each sponsor, enter your sales for the period then when the money comes in mark it as paid by epass like above.

Partner accounts i would just create 1 cardfile, create a new purchase for each PA you have putting the site/nickname in description and when you pay use the comment field for the id.

I don't know about IRS requirements but we require bank statements to be filed every month which would be the same as epassporte, and printing them out costs what 5c so its a good idea to keep a record anyway.

I'd like to read a response to this question as I am in the same boat...........tax wise....

Thanks, that was helpful. So for the pa account, I will just put the name of the site and then the epass nickname in the description, cause its paid automatically paid each month via epass. I was mainly wondering about monthly payments I'm making through Epass, I don't receive too many Epass payments because I actually prefer checks.

I am already doing checks as you stated, entering the sponsor name as payee etc.

I guess I am ok then.

Im not sure what accounting software you have but way i would do that is make 1 cardfile for all partner accounts, then for each pa you buy do a purchase and put the site in the description, then when you go to payments put the epass id in comments field.

Thanks, this helps. I use Acelite Money btw.