E-commerce sellers may have a large number of transactions across multiple customers and locations.
This makes systematic GST accounting particularly important.
Key records to maintain
Maintain:
- Marketplace sales reports
- Customer invoices
- Credit notes
- Returns and cancellations
- Marketplace fees
- GST-related deductions
- Purchase invoices
Why reconciliation is important
The seller's accounting records should be compared with marketplace reports and GST records.
This can help identify differences caused by:
- Returns
- Cancellations
- Discounts
- Marketplace charges
- Timing differences
