Bookkeeping for Online Stores (Shopee / Lazada / TikTok Shop): What Must You Record? The Real Guide for Online Sellers

Bookkeeping for Online Stores (Shopee / Lazada / TikTok Shop): What Must You Record? The Real Guide for Online Sellers

Whether you sell on Shopee, Lazada, or TikTok Shop — both individual and corporate sellers are legally required to maintain accounting documents. The law mandates retention for at least 5 years, and if you are missing key document sets, the Revenue Department has the authority to assess back taxes plus penalties immediately.

Are you an online seller on Shopee or TikTok Shop wondering — do I actually need to do bookkeeping? Is keeping my bank statement enough?

The answer is no — it is not enough. And if you are missing key document sets, you may face back-tax assessments plus penalties from the Revenue Department without ever seeing it coming.

This article breaks down exactly what documents an online store must retain, what reports must be prepared, and what penalties apply if you fail to comply.

Why Do Online Stores Need to Do Bookkeeping? Is It Really Legally Required?

Yes, it is legally required — but the obligations depend on your business structure. Individuals and juristic persons have different duties, but both carry clear legal obligations with penalties for non-compliance.

Juristic Persons: Mandatory Under the Accounting Act B.E. 2543

If you have registered as a limited company or registered partnership, you are required under Section 8 of the Accounting Act B.E. 2543 to maintain complete accounting records in accordance with Thai accounting standards.

Under Section 65 of the Revenue Code, juristic persons must use the accrual basis — recognizing income when the right to receive arises, even if payment has not yet been received. This is fundamentally different from how individuals account for income.

Individuals: Mandatory Under the Revenue Department Director-General's Announcement

Even if you sell online under your personal name, you are not exempt. Under the Revenue Department Director-General's announcement on personal income tax, persons with Section 40(8) income — which includes income from selling goods online — must prepare a cash income-expense report and record each entry within 3 business days of the transaction date.

Under Section 39 of the Revenue Code, individuals use the cash basis — recognizing income only when payment is actually received.

6 Document Types Every Online Store Must Have — Even Without VAT Registration

These 6 document types apply to both individuals and juristic persons. Without a complete set, the Revenue Department may disallow expenses and assess back taxes.

1. Daily Sales Report Record each receipt item including the date, amount, sales channel, and payment method received. Each platform provides ready-made reports available for download: Shopee calls it the Order Report (Business → Business Report → Order Report), TikTok Shop calls it the Sales Report (Finance → Reports → Sales Report), and Lazada offers data export via Business Advisor in daily or weekly Excel format.

2. Tax Invoices / Receipts (Sales Side) If you issue tax invoices to customers, you must retain a copy of every invoice. If you are not VAT-registered, retain sales receipts instead.

3. Tax Invoices / Receipts (Purchase Side) Every time you purchase goods for resale or supplies for your store, you must obtain and retain a receipt or tax invoice as evidence of expenses.

4. Settlement Report (Platform Transfer Summary) Shopee, Lazada, and TikTok Shop issue a settlement report to sellers each payout cycle. This report shows total sales, platform fees, shipping costs, and the net amount actually transferred to your account.

5. Bank Account Statement Every month, download your bank statement to reconcile against the platform's settlement report. The figures must match. If they do not, identify the discrepancy and resolve it before closing the monthly accounts.

6. Inventory Report Record quantities of goods received, sold, and remaining. This prevents stock loss and serves as the basis for calculating Cost of Goods Sold (COGS) for tax filing purposes.

What Additional Requirements Apply to VAT-Registered Stores? How to Prepare Input Tax, Output Tax, and Inventory Reports?

If your annual sales exceed 1.8 million baht, you must register for VAT under Section 85/1 of the Revenue Code, and your documentation obligations increase immediately.

Under Section 87 of the Revenue Code, VAT-registered operators must prepare 3 sets of reports every month and must record each entry within 3 business days of the transaction.

3 Monthly Reports Required for VAT-Registered Operators

Output Tax Report Record every transaction where you sold goods and collected 7% VAT from customers. You must retain a copy of every output tax invoice alongside each entry.

Input Tax Report Record every transaction where you paid VAT when purchasing goods or services, which can be offset against output tax. You must have the original full tax invoice for every entry.

Goods and Raw Materials Report For stores selling physical goods, you must record every inbound and outbound movement of inventory under Section 87 of the Revenue Code.

File Form PP.30 monthly by the 15th of the following month under Section 83 of the Revenue Code. Filing through the Revenue Department's online system grants an 8-day extension.

What Documents Do Shopee / Lazada / TikTok Shop Issue to Sellers? How Are They Used in Bookkeeping?

All three platforms issue 2 main document sets that you must download and retain every cycle — do not wait until you are asked. Once lost, they are extremely difficult to retrieve.

Settlement Report

This report is the heart of online store bookkeeping. It contains total sales, various fees, shipping costs, campaign discounts, and the net amount transferred to your account. Use this report to compare against your bank statement to verify amounts match, and record all fees as "expenses" in your accounts.

Be aware that each platform uses different fee names, which complicates expense categorization in your accounts. For example, Shopee breaks fees into Commission Fee, Transaction Fee, and Service Fee, while TikTok Shop has multiple additional fee types such as Commerce Growth Fee, Infrastructure Fee, and Affiliate Fee. Each of these items appears in both the settlement report and in the separate tax invoice or receipt issued by the platform each cycle — you must retain both document sets together.

Withholding Tax Certificate (For Juristic Persons Only)

If your store is registered as a company, all three platforms will withhold 3% withholding tax from the fees or service charges they pay you, and remit it to the Revenue Department by the 7th of the following month.

⚠️ Individual sellers are not subject to withholding tax from platforms — this obligation applies exclusively to juristic persons.

The withholding tax certificate issued is a right of the platform, not of the store. The juristic person's responsibility is to withhold, remit, and retain a copy of the certificate as evidence of full legal compliance.

Case Study: Khun Prae's Handbag Store on Shopee and TikTok Shop

This example illustrates what documents an online store with annual sales exceeding 1.8 million baht, registered as a limited company, must prepare every cycle — and the penalties that follow if it fails to do so.

Khun Prae runs a leather handbag store on Shopee and TikTok Shop for 2 years, with combined annual sales of 2,400,000 baht, and registered as a limited company from the outset.

Because her sales exceed 1.8 million baht, Khun Prae must register for VAT and has the following document obligations:

If Khun Prae fails to prepare all 3 VAT report sets, criminal penalties can reach a maximum fine of 10,000 baht, and imprisonment of up to 6 months under Section 90/3 of the Revenue Code.

Not sure whether your business should register for VAT or how to structure your document system? Consult an Orbit Advisory specialist to plan your tax strategy for your specific situation.

How Long Must Documents Be Retained? What Are the Penalties for Non-Retention?

A minimum of 5 years. Both accounting documents and tax documents. Two laws specify this clearly: Section 14 of the Accounting Act B.E. 2543 requires accounting records and supporting documents to be retained for not less than 5 years from the closing date of accounts, and Section 87/3 of the Revenue Code requires VAT reports and tax invoices to be retained for not less than 5 years from the filing date.

Both laws grant the Director-General the authority to extend the period to a maximum of 7 years. Many accountants recommend retaining records for up to 10 years as a precaution, since civil law grants audit authority extending up to 10 years in certain cases.

Read more about accounting and tax document retention periods in this article.

Penalties for Failure to Prepare or Retain Documents

Individual vs Juristic Person — How Does Bookkeeping Differ?

The simple rule: companies have more obligations, but also enjoy greater tax benefits. This table provides a clear comparison:

Not sure whether to register a company or sell as an individual? Read the article Comparing Individual vs Juristic Person for Online Sellers before deciding.

Warnings and Risks: The Revenue Department Already Knows Your Income

Since 2023, every online platform with annual revenue exceeding 1 billion baht in Thailand is required to automatically report seller income data to the Revenue Department. This means Shopee, Lazada, and TikTok Shop are already submitting your sales figures to the Revenue Department.

The 1 billion baht threshold applies to the platform, not to individual stores — so every store selling on Shopee, Lazada, or TikTok Shop is automatically included in the reporting system.

If the information you file in your tax return does not match what the platform has reported, you will be audited immediately and may face back taxes plus a 1.5% per month surcharge on outstanding tax amounts.

Common risks found in online stores:

• No settlement report retained → no documentation of platform fees as expenses
• Purchasing goods for resale without obtaining supplier tax invoices → cost disallowed
• Not reconciling bank statement against settlement report → income figures are inaccurate
• Not counting remaining inventory → the Revenue Department can estimate income from stock levels retrospectively

You can read more about online seller and influencer income tax and VAT registration for online businesses to prepare yourself fully.

Not sure whether your store's document system is airtight enough? Consult an Orbit Advisory specialist today. We audit and set up your accounting system correctly before the Revenue Department comes asking.

Summary: Where Should You Start?

Online store bookkeeping is more complex than it appears, especially when selling across multiple platforms simultaneously. The specifics depend on your business structure and the number of platforms you use. Consult an Orbit Advisory specialist to set up your online store's accounting system correctly from the start, before errors accumulate and become difficult to fix.

Frequently Asked Questions (FAQ)

Q1: Do individual online sellers need to keep accounting records like a company? A: No. Individual sellers do not need full bookkeeping under the Accounting Act B.E. 2543, but must prepare a cash income-expense report under the Revenue Department Director-General's announcement for Section 40(8) income earners. Entries must be recorded within 3 business days of each transaction, and all income and expense documents must be retained for Revenue Department audit at any time.

Q2: Can a platform settlement report replace official receipts? A: No. A settlement report is only a summary of transfer amounts from the platform — it is not a tax invoice or official receipt under Thai law. You still need separate expense documentation, such as tax invoices from suppliers. Settlement reports are used only to reconcile income figures against your bank statement.

Q3: If selling on multiple platforms, should I keep one set of accounts or separate by platform? A: One unified set of accounts, but income must be broken down by source — Shopee income, TikTok Shop income, and so on. Platform fees from each settlement report should also be recorded separately per platform, then consolidated into a single total for tax filing purposes.

Q4: If I'm not VAT-registered, do I need to prepare input tax and output tax reports? A: No. Input and output tax reports under Section 87 of the Revenue Code are required only for VAT-registered operators. If your revenue is below 1.8 million baht per year and you are not VAT-registered, a cash income-expense report plus supporting income and expense documents is sufficient.

Q5: If I have no tax invoice from a supplier, how can I record the expense? A: You may use an internal voucher by recording the seller's name, date, item description, and amount with the payer's signature. However, this expense cannot be used to claim VAT refunds and may face additional scrutiny from the Revenue Department. It is best to request a proper tax invoice from suppliers from the outset.