The correct configuration for a PayPal account on MYOB AccountRight

shau

My business relies heavily on a PayPal account by which to receive payments from customers, but also to make payments to suppliers.  It is used as a clearing account also, since funds from payments are oftened relayed on to various bank accounts.  When setting up a new account for PayPal what would be the correct account type:

 

1. Bank
2. Accounts Receivable
3. Other Current Access
4. Fixed Asset
5. Other Asset

Further, what tax code classification should be given to this account?

bungy15

Hi @shau 

 

It’s a bank account...money gets deposited, withdrawn and transferred between other bank accounts. It also needs to be reconciled.  So it’s bank with tax code N-T.

 

Cheers

Tracey