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SusieExpTech's avatar
SusieExpTech
Experienced Cover User
2 years ago

PayPal transactions and how do I record them

Hi Guys,

 

We use PayPal on our webstore now and I need advice on recording payments and also reconciling transactions.

 

Our PayPal is connected to our credit card, so I just record and reconcile payments made by us using paypal through the Bank Feed for the credit card.

 

Now our customers are paying by PayPal method and we are choosing to leave the funds in the PayPal account because we will use those funds for purchases anyway.

 

I have all of the appropriate accounts opened for PayPal, as per the MYOB Help page. Now I have questions:

 

Can I enter a customers purchase as a journal entry rather than a Cash Sale?

 

And seeing as we will be using "PayPal monies" to pay for some things, do I need to reconcile incoming and outgoing payments from the PayPal account from now on?

 

1 Reply

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    2 years ago

    Hi SusieExpTech,

     

    Thanks for reaching out. 

     

    The transactions should be recorded depending on how the transactions reflect in bank statements. Generally, if the bank statements show a bulk transaction for the sum of all payments then we could record the transaction as an electronic payment. However, if the bank account statement does not show any of the PayPal transactions then I would suggest creating a new ledger bank account for your Paypal to record payments in. 

     

    Let us know if you require any further assistance with this. We're happy to help.

     

    Cheers, 

    Genreve

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