Reconcile Paypal in Myob
Good evening everyone
I want to set up the Paypal account in Myob so I can reconcile the Paypal advance.
Is this possible?
Kevin V Russell
Forum Discussion
Hi Kevin,
You defininitely need to set up the paypal advance in your liabilities section, type credit card for easy access.
You will then do a spend money on the paypal loan account for the intial drawdown of the advance with the allocation being the paypal bank account you should have in your books already. You will then need to do a spend money on the paypal loan account for the interest they charge up front.
You will then do a transfer from the paypal bank account to the paypal loan account each day when they take out the percentage of your sales that have been agreed.
Both of these accounts need to be regularly reconciled just like your other bank and credit card accounts.
you can at any time make additional payments to the paypal loan account from your bank account, but i would only suggest doing that if needed to meet the minimum requirements of the contract, as you have been charged interest under those terms and you will get no rebate of that interest if you repay early.
