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How to reflect PyaPal transactions in MYOB essentials

Experienced Partner SharonCohen
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SharonCohen
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How to reflect PyaPal transactions in MYOB essentials

We are using MYOB essential

Clients can pay us using PayPal 

We also purchse equipment and pay using PayPal

What will be the best way to reflect that in MYOB essential?

4 REPLIES
Ultimate Partner IanChait
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IanChait
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Re: How to reflect PyaPal transactions in MYOB essentials

Hi @SharonCohen

 

MYOB does not have an integration with PayPal as far as I know. My experience with PayPal Integrations into other software has been disatrous. So just as well there is no automatic integration.

 

I would suggest setting up a PayPal account as a Banking Account in the Chart of Accounts, and treat it like a normal Bank Account. As there are no PayPal bank feeds available, you will need to record the entries manually.

 

 

 

 

Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Fax 03 9012 4488
Email ian@myfc.com.au

MYOB Moderator Tallie_M
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Re: How to reflect PyaPal transactions in MYOB essentials

Hi @SharonCohen,

 

Further to the post above, please also see our help page Setting up and receiving payments through PayPal for further information.

Warm Regards,

Tallie

MYOB Client Support
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Re: How to reflect PyaPal transactions in MYOB essentials

Hi @Tallie_M,

 

I tried those 'Setting Up and Receiving Payments through PayPal' instructions - slogged through two months' worth of transactions only to discover at the end that it recorded duplicate income, which has thrown my GST well out of wack. 

 

I called the Support Team, which took many, many hours on hold over two days before I finally got a live rep - who told me that all I needed to do was delete the Receive Money step (and skip that step for future transactions) then it would all match up properly with the feed from my actual bank account.

 

It didn't.

 

So now I have to delete all of the work I did and am no closer to working out how this should be handled.

 

I use SwipeHQ instead of PayPal, but it works the same.  My client pays me with a credit card, I take payment through SwipeHQ who deducts their merchant fee and deposits the net amount into my bank account. 

 

This net amount is pulled into MYOB via the bank feed and I have no clue on how to record the full sale amount so that I can pay the correct amount of GST.

 

Can you help please?

Valued Partner JeffreyStephens
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JeffreyStephens
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Re: How to reflect PyaPal transactions in MYOB essentials

Hi Tallie_M

 

Further to Ian's comment above. 

Create a separate bank account for Swipe HQ of type bank

Record invoice payments in full to the Swipe HQ account

Record deposits to your bank as receive money transactions allocated to the Swipe HQ account

When reconciling the Swipe HQ account, the invoice payments should match with the bank deposit except for an out of balance which will be the merchant fees

These can be recorded as a spend money transaction from the Swipe HQ account to a Merchant Fee expense account

Alternatively if you know the merchant fee at the time of recording the customer payment you can enter it as a negative finance charge but before hand link that account to your merchant fee expense

 

Jeff

 

Jeff Stephenson BCom | MYOB Professional Developer | Solution Architect
Accounting Addons - 1300 ADDONS | (1300 233 667)
jeff@accountingaddons.com.au | accountingaddons.com.au

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