How to Paypal entries for bank tranfers

How-to
1

Hi,

When I’ve paid for something via Paypal, as you’ll know i get two entries in the paypal account, like this:

What do I tag in the IN entry as ?

If i tag it (in paypal account) as a bank transfer from my business account, which was the obvious choice, it takes that amount from my balance and therefore leaves it incorrect.

In my current account I’ve tagged the out as a bank transfer to paypal, which as I understand is correct…?

Can you help?

Thanks

2

Yes, and doing so should have created a matching ready-tagged IN entry on the PayPal account, so you can just delete the untagged duplicate.

1 Like
3

Ah yes. Thanks Ian, I get it. A 14 hour day on my account probably didn’t help :slight_smile:

One other question about paypal:
I have entries that say From US Dollar. These are for when payments have been made from the PP balance.

How do i tag these?

Thanks for your help

4

Payments made from the PayPal balance would just be treated like payments made from any other bank account - you’d tag the money out on the PayPal account as a payment to a supplier. But I’m not sure whether you can tag payments from a bank statement when they involve a currency conversion, you may have to do it by logging a payment against the relevant purchase invoice(s), choosing PayPal as the source account and setting the GBP amount correctly.

As with the transfer example above, you’ll end up with two duplicate transactions on the PayPal account, one tagged and one not, and you can delete the untagged duplicate.

5

All sorted now. Thanks for your help Ian.

6

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