Paypal transfer to bank

[thierry]

Hello,

I have read the following post

Tagging transfers from Paypal to main bank account

I assume that when tagging transfers to/from Paypal in the main current bank account, they should automatically link to the relevant transaction in the paypal account, and tag that side of the transaction as well. When I have tried this, some have linked automatically but others have not. So when tagging the latter, it creates a new transaction in the paypal account instead of tagging the relevant transaction. Has anyone else had this problem?

however I need more clarification please!

paypal withdrew their commission, which leaves me to withdraw out of paypal and to my bank.
However, it looks as though there are 2 received payments.
When I try to tag the option on the 28th, paypal does not appear in the list of “bank transfers” so It looks like i have received more payment when it is just a transfer out of my paypal account

[Glenn]

I don’t really follow what is happening here?

Is it a case of your client paying an invoice on the 21st then PayPal sent the funds to your bank account on the 28th? You seem to have some additional entries here?

How did you import this information, through the auto feed or from a CSV file?

[thierry]

Exactly, that’s the problem. Paypal is through Autofeed and not sure why there are multiple entries.
It seems to have happened yesterday, when I withdrew funds from my paypal account to my bank. If i need to delete one, Im not sure which as they both have different IDs.

However if i click on the “search for similar transactions” the top one says 2 matching tagged transactions found.

[Glenn]

PayPal put that item on HOLD and RELEASED it on the 21st. So from bottom to top.

1. Payment received from client for £250
2. NET payment of 241.30 put on HOLD.
3. fee recorded for the receipt of payment.
4. On the 28th the amount on HOLD was released.
5. Also on the 28th the funds were transfered to your bank account (this isn’t showing in your feed, due to your feed settings set to ignore transfers).

The transactions referred to on point 2 and 4 need to be deleted. All this shows is the hold on the transaction then the release… so it’s best to disregard both.

The actual transfer to your bank account from PayPal wasn’t logged as you have this switched off in your PayPal settings. All you need to do then is locate the money in from PayPal on your current account and tag as a transfer from the PayPal merchant account.

[thierry]

oh I see that makes sense.

so do i select
"Create and allocate to clients based on their PayPal email address"
and tick
"Ignore transfers to bank (prevents duplication)"

Is there a way of re-importing paypal data into quickfile once these settings have been updated, so that the books balance?

Thank you for your help Glenn.

[Glenn]

That sounds right, it’s best not to have Paypal logging the transfers as they will never match with when the funds actually hit your bank. There’s usually a 3 day gap.

The only thing you need to remember to do then is tag any incoming funds from PP as transfers to your PP merchant account, that will keep everything in balance.

When the PayPal feed is setup it can only pull in entries from the date the feed was configured, it can’t go back and pull in historical data. For that you need to import via CSV.

[thierry]

working perfectly.

Thank you.