I am struggling with an issue regarding paypal. How do you tag directly between the current account and imported transactions in the paypal account. I know this has been mentioned before but it does not make much sense. When I try to tag money coming out of the current account to supply the paypal account for a purchase, it does not find the relevant transaction. I have seen some other topics about this, but no real solution. Could this not be setup so that it just looks for other transactions of the same value, and give you a selection of which one you want to tag to.
Also, what is the best way of dealing with refunds via paypal. i purchased a service in $USD which shows as £12.41 in the statement after currency conversion. The job was not completed properly, so a refund was given. After the currency conversion, I received £12.37 back. How can this be entered so everything is straight. The difference is the conversion rate difference between purchase and refund.
Any Assistance appreciated
What you should have is one transaction from your current account to your PayPal account and a second “money out” transaction on your PayPal account that you tag to the purchase.
When you say it does not find the relevant transaction, do you mean to match up to the “money in” on the PayPal side? Is the date on the current account entry the same as that on the PayPal side, as if they were on different dates you wouldn’t be able to match them, instead you would just create a new one and delete the one from the PayPal feed.
Regarding the USD refund you would need to manually add a second “money out” entry on PayPal for £0.04 and tag that to the nominal ledger “Currency Charges (7902)”.
PayPal does require a lot of manual pruning I’m afraid, sometimes it’s easier just to log bulk weekly/monthly sales adjusted to GBP.
Just be careful adding that extra 4p on if you need to reconcile the PayPal account. If you don’t, it is perfectly fine, if you do than perhaps create a dummy acc. what you can use for this purpose.
I just love PayPal!
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