Hi there - very new to QuickFile although not new to bookkeeping. I’ve never had to factor in any PayPal to my previous book keeping however. Yesterday I imported all my previous PayPal history to the Merchant Account. Initially I created a virtual “PayPal” reserve account and allocated the bulk payments I’d transferred into our current account. However when I went through and started tagging my current account it seemed better to remove the virtual account and reconcile/tag directly with the merchant account.
Back in PayPal I’ve then used the Bulk Tagging tool against each page of transactions and assigned them to a single client creating lots of invoices under this one client. I’ve noticed that compared to the Paypal feed invoices I am missing VAT.
I’m sat wondering whether I need to amend the thousands of individual PayPal transactions or whether they themselves are actually duplicates as this revenue is accounted for in the bulk payments out of my PayPal into my current account? Should I have left them untagged? Sorry. Very confused!