Bulk Tagging from PayPal and missing VAT on created Invoices

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!

It seems to me that you are using parts of both methods, to which end, you should follow our knowledgebase guide on ‘Handling Payments from Merchant Accounts’ for the best method to adopt.

Hey Joe - thanks for the reply. I read that guide yesterday when I was setting everything up so again i’m not sure what i’m doing wrong. You mention I am potentially using both methods - could you possibly clarify that for me? I now only have my current account, credit card and merchant account. When I did re-read the guide this morning I noticed from one of the illustrations there was an option to click the vat rate - when I created a bulk invoice for PayPal sales - however yesterday when I went through and did my bulk tagging there was no tick box for VAT?

I really appreciate your time on this. Kind regards