Creating 1 invoice for multiple PayPal refunds

Accounting
1

Hi everyone,

I have 127 refunds on my PayPal merchant account that needs to be tagged.

The first problem with these is that because of currency conversions, the refunded amount does not match with the selling amount.

Example:

Amount the client paid to me: 22.25 GBP
Amount refunded: 22.81 GBP

This occurs with every single refund. I cannot tag the original entry as a refund as the numbers are not matching.

How I would deal with this:

  • I would create a new client (In most cases, QF cannot find the client’s name)
  • I would create a new invoice with the refunded amount
  • I would mark the new invoice as “PAID IN FULL”.

Would it be possible for me not to repeat this 127 times?

This is my idea:

  • I would create a client as “PayPal refunds”
  • In the invoice, I would list all of the client names and the refunded amounts in the description.
  • I would mark it as “PAID IN FULL”
  • After that, I would tag all my refunds in bulk to this “PayPal refunds” client and to the invoice associated with it.

What do you think?

Thanks.

2

Neither of those methods are best practice.

All you need to do is create a new bank account, create transactions for the full invoice amount, and for the fees, tag full amount to invoice, fees as whatever nominal you use for fees.

The balance left is the amount less fees, tag that as a transfer and match it up to the entry in your PayPal merchant account.

To shorten the amount of entries you could have one entry for PayPal fees which is the group total of fees for the month.

3

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