Our company has purchased some items through Ebay and paid for them through Paypal.
I can see on the PayPal feed the debit to supplier, a credit to Paypal account (which was direct from our company current account). On the company current account statement I can the debit which went to fund the Paypal account.
First time I’ve had to deal with Paypal and tagging!
It would be extremely helpful if someone could give me instructions on how to tag all of these.
Thanks in advance
It would simply be the opposite to a sale through PayPal, with the exception of not having to pay a fee.
Tag the transaction for the purchase to a purchase invoice, and tag the transfer as a transfer from the bank account they took the money (e.g. your current account).
So you may have in PayPal:
Money out: £100.00 --> Tagged to purchase invoice
Money in: £100.00 --> Tagged as transfer from current account
Hope that helps
I thought that was the way to deal with it.
I am still waiting for the actual debit card transaction to clear through the current account. So if I have already tagged the money in on Paypal as transfer from current account, how do I tag the same “cash out” transaction on the current account once it is showing on my bank statement ? If I do another bank transfer to PayPal, the current account will be debited twice and the PayPal account credited twice.
I would ignore the PayPal entry and tag it from the current account side. That way your bank statement will remain accurate.
You can disable these from appearing on the feed if you wish. Go to Bank Accounts >> Select your PayPal account >> More Options >> Feed Settings. Then ensure the option to ignore transfers is ticked.
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