I’m quite on top of my accounts, however I just noticed today that the Quickfile paypal balance is £8.23 more than my actual balance, however all are tagged? I just can’t figure it out. When I first started using quickfile, I imported all of my paypal transactions and checked them to make sure they all matched up to my paypal account. Now, after exporting them the balances are not correct. Initially I summed up the paypal fees at the end of each month and manually entered them so that the balances match, but now only the balance at the end of May 2016 matches my actual paypal balance.
Does anyone know what is going on here? I really do not want to have to go through it all again when I have already done it once?
Are any of your PayPal transactions in a foreign currency? To help fill in gaps QuickFile uses xe.com exchange rates which do differ to the ones used in PayPal (unfortunately they don’t pass these on).
Yes there are some, but I manually check them all before accepting them and tagging else they do not match the invoices? As I said, I went through every single transaction and made sure they were correct. It seems this has just happened recently, as everything ‘WAS’ balanced. It is becoming apparent that I am going top have to go through and re-do it all again, my only concern is that this is likely to happen again after I have gone through and corrected it?
Its all very odd.
I think the only way to be certain on where the issue comes from, is to check using the reconciliation tool and matching small periods (weeks or months, depending on how many transactions you have).
As I mentioned in my post above, the only thing that comes to mind is the foreign currency exchange rate where QuickFile has used the xe.com rate. For example, if you have a transaction in GBP, tagged to a GBP invoice, but it was originally charged in USD, I would check with PayPal that the amount you have in GBP is the amount that they charged.
Other than that, using the recon tool will help identify where the issue has come from.
Ok, I have just gone through it and it seems that paypal isnt always logging the transaction fees? What would be the cause of this? Do these come through at a different time? The fees are missing for my 2 most recent credits?
I can put these in manually obviously, but why do they get imported sometimes and not others?
The paypal feed always logs the transaction fees, however it imports early in the morning usually at around 2am, and the problem is that although the fees imported from the previous 24 hours (lets call it the 1st of the month), are imported correctly, they show as fees for the day they were imported (the 2nd)
To further complicate things, any transactions after midnight on the 2nd, up until the early morning import, will also be lumped in with the previous days transactions.
So the paypal fees shown in QF will be a) one day out compared to the paypal statement, and b) not exactly match the corresponding day if there has been any extra sales pulled in to the import.
Regardless of that, the fees at the time are absolutely correct at the time of import and therefore so are the paypal balances at time of import (I check often).
I just leave mine as is, and never have any problems with matching paypal balances.
If I was to alter the paypal fees imported in any way so that they exactly matched the paypal statement 1st-31st, then that would throw my balance out a few £ + or - in any month. That’s not what has happened with you is it?
Apologies for the delay in coming back to you.
@Paulwk1972 is right by saying that usually it corrects itself as all transactions are picked up from the feed when the import is run, with the exception of transactions created by a payment of an invoice through QuickFile.
I’ve taken a quick look and it seems that these invoices were paid through QuickFile. Because of this, the transactions aren’t pulled in from the feed (otherwise they’d be duplicated) so the fees aren’t recorded. You would, in this situation, need to enter them manually.
Hope that helps!
Good Morning both,
I have entered the fees manually, which is not a problem (I will remember this in future if a customer pays via quickfile), when the fees are imported, they are automatically tagged - are these just tagged as back charges by the system? Obviously I want to make sure that I manually tag them the same as the automatically tagged transactions.
Also, I withdrew paypal funds to my bank account and the funds arrived the same day, but I cannot link the transactions. I have had it before where they weren’t received in the account the same day, thus I set up a holding account for pending transaction, which work wonderfully. Surely if the transactions are on the same day I should be able to link them directly without have to create a new transaction and delete the back one? The transaction occurred on the 18/11. Any suggestions?
Once again, thank you for the fantastic support.
That’s correct - the system automatically tags them to an invoice for Bank Charges.
There isn’t currently a way to tag two existing transactions to each other. The system will always create a new matching transaction and tag it for you. With PayPal transfers, the common option is to select this in your PayPal feed settings:
This way the feed won’t pick up any transfers on the account, but will leave it for you. So when it does appear in your current account, you can then tag it as a transfer and have the other end of it created and tagged too.
OK thank you, I will give it a try