Then I further need to break those invoice down by itemising the specific expense/sales category on the invoices,
If this is correct, then I don’t really understand the point of the paypal integration. Forgive me if I’m wrong but doesn’t it sound crazy for me to use quickfile at all for paypal. I have to import the transactions then assign them to 1 of 4 paypal bank accounts then assign that bank accounts months transactions to a single invoice.
After doing this… I have to break that invoice total down MANUALLY with a hand calculator into different expense/sales category and for each category total the figures up and add a new invoice item to the invoice. This could be 10 - 20 categories per invoice. Assuming an invoice can handle that many items. The killer is that, how do I give my accountant the years totals for each category when they are embedded in the 12 invoices. Sounds to me like your just using Quickfile for the sake of it.
Forgive me if I’m wrong but these sounds like quickfile is useless for paypal. Other booking software are able to automatically handle this so It can be done. I love quickfile but this could be the end of the road for me because every year I have to spend days/weeks sorting through my paypal transaction since quickfile isn’t helping me on this. Otherwise quickfile is really superb, I feel that this is something that will hold quickfile back in the future especially now we live in the digital economy.
Please be practical with me in your response… this way sounds like it would decrease my booking keep productivity significantly.
You don’t necessarily need 4 invoices. You could simply use one by normalising all the totals to GBP. Also regarding the categories, yes you can create multiple categories for the different sales types, otherwise you could just post it all to general sales (4000). Is it necessary for your own reporting requirements to divide your sales into different categories? From an accounting perspective most sales are treated equally.
The practicality of using the PayPal feed really depends on the nature of the business. Using the feed tends to become less favourable when you either have many multi-currency items or credit holds and reversals.
I’m not sure about booking software but accounting software needs to handle foreign currency and sterling equivalents. When PayPal don’t deliver the exchange rates with the daily feed (explained here) it’s very hard for us to maintain an accurate GBP balance. I would definitely encourage you to try the PayPal implementation in other accounting applications, I don’t believe this problem is limited to QuickFile in anyway but I’m happy to look at other alternatives.
Here’s the quote from the other post, I replied to you on:
Specifically regarding multi-currency it’s not likely we can fully support this unless PayPal change their feed format. One critical aspect for multi-currency is the exchange rates. PayPal post say a USD entry on one day without the GBP equivalent, then they go an modify that entry on the feed 3-5 days later. To make this work we’d have to constantly poll back a week to check for changes which is simply not practical.
Are you able to produce a report on PayPal for a given period that provides you with a sub-total of these categories? Maybe by reference to the supplier?
Or perhaps you could create a new nominal code “PayPal Purchases”, you could post all items here then divvy up later using a journal. There are probably a couple of ways you can solve this but I think it will depend on what type of purchases you’re making. For accounts production you really only have Cost of Sales, Overheads and Expenses all the nominal categories for outgoings will be in one of these sections on the P&L.
“new nominal code “PayPal Purchases”, you could post all items here then divvy up later using a journal”
I run a marketing company so purchases are related to outsourcing, e.g SEO, Web design etc
Here’s all my categories for expenses
Business Categories
Business Phone
Domain Fees
Education
Mail and Postage
Marketing Services
Office Equipment
Software Business
Transaction Charges
Travel
Office Supplys and Books
Refunds sent
Paypal Fees
Affiliate Web Development
Articles
Business Services
Business Software
Client SEO
Client Webdesign
Domain Name
Graphic Design
Hosting
Marketing Courses
Marketing Tools
SEO Affiliate Marketing
Web Development
Outsource Labour
Charity
In all honesty I would think a bookkeeper/accountant would be best placed to answer this for you. Which is why I refrained from commenting further as I am neither of the above.
I would however try to adopt the simplest and most manageable workflow.
In my experience with PayPal whenever you make a purchase it will usually correspond to a debit on your business account. So regarding all your PayPal purchases, do you have some record for each on your current bank account?