PayPal fee

Hello, can anyone offer some advice, I am sure it’s fairly simple but some of my invoices get paid via PayPal but PayPal takes a fee, how do I account for the fee when tagging the invoice as paid, an invoice is produced for £40, the customer pays via PayPal but when I say it’s paid in full it’s for the £40, but how do I account for the fee

The way to deal with this is to have a “merchant” bank account in QuickFile to represent your PayPal account. When you’re paid by PayPal for an invoice you mark the invoice as paid in full into your PayPal merchant account, you tag the money you actually received in your current account as a bank transfer from the PayPal merchant account, and this leaves the fee as a residual balance in the PayPal account which you can clear by creating a “purchase” for the amount of the fee and marking that as paid from the same merchant account.

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.