Paypal pending balance and holding account

[QFMathew]

Hi James,

@James_Mathias

I went in and double checked all the ones I manually tagged today and have done them right so not sure the issue there…

The best thing to do is to try and reconcile the account on QuickFile against your account on PayPal. You should be able to run a report and see a running total (or at least the individual transactions) to marry up the values. There’s more info on the reconciliation process here

@James_Mathias

I think there is also a second issue in that as well as the balances being wrong there is a £47.46 difference between the totals I do have a feeling this could be related to a purchase i made with paypal in USD

Each bank account on QuickFile can only support one currency. So if you’ve set up your PayPal account in GBP, then any USD transactions will be ignored. That said, we can set it up to use an approximate exchange rate, but this does differ from PayPal’s (which they don’t pass through to us during the feed). You could delete the transaction relating to this, and you could manually input it using the correct value. In a similar way as you’ve done with the pending transactions, you could then set up a new bank account for PayPal USD, and track any USD transactions there.

So your two options would be, either:

1. Delete the original transaction, go to the related invoice (which I assume has been entered in USD), click ‘Log Payment’ and enter it with the correct GBP value for the PayPal account
   

   

2. Create a holding account for the USD transactions, and then - create a ‘money out’ transaction of the GBP value, tag it as a transfer to the USD account and enter the correct USD value. Also, enter a money out transaction on the USD account to the invoice.
   

   

Hope that all makes sense, and helps!