As I have a new paypal account they were putting all my money into a pending balance until the customer received the goods. This was in turn meaning that the paypal feed pulled in was showing the money come into the account and then go back out. I searched the support forum and followed the instruction which said to set up a second bank account which I did and names paypal pending balance so tagged all the money moved from my paypal account into there…
That was working fine but after my feed stopped working last week and I manually imported 9 days of transactions after tagging them up I have a pretty big discrepancy…
So I’m scratching my head, I went in and double checked all the ones I manually tagged today and have done them right so not sure the issue there…
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 $ which in paypal showed up as two transactions one was the payment of $62.10 and the other a transfer of £48.07 but in quickfile showed as a single transaction “To US dollar” of £48.07 but as forex rates differ and the overall discrepancy seems too close for coincidence and quickfile only shows 1 transaction vs 2 in paypal I think this may be a cause…
So if I’ve not confused 2 much with 2 issues in one question can anyone help.
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
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:
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
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.
Ok so I have gone in and had another look at the transactions and the 304.08 discrepancy is the same amount as a refund I did to a customer where the money was refunded from the pending balance I am pretty sure that this is the cause of the discrepancy so the 304.08 difference between actual in paypal seems like it must be down to this…
I am not sure if its something i have done wrong in the tagging process or if it is just the way it has picked it up in quickfile as I went in and de-tagged then re tagged the payments from refunds to transfers and it doesn’t make an impact on the actual balances. So not sure if it is something i have done wrong or a glitch in the system that I need to manually find a way around?
Tagging a transaction won’t affect the balance. It’s the actual transaction itself that affects the balance. If you were to add or delete a money in or out line, the balance will be adjusted.
I’d recommend having a look at the reconciliation tool I linked to above as that will help narrow the discrepancy down to a particular date, if not particular transaction. When a balance on QuickFile is different to that in the bank, it’s likely to be down to transaction missing or a transaction being there that shouldn’t be.
