Paypal Set Up and Nominal Codes

Accounting
1

Hi all , Quick question. I have set up my business Paypal Account and they have transferred 1p in to my bank account , I have entered this in as a transaction but what should the tag be, I cant find any info if Paypal expect this 1p refunded to them. But I just have it sitting in my Suspense Account . So any feedback to this be great

Hope everyone has a awesome weekend

2

I’d just tag it as “miscellaneous income”, but not sure whether it’s best to do it as a sales invoice (payment from a customer) or just post direct to the nominal code (something not in the list).

3

Thanks Ian for the quick reply