well I was planning on using QF themselves to do my accounts next month so I guess it can wait til then
Just a quick word on PayPal “slippage”. We have a client who has up to 1,000 PP transactions a month. Without the autofeed entering these transactions would take forever and a day, so we have to make sure that we reconcile the account monthly to avoid any slippage from one month to the other. It can be caused by many different things, like different fees charged in PP and logged in QF (we usually just enter a balancing figure at the end of the month), or the temporary hold as discussed above (some of these do not change the balance on the PP statement but will in QF).
My best advice is to enter the transactions manually if there are not too many of them or you will have to be very careful and make sure that at the end of the month you “weed out” any unwanted entries and correct the fees.
Best of luck with finding the entries that do not correspond!
RESERVE HOLD/RELEASE TRANSACTIONS
Can anyone tell me:
- Why Paypal Withhold “Reserve Hold” large amounts (hundreds of dollars) each time I make a PayPal Here Merchant Reader deposit into PayPal account?
- Is it possible to generate a statement showing these Reserve Hold Amounts being Released
- How can we track whether the Released amounts are the same as the Reserve Hold Amounts?
- How can we track that all the Reserved amounts are actually Released accurately?
- Why are these Reserve Holds and Releases not showing up in Xero?
Hope to understand why these amounts are held in the first place, as none of my Stripe transactions are ever held?
Looking forward to some clarification around all of this : )
This is the forum for QuickFile - if you want to know about Xero you’ll have to ask them.
thank you very much. Nice answer have a nice day