I have started selling goods via eBay with PayPal as a payment method but unsure how to process PayPal fees.
I have already created a merchant account in QuickFile and income will be tagged to it. I am assuming I raise a purchase for the PayPal fees and tag it from the PayPal account and the balance can be paid into the current account. Is this correct?
Also, do I raise a purchase for every individual PayPal transaction (how PayPal take their commission) or can I just create a total per month?