This is a great video however i'm still lost on how to record paypal sales that are not transfered to my checking account. My paypal sales sit in my paypal balance and i use that balance to pay off my paypal credit account. The sales show up as Sales Receipt and there's no option to change them to anything other than deposit or transfer. How would i go about categorizing that?
You just accept the sale in PayPal, when you reconcile your PayPal account you will make sure that you added the expense transaction. PayPal is like a bank account with income and expense transactions. The transfer transactions are recorded as a transfer to your checking and matched.
@@ClaudiaXperts what about the whole paypal credit aspect? the paypal credit purchases aren't shown in quickbooks, only the payments. so do i record the payments as expenses?
@@DingDongDrift If you have a PayPal loan you will create a liability account, then when you see the payments to the loan you categorize as the PayPal loan. Keep in mind that you will need to make sure you record the loan funds as a liability and the loan payments will lower the liability. You will need to record the interest on the loan as Journal entry.
Thank you for this video, Claudia. This will surely help me in my future journey as a Quickbooks Bookkkeeper 😊
Glad it was helpful!
This is a great video however i'm still lost on how to record paypal sales that are not transfered to my checking account. My paypal sales sit in my paypal balance and i use that balance to pay off my paypal credit account. The sales show up as Sales Receipt and there's no option to change them to anything other than deposit or transfer. How would i go about categorizing that?
You just accept the sale in PayPal, when you reconcile your PayPal account you will make sure that you added the expense transaction. PayPal is like a bank account with income and expense transactions. The transfer transactions are recorded as a transfer to your checking and matched.
@@ClaudiaXperts what about the whole paypal credit aspect? the paypal credit purchases aren't shown in quickbooks, only the payments. so do i record the payments as expenses?
@@DingDongDrift If you have a PayPal loan you will create a liability account, then when you see the payments to the loan you categorize as the PayPal loan. Keep in mind that you will need to make sure you record the loan funds as a liability and the loan payments will lower the liability. You will need to record the interest on the loan as Journal entry.