Handle Paypal (and Similar)

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1.Add a new general ledger Asset account called Paypal and select Type Detail Cheque Account Postable.

paypalaccount

2.On the ribbon, go to Tools > Setups > Payment Types and add Paypal. Tick Show in Debtors and Show in Creditors.

Paypalpaymenttype

3.Set up a 6-XXXX expense account for any Paypal fees charged, using tax code N, as these charges are a reportable expense with no GST.

paypalfeeacc

4.Set up a Paypal vendor cardfile.

 

Then:

1.Receive the full amount, including the Paypal fee, against the debtor into the Paypal account.

2.Make a cheque entry from the Paypal account to the 6-XXX Paypal fees account.

paypalfees

3.If required, transfer the rest of the amount from the Paypal account to another bank account.

 

Other types this refers to are epay, bartercard, integrapay, etc.

 

Further information

Accounts Security

Account Inquiry

Clear the Historical Balancing Account

Credit Cards

Creditors

Debtors

Advanced Creditors

Suggested End Of Month Procedures

End of Financial Year

Enter a Capital Asset

Enter Child Support Payments

Enter Government Support Payments

Purchase a Capital Asset Under Finance

General Journals

General Ledger

GST Sessions and the BAS

Multicurrency Revaluations

Record Debtors/Creditors Contras

Rounding Issues

Sell a Company Asset

Set up a Loan Account

ATO Reportable Sub-Contractor Payments

Share Utility Expenses with other Businesses

Transaction Journal

Understanding Debits and Credits

Use Debtors and Creditors Adjustments

Recover Bad Debts

Withhold Tax

Write off a Bad Debt

Write off Fixed Asset

Work with Tax Codes in Jim2