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Recording transactions to/from PayPal

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Hello Everyone,

One of my clients transfers money to his PayPal account so that he can pay invoices from PayPal. In the Chart of Accounts, how do I set up PayPal? I need to set up this account to show that my client is transferring money from his business bank account into PayPal and paying vendor invoices from PayPal.

 

I appreciate your advice.

 

Thanks,

Barb Gilbert

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Barb

 

I will make the assumption that he will be paying invoices that relate only to his business account through PayPal. If this is not the case, it may have to be treated differently.

 

One way would be to set up PayPal as a "Bank Account". Then when he transfers money from his business bank account it would show up in the PayPal bank account. Then when he pays the invoice, he would just have to remember to change the bank account from business bank account to his PayPal bank account.

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Although PayPal is not technically a bank it SHOULD be set up as a bank account in QuickBooks. You "can" even import PayPal transactions into QuickBooks like you do a regular bank - BUT I would suggest you practice importing into a sample company file several times first. Importing PP can be very tricky because when the file exports it often includes transactions that don't affect the balance and can throw of the balance in QB unless you know what to look for and what to "clean up" from the downloaded transactions.

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