Best way to manually add a paypal transaction and record fees

Michelle Youl
Michelle Youl Member Posts: 12 Novice Member Novice Member
edited August 2016 in Reckon Accounts (Desktop)
I'm new to Reckon and have set up the connection with paypal, but how do I go about recording a historic transaction from earlier this month?
I tried downloading CSVs etc from paypal and uploading them manually, but nothing ends up showing up when I try to do this.
I've worked out how to record the payment against an invoice... but how do I then record the corresponding paypal fee so that everything balances properly??

Comments

  • Jacqui Allen
    Jacqui Allen Member Posts: 239 Reckoner Reckoner
    edited August 2016
    Option 1 - create a new bank PayPal clearing, receive pmts to this, trf net proceeds to actual bank then write a cheque to bank fees Pp clearing is now zero.

    Option 2 - receive pmt to undeposited funds, make deposit allocate fees to say a fees clearing acct "cash goes back to", process a jnl to clear fees clearing.
  • Amit_8296077
    Amit_8296077 Member Posts: 8 Novice Member Novice Member
    edited August 2016

    Hi there,

    I am very small business owner; Once I withdraw money from PayPal to my Bank Account (this amount will be net after PayPal took their merchant fees)

    What's the best way to record flat 3% fees when I allocate receipt from my Bank Acc to Customer (PayPal) and GL (Sales)

    Thanks

    Amit

  • Jacqui Allen
    Jacqui Allen Member Posts: 239 Reckoner Reckoner
    edited August 2016
    refer to option 1 above
  • Jennifer_10864871
    Jennifer_10864871 Member Posts: 1 Novice Member Novice Member

    Hi Jacqui,

    My boss processed the payment for a supplier invoice through PayPal. and the payment appears on the credit card statement as below.

    image.png

    So far, I have been processing this payment just the same as the bill payment with the credit card as below.

    image.png

    This bill payment has not involved PayPal even though the description on the card statement says "PAYPAL* CLOUDALLYLT "

    Can you tell me how I can process this transaction including the PayPal account involved?

    Some transfer transactions have been made to a PayPal account so, I might have to create PayPal account in Reckon Premier (our accounting system) and process all the PayPal-involved transactions appropriately.

    Thank you.

  • Jacqui Allen
    Jacqui Allen Member Posts: 239 Reckoner Reckoner

    I would simply setup a Bank Acct "PayPal", you can then process the receipt and associated costs then transfer the net balance to the actual bank

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