Paypal and Sage One

Paypal and Sage One

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Hi

Help and advice needed please.

I use Sage One for a client and most of their sales are through Amazon and Paypal.

For Amazon Sales I used Sales: Other Income and Expenses: Other Expenses to post the Sales and Fees via the current account.  In the nominal ledger I created codes for Amazon sales and Amazon Fees and I posted monthly to match the bank receipt from Amazon.

HOWEVER - Paypal is more complicated as it has sales, fees, supplier payments made, the transfers to the current account etc......

What is the best way of dealing with Paypal transactions?  Ideally I want to be able to reconcile to the Paypal account and so post the opening balance etc... Therefore is it best to open a Paypal account in the bank module and post everything through there and do bank transfers between Paypal account and Current account as per the bank statement?

Any help and advice appreciated.

Many Thanks

Rina

Replies (2)

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By gwilkinson
05th Aug 2015 20:14

Yes
Treat PayPal as a bank account.

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By [email protected]
05th Dec 2015 11:04

I struggle with PayPal too!

I have always treated PayPal as a bank account and have never had any problems until.. I had to start accounting for currency transfers... they show up on the PayPal statement under account transfers (that's the currency transfer from PayPal into bank-account, which is easy to transfer across the money going out of PayPal), but I don't know where to post the opposite entry? The money shows on PayPal statement as a currency transfer coming in - but where are they coming from?

 

Has anyone else had this problem or am I just being dim?

 

Any advise would be greatly appreciated as my management accounts have basically come to a halt for the past couple of months  because of this.

 

Many thanks

Josefine

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