accounting for credit from paypal 0.01
Question asked by Mike Ashworth 2 years ago
hi, ive recently set up my paypal business bank account.
as part of this they send me a paymetn of 0.01 to my bank account.
as yet i am yet to process any transactions via paypal, so no transaction fees to pay or offset this againsy.
my question: the 0.01 is sitting there in my bank import as an unallocated transaction.
what entry do i need to make to process and have everything reconcile?