Reconciling Credit Card & Paypal Accounts

Hi Louise,

We now recognise 'duplicate transactions' for PayPal as well. In the way it currently works, the system will notify you of the possible duplicate and suggest to delete the corresponding statement record. We are working on improving this process.

There is one caveat though: the logic behind finding such redundant/duplicate entries is rather complex (recency, multi-currency, and payment clearing delays are only a few variables that have to be accounted for). So while it will take a while to perfect this part of the system, if anything doesn't work for you please let us know and we'll fix it promptly - it's much easier for us to fix concrete problems than to consider all possible scenarios, some may never happen in practice.

Hi Louise,

We are aware of this and this is a highly-prioritised issue. Can't give time estimates at the moment as we are still working out a solution, but we are probably looking at a few weeks.

ok thanks. Maybe you could pop in a 'this is a matched transaction' feature. FreeAgent does it such that a transfer is created by consolidating match transactions. Much simpler...

Hello Louise,

You can use the transfer function on the import to show money going from the credit card to the PayPal account. The only thing is that it will not update the PayPal import.

You will need to delete the line on the PayPal import manually unfortunately.

Regards
Vanish

FYI when I was evaluating other packages, the transfer function was a 'link' of two transactions. That way I could import everything, explain them, then join two transactions and say they were a transfer.... avoids this problem.

ok - is that what needs to be done? with hundreds of transactions that will be pretty tedious... I thought I was maybe missing a way of actually accounting for the transfers.

So what you are saying is that transfers from a bank statement to a credit card need to be de-duped with the matching on the credit card statement and the same for credit card to paypal, bank to paypal, and paypal to bank. Basically any transfer needs to be de-duped manually when using imports?

Hello Louise,

As you have two imports on the bank section for both the credit card and PayPal Accounts, there is an option for you to delete the line so that it is not double counted.

For example, you can do the credit card transfer as normal like you have been doing. However for the PayPal one, you can delete the transaction line by going to the import and then finding the relevant amount and clicking the cross next to it.

Regards,
Vanish

the same applies for bank account payments via paypal.

I must be doing something completely wrong?

I should explain that better:

I explain the Credit Card import transaction for a payment of £10 to PayPal as a TRANSFER from Credit Card Account to PayPal Account. This creates a £10 credit on the PayPal account.

I explain the PayPal import transaction (that is describe as a transfer from credit card in the transaction description) as a TRANSFER from Credit Card Account to PayPal account. This adds a £10 debit from the Credit Card account.

I explain the PayPal account payment for £10 as a purchase of stock.

This now leaves me with a double the transactions as both imports created the same. I end up with £20 of payments from the Credit Card account

Make sense?