Question asked by Nel Hargrave 10 years ago
Hi I am really struggling with importing and balancing paypal statements
Please can we have a simple helpguide to show which headings to use on the import settings to be able to allocate the net income and the fee to the relevant invoice.
Right, you've got your sales invoice, call it £1k for arguments sake.
You then do a money in for the net amount received onto PayPal after fees (let's say £950 for this example). When you get through to the explain screen, before explaining the £950 add a transaction for the value of the PayPal fees as a minus and analyse them to bank charges (-£50 here). Once you press add you should then have the full £1k to allocate to the original sales invoice.
You might need to head to Settings > Codes and tick the 'show in sales' box against bank charges.
Best answerHi Nel
As per the other thread, have you tried this https://www.clearbooks.co.uk/support/guides/integrations/paypal-import-tool-guide-2/
thanks its a personal paypal account, not a business one.
We rarely use it but have recently sold an item on ebay (not our mainstream business sort of sale) and two sales through our new website which used paypal before we set up a different payment method.
What I need is something much simpler - I guess I'll have to ring the helpdesk next week. Unfortunately the last time I did this I got completely confused and ended up with a system contra account which I have no idea what it is or how to use it and really don't want to have to use in the future.
Simple accounting for a very small and simple business really shouldn't be this hard!
If it's a personal PayPal account which presumably has personal transactions going through it at times, I wouldn't even bother importing the whole statement if I were you.
Are you a limited company or sole trader?
Sole trader I've only imported the relevant items, but I can't create an import to show just
date description money in (i.e money received in payment of an invoice which was then transferred into the bank account and allocated to that invoice) money out (i.e fees paid to paypal, but which still need allocating against that invoice to balance the customer's account)
Thanks!
Right, you've got your sales invoice, call it £1k for arguments sake.
You then do a money in for the net amount received onto PayPal after fees (let's say £950 for this example). When you get through to the explain screen, before explaining the £950 add a transaction for the value of the PayPal fees as a minus and analyse them to bank charges (-£50 here). Once you press add you should then have the full £1k to allocate to the original sales invoice.
You might need to head to Settings > Codes and tick the 'show in sales' box against bank charges.
Best answerIn my second screenshot (when creating the -£50 fee transaction), change the entity to PayPal so it records the fee against them instead of your customer.
Phew thanks! this community forum really works! nel
Thanks a lot Kevin for the assistance. That is the bet way to use the transaction system when you are not using the PayPal feed.
Vanish
You must 