Entering Sales - Sales Receipt or Entry directly to Account

Not sure if this is helpful, but you can download your Paypal activity to QB, just like your checking account, and it brings in all the information for each transaction (customers name, even the amount that paypal takes from the sale). So if you get all the information on Paypal, you could just download it to QB.

mimoymima, could you explain the exact steps for doing what you're describing? I've never heard of this being possible for QuickBooks for Mac.

Actually I'm not asking about how to get the entires into QB but what method would to do to ensure it's posted to the right account (e.g. do a sales order then receive payment to PayPal vs just an entry into Paypal to the account as I mentioned above).

mac2it, did you ever find an answer to this?

HI Debi, well our accountant said for cash sales we can just enter the item in the PayPal register in QB as a deposit then enter a separate item for the fees deducted. The drawback to this is you don't have any detailed transaction in QB just the total processed amount but we have that in another system. If you want transaction details you can just enter it as a sales order and make sure that you check the account for your PayPal to receive the money.

That's how I would have handled it.

Hey Debi, I noticed your signature says "former business owner" now. I hope it was a choice considering the economy!

Yeah, we were doing it that already but wanted to know what drawbacks there might be in that approach without calling the accountant. We thought we would have gotten a quick answer here but maybe we didn't explain it clearly above.

Hey Debi- I'm sorry to hear bout the business but I hope all is well and that you find great things going forward. From your posts on here I can tell you keep busy and and have a head for accounting and business.

In terms of how we enter the sales we actually have PayPal set up as a bank account (except for no FDIC they essentially run like one and even have money market accounts now).  For cash sales now we just enter the transaction right into the PayPal register rather than the sales receipt since we have a separate third party system for our web catalog and sales tool then just reference the order number from our other system the memo. 

Thanks again for all your help!