Entering Sales - Sales Receipt or Entry directly to Account
6/23/09 4:34 PM, Viewed by asker 11/17/09 12:23 AM
Total Views: 536
We get sales online and process the payment using Virtual Terminal by Pay Pal for payment processing. Our online system keeps track of sales orders and generates a unique sales order number. We now need to get those sales entered into QB for Mac and want to know if we should enter this as a sales order into QB or if we can simply enter it directly into our PayPal Account (treated like a bank account) in QB. If we can do either what are the benefits/drawbacks of both?
If we can do a direct entry into the PayPal Account can we just use their customers name in the "payee"/ deposit" area and then enter the other systems sales order in the memo and then the correct income account for account?
Thanks!
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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.
Long-time QuickBooks for Mac user
Former business owner
NOTE: This is a user-to-user forum and not official Technical Support.
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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).
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mac2it, did you ever find an answer to this?
Long-time QuickBooks for Mac user
Former business owner
NOTE: This is a user-to-user forum and not official Technical Support.
Answer
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.
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That's how I would have handled it.
Long-time QuickBooks for Mac user
Former business owner
NOTE: This is a user-to-user forum and not official Technical Support.
Comment
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.
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"Former business owner" is a long story. The economy didn't help, but it wasn't the primary cause. Thanks for your kind words. :-)
I should have been more specific (sorry!). I would have used QB for Mac's Sales Receipt to record the details of the order and at the same time entered the payment into the PayPal account (which I'd have set up as an Other Current Asset account because it would be available in the Make Deposit window). That way there would be A/R details, PayPal's fee could be deducted in the PayPal account, and I could easily include the money in the next checking account deposit..
Long-time QuickBooks for Mac user
Former business owner
NOTE: This is a user-to-user forum and not official Technical Support.
Comment
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!
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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.