how do you classify pay pal income
how do you classify pay pal income
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pmccrum
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Allstar
Advisory council of community power users.
03/16/11 3:36am PDT
You should set up your PayPal account in QB's as a bank account. Then record your transactions the same as any other bank transactions. PayPal does provide a download into QB's
FredMorton
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Allstar
Advisory council of community power users.
03/16/11 4:33am PDT
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It's income, the same income as if you sold goods or services in person. Create a sales receipt, send the payment to Undeposited Funds. When paypal transfers money to the bank, use Make Deposits. Select the payments that equal the total transferred to the bank, then on the next blank line enter the paypal fee with a minus sign, posting it to an expense account named PayPal Fees. Now your gross sales reports are correct and your bank deposit matches the bank's records so you can reconcile.
