RECORD THE PAYPAL FEE AND THE NET AMOUNT TO GIVE ME THE TOTAL PAID
How do I record a PayPal fee so that I show the net payment or do I use a journal entry
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as24Ssik4r4kAbacfA8pyY
01/15/11 5:49am PST
Viewed by asker 01/15/11 5:50am PST
Viewed by asker 01/15/11 5:50am PST
1 Reply
Amy-in-PA
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01/15/11 5:56am PST
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The way I've been doing it for one client of mine, we call Paypal another "bank," and then every so often transfer money from the Paypal "bank" to the real savings account.
When people pay by Paypal, we "make a deposit" to the "Paypal bank" in the full amount. Then we get into the "Paypal bank" register and record the Paypal fees. Finally, when we're ready to have Paypal transfer the money to the company's real savings account, we use the QB "transfer" utility to record that transfer.
Back up before it's too late. For a professional answer, call Tech Support at 1-800-933-9999 (Lacerte)(other numbers ProSeries, QB, or TurboTax). I am a volunteer, not compensated or supported by Intuit.
