How do I record/journalise paypal etc fees that have been deducted from point of sale? what coding to I use? I am a retail shop therefore don't use invoices.
We'll have to record the PayPal fees manually, littlepoppylane.
Let me guide you with these steps:
Create an Expense account named 'PayPal fees.'
2. Set up a Non-inventory item called 'PayPal fees.'
3. Use the PayPal fees expense account (in Step 1) as the Income account for the non-inventory item. This will allow you to separately track the aggregate amount of PayPal fees in the Profit and Loss report.
4. Click Save and close.
5. Use the PayPal fees item (in Step 2) on the transaction by indicating a negative amount to reduce the total amount due.
There you have it, littlepoppylane. I'm just around if you need help. Keep safe!