How should I show payments made by debit card from my business bank that are transacted through my paypal account? Both accounts are connected to QB online.
The situation is we purchase shipping labels but the company we purchase them from only accepts payment by paypal. Sometimes we have a small paypal balance which is used towards the labels with the balance of the payment then being taken from my business debit card. Other times the payment is made fully from the debit card.
On my bank feeds I see the payment in my paypal feed and I also see the payment in my business bank feed. When I show the funds as a transfer from my business account to paypal it then shows up in my paypal quick books balance and I don't know how to then balance my Paypal actual balance and my payapl QB balance.
Please can somebody give me the definitive way forwards, I have purged my QB account so many times I am getting to the point of walking away from QB and looking for an alternative.
I'm her to share some information on how to handle your PayPal and bank transactions, Mel BL.
Connecting both PayPal and Business bank account will download duplicate transactions. If the amounts are deducted from your debit card, I'd suggest excluding them from your PayPal account to avoid duplicates.
Here are the steps to exclude duplicate transactions:
I've attached some resources you can check to learn about adding, matching, and excluding transactions as well as connecting accounts for your reference:
If you need more help, please get back to this thread.
Allow me to join you on this thread so I can show you how to record partial payments from Paypal, Mel BL.
First, you'll have to create a transfer from your debit card going to your Paypal account. To this, you can follow the steps below:
Second, create a purchase transaction to show that you've paid the shipping labels from your Paypal account. You can overwrite the payment amount to reflect what you will actually pay, the bill will stay open for the balance due. I've attached a screenshot for your visual guide:
You'll have to do the following process once another partial payment is made.
For reference, you'll want to add and match bank transactions to what you've already recorded in QuickBooks Online.
Reach out to us if there's any help you need in recording payments. We're always here to if you need anything else.