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chartley-chucks
Level 2

I have PayPal setup as a Bank. Lots of income via websales, also some expenses come out of this account?

I have PayPal setup as a Bank. Lots of income via websales, also some expenses come out of this account. I was advise to set the bank as Cash in Hand type, and review sales transactions as Sales receipt - this way they appear in the sales tab otherwise they appeared as a negative expense. This is Ok bu I cant split a sales receipt into 0% and 20% VAT portions - any advice welcome
4 REPLIES 4
ChristieAnn
QuickBooks Team

I have PayPal setup as a Bank. Lots of income via websales, also some expenses come out of this account?

Hi there, chartley-chucks.

 

I'll provide information on why you're unable to split the sales receipt in QuickBooks Online.

 

When you split a transaction, you'll need to make sure that you're splitting the entries that are in the Add transaction section. That being said, you're unable to split the sales receipt if it shows Match in For Review tab. This could be the reason why you can't split a sales receipt.

 

If you still unable to split the entry even it's Added transactions, I suggest logging into your QBO account using a private browser. This way, you're able to verify if too much data saved in your browser is causing why you're unable to split the sales receipt into 0% and 20% VAT.

 

Use these keyboard shortcuts based on the browser you're using.

 

  • For Internet Explorer of Firefox, press Ctrl + Shift + P.
  • For Chrome, press Ctrl + Shift + N.
  • For Safari, hold down Command + Shift + N.

 

If it works in incognito, I recommend clearing the cache of your regular browser. This removes the history or log of sites so you can start with a clean slate. You can check this article to see the steps: How do I clear my browser cache and temporary Internet files?

 

If the steps above didn't work, use another supported browser as alternatives.

 

Once done, you can go back to the Banking page and split the transactions from there. Then associate VAT codes for each category. Let me guide you through the steps:

 

  1. In your QuickBooks Online account, click Banking from the left menu.
  2. Select the appropriate bank account from the list.
  3. In the For Review tab, find and select the transaction.
  4. Click the Split button.
  5. Select the appropriate category from the drop-down.
  6. In the VAT column, specify the transactions with 20% and 0% VAT codes.
  7. Split the amount of the transactions, then Save and add.

 

For additional information, you can click this article: Categorise and match online bank transactions in QuickBooks Online. This also provides details on how to review your transactions to avoid double entries.

 

Please check these articles to see a table that contains different VAT codes and how to make any changes to your VAT settings, codes, and rates:

 

 

Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success.

chartley-chucks
Level 2

I have PayPal setup as a Bank. Lots of income via websales, also some expenses come out of this account?

In the review tab, when I change from Deposit to sales receipt, the split option disappears. 

So I have to review as is 0% VAT, then go into the reviewed tab or sales tab and review again and split.

 

chartley-chucks
Level 2

I have PayPal setup as a Bank. Lots of income via websales, also some expenses come out of this account?

In the review tab, when I change from Deposit to sales receipt, the split option disappears. 

So I have to review as is 0% VAT, then go into the reviewed tab or sales tab and review again and split.

emmamiller6
Moderator

I have PayPal setup as a Bank. Lots of income via websales, also some expenses come out of this account?

Hello Community Users! We just wanted to add some tips to this thread. If you want to split a transaction between income and expense as some expenses come out of the Paypal sales what you can do is add the sales receipt but instead of depositing to the bank deposit it to the undeposited funds account sand then save the sales receipt.

Once done go to the bank deposit in the +new symbol in the top left and make sure the sale is ticked then go to add funds to this deposit  select the supplier and expense account for the expense and add a minus symbol in the amount column before the expense amount and then save and close. 

Any questions just ask, we'd be happy to go into more detail if needed.

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