cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Everything you need to know about banking in QuickBooks Online - Discover more
TheFriendlyEco
Level 1

Matching Paypal transactions to Sales Receipts

Hi, I run an online store and have a lot of transactions through Paypal, up until recently this was easy - I just matched the paypal fee to the matching expense, and the main payment to the sales receipt, these were show in in banking as two 'separate' transactions which came from Paypal. Now it's showing in my accounts as one single transaction - the amount I receive after fee deductions.

 

e.g Sally pays £30 with £1 fee, it's showing as one transaction from sally at £29, instead of before which was one for £30 sale and one for -£1 fees. Meaning I can't match my Sales receipt and expense to their corresponding transactions.

 

I read an article about making this a bank deposit, matching the sales receipt and then recording the paypal merchant fee in the 'add funds' section, but the fee appears to have been already recorded under my expenses tab?! I'm worried that doing the bank deposit will mean the fee is recorded twice, but also why is the fee showing separate if the transaction has already deducted the fee?? 

 

If someone could walk me through a simpler way or what I'm missing that would be fantastic!! Very confused novice here, sorry if I haven't made myself clear I'm still learning the ropes!!

Solved
Best answer February 01, 2021

Accepted Solutions
AlexV
QuickBooks Team

Matching Paypal transactions to Sales Receipts

Hi TheFriendlyEco!

 

Please note that the transactions being imported depends on Paypal. Though, I have a workaround for us to fix this.

 

First, if you manually recorded the £1 fee showing on your expenses tab, I suggest deleting it.

  1. Find the £1 fee transaction.
  2. Under the Action column, tap Delete.
  3. Click Yes to confirm.

Then, you can deposit the £30 sale with a -£1 fee on the Add funds to this deposit section. Simply go to the +New button and select the Bank deposit. The total amount of the deposit should be £29.

 

Once done, you can match the £29 bank deposit you created to the download Paypal transaction. 

 

You'll want to check these articles for your reference in handling downloaded transactions:

Keep on posting here if you need anything else. We'll respond as soon as we can.

View solution in original post

2 REPLIES 2
AlexV
QuickBooks Team

Matching Paypal transactions to Sales Receipts

Hi TheFriendlyEco!

 

Please note that the transactions being imported depends on Paypal. Though, I have a workaround for us to fix this.

 

First, if you manually recorded the £1 fee showing on your expenses tab, I suggest deleting it.

  1. Find the £1 fee transaction.
  2. Under the Action column, tap Delete.
  3. Click Yes to confirm.

Then, you can deposit the £30 sale with a -£1 fee on the Add funds to this deposit section. Simply go to the +New button and select the Bank deposit. The total amount of the deposit should be £29.

 

Once done, you can match the £29 bank deposit you created to the download Paypal transaction. 

 

You'll want to check these articles for your reference in handling downloaded transactions:

Keep on posting here if you need anything else. We'll respond as soon as we can.

TheFriendlyEco
Level 1

Matching Paypal transactions to Sales Receipts

Hi,

 

Thanks for this, the payments/sales receipts aren't appearing in the list when I go to bank deposit so I can't select them, do you know why this could be?

 

Edit: I've worked this out now, it needs to be undeposited funds to appear there! 

Need to get in touch?

Contact us