Hi, Just setting up QB SE and an trying to fill in as much as I can. My issue is that I have lots of instances of tansfers from paypal to my bank, however, these sums arent going to match up with any invoices etc as I just download cash from paypal as and when so theres often one or more payments in there or i will have downloaded a portion of the balance to my bank etc.
I have marked the amounts as business income, which it is of course. Presumably when i start producing invoices from within QB it will be ok but Im just puttin all my data in from last April at the moment so only have paper invoices that i have sent out.
I'll share the steps on how you can manage and categorise these payments, Allante666.
You can split a downloaded banking transaction into multiple payments. Here's how:
Here's an article that shares more details about this function: Split And Exclude Transactions.
You can also run your Profit and Loss report just in case you want to see the list of transactions that you've already categorised as income. Here's how:
I'll be around if you need more help with your income transactions.
OK, so how do I go abouot this scenario, which is a current one. I sold goods to the value of £470 to a customer in America. He paid me via paypal so I only received £446.67. the rest (£23.33) were taken in fees.
As there was a few pounds in my paypal I downloaded £450 to my bank.
So, I go to that 450 and click split. I can put the 446.67 against business income but it wont let me put the 23.33 against (I assume it should be 'other financial charges'? or 'bank chanrges'?) as it only shows the £3.33 which is the 'change' left over.
How do I show that 23.33 as a charge as technically I havent paid it as such (although I have of course)
For QuickBooks Self-Employed (QBSE), income transactions don't have an option to split into both Income and Spending, and vice versa.
I suggest excluding the PayPal transactions you have and record the payment and the bank charge by hand.
Following these steps, you can ensure that your bank balance remains accurate.
Additional details on how you can enter your transactions by hand in QBSE are in this article: Manually add transactions in QuickBooks Self-Employed.
Feel free to leave a comment below if you have additional questions. I'll be around to help.