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HI, I have set up to receive payments online for invoices using Paypal. However, paypal take fees so the invoice payment doesn't equal what is in quickbooks so when I then transfer from Paypal into my account that then downloads the transactions it will not match up. I did a test of £1 but only received 69p due to charges. When my bank downloads transactions I only will get 69p so the £1 invoice will not match.
How do others manage this situation?
I guess if there are lots of payments using this system then you may transfer payment all together as a lump sum and then put in an extra charge that equates to what is outstanding which is the charges- ideally I would have liked to receive the whole amount and then charges billed separately.
Thanks for your advice
Solved! Go to Solution.
Hi there, lkoups.
Thank you for providing detailed information with your concern so I can share accurate details and solutions. I'll provide information first on how PayPal fees are handled within QuickBooks Online.
For sales, fee amounts are obtained from PayPal and will be added when you match or add a transaction. They are not shown as separate transactions in the feed and will be recorded as an expense in your PayPal account. For one-off fees or fees not associated with processing a transaction, these usually come across as a separate expense in your feed.
To manage the situation, I'd suggest to manually received payment in QuickBooks and record the invoice payment in full. Then, make a deposit and add the bank fee as a negative amount.
Here's how:
For additional information, you can click this article: Record invoice payments in QuickBooks Online.
Once done, you can now follow the steps below on how to go to the Bank deposit screen to start making a deposit to add a bank fee.
Once done, the total amount should be the same as the one that reflected on your actual bank account and you can now match transactions. Please refer to this article to see the process: Categorise and match online bank transactions in QuickBooks Online.
Please refer to this article to see steps on how you can reconcile your accounts so they match your bank and credit card statements to avoid discrepancies: Reconcile an account in QuickBooks Online.
Please let me know how this goes. I'm always here to help you further. Take care!
You may utilize a 3rd party app to resolve the issue, manually or automatically.
Hi there, lkoups.
Thank you for providing detailed information with your concern so I can share accurate details and solutions. I'll provide information first on how PayPal fees are handled within QuickBooks Online.
For sales, fee amounts are obtained from PayPal and will be added when you match or add a transaction. They are not shown as separate transactions in the feed and will be recorded as an expense in your PayPal account. For one-off fees or fees not associated with processing a transaction, these usually come across as a separate expense in your feed.
To manage the situation, I'd suggest to manually received payment in QuickBooks and record the invoice payment in full. Then, make a deposit and add the bank fee as a negative amount.
Here's how:
For additional information, you can click this article: Record invoice payments in QuickBooks Online.
Once done, you can now follow the steps below on how to go to the Bank deposit screen to start making a deposit to add a bank fee.
Once done, the total amount should be the same as the one that reflected on your actual bank account and you can now match transactions. Please refer to this article to see the process: Categorise and match online bank transactions in QuickBooks Online.
Please refer to this article to see steps on how you can reconcile your accounts so they match your bank and credit card statements to avoid discrepancies: Reconcile an account in QuickBooks Online.
Please let me know how this goes. I'm always here to help you further. Take care!
Thanks- I think it actually works now and shows what was paid plus the fees in the Paypal bank in quickbooks- so that is what I needed to happen. I just need to now get notified when an invoice is paid- not sure if that is within QBs or Paypal.
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