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PayPal transactions and transfers

I need help with my transactions. So if I buy something using PayPal but don’t have enough funds in my PayPal account it’ll take whatever I have in PayPal and the rest from my bank account but in quickbooks this shows as a duplicate transaction (the full amount for the item in my PayPal transactions and whatever was taking from my bank account). I want to know how I record it as a transfer so it only looks like one payment.   Here’s an example below:
 
If I buy an item for £80 this is showing up in my paypal transactions feed but in actual fact £50 of it came from my paypal balance and £30 was taken from my bank account (and that £30 is showing in my bank account feed making it looks like I’ve spent £110 altogether).  how do I solve it so it doesn’t look like £80 came out my paypal and then a further £30 from my bank account? 
 
I’ve tried the suggested info for transfers but as it’s not a straight transfer it’s confusing me.
 
Thanks
Sally
Solved
Best answer 08-22-2018

Accepted Solutions
QuickBooks Team

Re: PayPal transactions and transfers

Hi Yummypuddingco,

 

You can set up banking rules to recognize these transactions and to have them so they recognize that the £80 has came from PayPal, but you've had to top up the PayPal account by £30 to let this happen.

 

Effectively, you should only have to input a transfer from the bank account, to PayPal; to correct these balances. If you record the transfer from bank to PayPal, it shouldn't look like you've paid too much.

 

See this guide on banking rules - https://community.intuit.com/articles/1145469-banking-rules-and-recognition-for-downloaded-transacti...

 

Thanks,

QuickBooks Team

Re: PayPal transactions and transfers

Hi Yummypuddingco.

 

Yes, that would be correct. By recording the transfer from your bank account to your PayPal account, it tell the system that the total is coming from your PayPal account and has just been topped up by your bank account :)

 

 

5 REPLIES 5
QuickBooks Team

Re: PayPal transactions and transfers

Hello smiler1991,

 

Welcome to the Community.

 

Can I confirm some further details to try and help, does it show the transaction to make up the difference between your Bank and PayPal? or is it a payment directly from PayPal then made up by a payment from the Bank?

 

Thanks,

Not applicable

Re: PayPal transactions and transfers

So based on my example above it is showing -£80 in PayPal transactions and -£30 in my bank transactions. In the self employed version it recognises this automatically as a transfer but isn’t doing that in simple start so I need to set up a banking rule but don’t know what I actually need it to do. 

QuickBooks Team

Re: PayPal transactions and transfers

Hi Yummypuddingco,

 

You can set up banking rules to recognize these transactions and to have them so they recognize that the £80 has came from PayPal, but you've had to top up the PayPal account by £30 to let this happen.

 

Effectively, you should only have to input a transfer from the bank account, to PayPal; to correct these balances. If you record the transfer from bank to PayPal, it shouldn't look like you've paid too much.

 

See this guide on banking rules - https://community.intuit.com/articles/1145469-banking-rules-and-recognition-for-downloaded-transacti...

 

Thanks,

Not applicable

Re: PayPal transactions and transfers

So again based on my example for the £30 transaction that’s in my bank account. If I set that as transfer to PayPal it won’t record it as an extra £30 coming out? therefore only the £80 in my PayPal is marked as an expense is that correct? 

QuickBooks Team

Re: PayPal transactions and transfers

Hi Yummypuddingco.

 

Yes, that would be correct. By recording the transfer from your bank account to your PayPal account, it tell the system that the total is coming from your PayPal account and has just been topped up by your bank account :)