PayPal Transactions - Withdraw to bank

adamharriusk · ‎October 09, 2019

Sorry if this is a stupid question. I'm really confused as to what i'm supposed to be attaching to my PayPal transactions.

For example:

Order for £100

Order for £20

Withdraw to bank £120

It appears on quickbooks as one transaction in of £120. Can i just download and attach the record of the transfer from PayPal to my bank (£120) OR do i need to find each transaction(£100 & £20) and then attach them both to that record?

Thanks

Adam

AlcaeusF · ‎October 16, 2019

Hello adamharriusk,

I've scanned through the whole thread to understand more about how to deal with the situation. There are two options you can do to deal with the withdraw to your bank.

If you already record the two transactions (£100 & £20) within QuickBooks, you'll need to match them with the transferred amount £120 from your Bank Feeds. If sales aren't entered yet from our system, you can download the income right away and record the transfer from your PayPal via the Split Transaction feature.

To know more about these options, please refer to the complete instructions found in this article:

Assign, categorise, edit, and add your downloaded banking transactions.

Please reach out to me here should you need any further assistance dealing with the transactions from PayPal. I'm always available to talk QuickBooks.

View solution in original post

John C · ‎October 09, 2019

Hi Adam

We would be grateful if you can clarify your question, are the £100 and £20 transactions money paid from your PayPal account and the £120 transaction is from your bank to Paypal to pay for the two transactions?

adamharriusk · ‎October 09, 2019

The £100 and £20 are from two separate sales but i withdraw the entire PayPal balance of £120 to my bank account.

Thanks

John C · ‎October 09, 2019

Hi Adam

You would create a transfer from your PayPal account to your bank account, providing both accounts are set up within QuickBooks.

adamharriusk · ‎October 16, 2019

I'm sorry but i haven't a clue what that means?

I've already transferred the money from PayPal to my Bank account. So on my bank statement it shows £120 from PayPal into my my bank account.

AlcaeusF · ‎October 16, 2019

Hello adamharriusk,

I've scanned through the whole thread to understand more about how to deal with the situation. There are two options you can do to deal with the withdraw to your bank.

If you already record the two transactions (£100 & £20) within QuickBooks, you'll need to match them with the transferred amount £120 from your Bank Feeds. If sales aren't entered yet from our system, you can download the income right away and record the transfer from your PayPal via the Split Transaction feature.

To know more about these options, please refer to the complete instructions found in this article:

Assign, categorise, edit, and add your downloaded banking transactions.

Please reach out to me here should you need any further assistance dealing with the transactions from PayPal. I'm always available to talk QuickBooks.

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PayPal Transactions - Withdraw to bank