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Join nowHello everyone
I have my Quickbooks connected to my business PayPal account so that transactions are easily imported when I click the update button.
The import works, but it doesn't seem to take into account the PayPal fees? Here is a real transaction from my account on PayPal:
As you can see, although I received £23.98, when I actually have in my paypal account is £22.98 because of the £1 PayPal fee.
In Quickbooks, that £1 fee is nowhere to be found, and it tells me that I received £23.98!
How can I tell Quickbooks that infact I was charged £1 fee on tat particular transaction? I'm confused.
Let me help you with this, J59.
You can create an invoice with the exact amount of 23.98. Then, record a receive payment for the same amount for payment. Here are the articles for the steps:
Here' how:
Tip: Net refers to the number of days until the payment is due. The default is 30 days, but you can change the due date if needed.
Once done, you can receive payment with the same amount of the invoice. Please check this article for more information: Record Invoice Payment in QBO.
Finally, create a deposit selecting the 23.98 item. Then, add a line item with negative amount for the PayPal fee.
You can also add and match bank transactions in QBO: Categorize And Match Online Bank Transactions In QuickBooks Online.
Let us know if you need further assistance. I'll be right here to help.
Thanks Maria, those steps seem quite involved. Are you saying for each imported transaction from PayPal (there are nearly a 1000), I am going to have to create an invoice for each!? 😮
Thanks Maria, those steps seem to require a lot of effort.
I wouldn't mind if it was 1 or 2 transactions, but this problem is happening on all the transactions that I've imported from PayPal.
Are you saying I would have to do all that for every transaction I imported from PayPal?
I’m glad that you were able to get back here, J59.
Let me provide additional information about handling Paypal fees in QuickBooks Online.
I see that manually recording transactions would take a lot of time. And, I agree with you that it requires a bit more effort when there are hundreds of imported transactions within the Banking page.
The fees will be added when you match or add a transaction in the For Review tab. Please know that these fees are obtained from PayPal, which they’ll not show as separate transactions in your feed.
Let's say you imported hundreds of transactions within QuickBooks. What we are going to do is match them, and the system will add the fees with these transactions. Here's how:
Sample screenshot:
Here's an article where you can get more details about it: Categorize and match online bank transactions. Also, you may want to visit here and gather more information about frequently asked questions in Paypal.
I hope for nothing but the growth of your business. Please stay in touch if you require additional details with this. I'd like to assist and help you more. Keep safe!
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