I'm at my wit's end. Can you please help me figure out how to handle this? I have a Paypal account that is set up like a bank account. I made a purchase using Paypal. Part of it was paid by my Paypal balance, and part with my company credit card.
I recorded the credit card transaction as a charge, with Paypal as the payee. The credit card statement balanced.
But when I try to balance the Paypal statement, the credit card charge does not show up as a credit to Paypal (in the reconcile section of Quickbooks). It sees it somehow, however, because it shows up as a discrepancy in the exact amount of the credit card charge. (Specifically, it refers to "cleared balance" and "difference".) It's all Greek to me.
(I do not use automatic banking. I enter all charges and then balance everything while looking at a copy of my statement.)
I have Googled and Googled for an answer. I see things online that refer to making that charge a transfer but in Quickbooks for Mac (desktop) I cannot for the life of me figure out how to do it.
Please help, somebody!
Let me help you sort this out, @sassypantsdesign.
Since you're seeing a different amount other than zero at the bottom of the Reconcile window, it is possible that there is a discrepancy on your reconciliation.
To determine the main for the discrepancy, let's pull up your Reconciliation Discrepancy report. Here's how:
On the other hand, since you're able to enter your credit card statement balance, let's make sure you're able to record the payment for your purchase separately. Use PayPal and the credit card as the payment method in paying the purchase. Once completed, you can now proceed with reconciliation process.
Keep in touch with us here in the Community if you have other questions about reconciling your PayPal transactions in QuickBooks Desktop. I'm always here to help.
I sure do appreciate you taking the time to reply. I don't have the option to see Reconciliation Discrepancy in my version of Quickbooks. But something you said actually triggered the answer in my brain, for some reason. When you said, "Use PayPal and the credit card as the payment method in paying the purchase" I realized that I had written a check from Paypal for the entire amount, rather than the entire amount minus the credit card amount. When I subtracted the credit card amount, it all balanced.
I don't know if I have explained it very well, but thank you so much for saying just the right words that made me figure it out!
Hello there, @sassypantsdesign,
Thanks for letting me know that you've already figured out why there's a discrepancy on your reconciliation.
Since you don't have a Reconciliation Discrepancy option, it's possible you're using an outdated version of QuickBooks for Mac. Can I ask what version and year are you using? To help fix this, you can update the program. By doing so, it will help improve its functionality and fix known issues.
Here's how to update it:
For more information, you can check out this helpful article: Update QuickBooks Desktop for Mac.
Once updated, let's check if the Reconciliation Discrepancy report is now showing. If you want to learn more about this report, please see page 173 through this great article: User's Guide.
I'll be right here if you have other reconciliation concerns, @sassypantsdesign. Have an awesome day!
Hi - I have Quickbooks for Mac 2016, and it is up-to-date in terms of updates. So I guess my version, although it's still supported, doesn't have that Reconciliation Discrepancy option. Thank you for checking with me, though!
Hi there, @sassypantsdesign,
Thanks for letting me know that you're using QuickBooks for Mac 2016 and it doesn't have the Reconciliation Discrepancy option.
I'd encourage dropping a comment below if you have other concerns regarding QuickBooks. I'm always here to help.