I appreciate you providing detailed information, RCrawford79. Let’s work together to resolve the mismatch between your PayPal and bank transactions and ensure your accounts are accurate and aligned.
To begin with, let's identify the discrepancies between your PayPal and bank transactions. You’ll need to review records from both sides to identify reversals, retries, and missing items.
To correct these discrepancies, you can create a journal entry to account for adjustments such as returned payments or retries. I recommend consulting your accountant for guidance on selecting the correct accounts.
Here’s how you can create a journal entry:
- Go to + Create and select Journal entry.
- In the ACCOUNT column, choose the category where you want to track the adjustment.
- Enter the amount in the appropriate DEBIT or CREDIT column, depending on whether funds are being added or deducted.
- On the next line, select the corresponding account nd enter the same amount in the opposite column.
- Click Save or Save and close to record the entry.
After recording the journal entry, you can match it to the bank entries and reversal entries. Ensure to check for duplicate transactions. If duplicates are identified, please exclude them to avoid errors in your records.
You can revisit this thread if you have follow-up questions.
