Self Employed - How to automatically log PayPal fees?

DaoNaturalHealth · ‎June 19, 2020

Hi ,

Is there a way of automatically logging the PayPal fees paid through QB Self Employed?

I have PayPal as a 'cash' bank account and any PP payments coming in I log as 'Business Income'. I then transfer from PayPal to my main account and log this as 'Transfer' so it's doesn't count it twice.

I can't find a way of logging the PayPal fee without working out and entering it in manually each time. I've looked all through the community chat and can't find any answers, help much appreciated! Thanks

MadelynC · ‎June 19, 2020

Good job for doing it right, @DaoNaturalHealth.

Currently, there isn’t a way to automatically log PayPal fees in QuickBooks Self-employed. You’ll have to record it by hand.

Here’s how:

Go to the Transactions menu from the left pane.
Select Add transaction at the top right.
Enter the necessary details.
You can use Transaction/processing fees as a category.
Click Save.

You can look for additional information on how you can enter your transactions through this article: Manually add transactions in QuickBooks Self-Employed.

I’ve also attached a link to learn more about different categories and how they are shown on Schedule C related reports: QuickBooks Self-Employed Schedule C Categories breakdown.

It’s our pleasure to assist those who need help with QuickBooks. Have a great day.

View solution in original post

SarahannC · ‎June 19, 2020

What you’ve done is right, DaoNaturalHealth.

We don't have an option to automatically log in Paypal fees. As long as your Paypal account is connected to QuickBooks, transactions will automatically show within QuickBooks.

There are times transactions look likes appearing twice in the app. Let me share with you why it happened.

Both Paypal and your savings account linked to the app. With that, we’ll see payments as income in your Paypal account, which is the connected one. Once we moved the payments to your bank account, we’ll see it as income again. That’s why we’ll have marked payments as Business Income.

Afterward, transactions from the main account will be marked as a Transfer. You can check out this article for more details about it: Transfers between accounts in QuickBooks Self-Employed.

Let me know if you have other questions or clarifications with this. I'll be here to assist you further. Stay safe and healthy.

DaoNaturalHealth · ‎June 19, 2020

Hi, thanks so much for your reply, good to know I’m doing it right but how is the PayPal fee logged, is there a way of this having an automatic rule as Bank Charges for each payment fee? Thanks again

MadelynC · ‎June 19, 2020

Good job for doing it right, @DaoNaturalHealth.

Currently, there isn’t a way to automatically log PayPal fees in QuickBooks Self-employed. You’ll have to record it by hand.

Here’s how:

Go to the Transactions menu from the left pane.
Select Add transaction at the top right.
Enter the necessary details.
You can use Transaction/processing fees as a category.
Click Save.

You can look for additional information on how you can enter your transactions through this article: Manually add transactions in QuickBooks Self-Employed.

I’ve also attached a link to learn more about different categories and how they are shown on Schedule C related reports: QuickBooks Self-Employed Schedule C Categories breakdown.

It’s our pleasure to assist those who need help with QuickBooks. Have a great day.

DaoNaturalHealth · ‎June 19, 2020

That’s great, thanks so much for to the info!

MorganB · ‎June 19, 2020

It's great to see you received the info you were looking for here in the Community,

DaoNaturalHealth. You're always welcome if you ever need assistance again in the future. Take care!

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Self Employed - How to automatically log PayPal fees?