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jdelmoral1981
Level 1

Reconcile PayPal Bank Feeds

I just added the PayPal Bank to my list of banks that automatically syncs in transactions. The problem I have is when i create a Sales Receipt for items purchased using PayPal, PayPal automatically takes out their fees so they are not matching up. I usually transfer the money from PayPal directly to my main Bank. I'm not sure which Bank(PayPal or Main Bank) to use so that I do not duplicate fees and am still able to match up sales receipts correctly. For example. if I make a Sale for $65 and PayPal takes their fees and then I transfer what is left how to do reconcile the deposit on the Main Bank side and the transfer to the Main Bank after the fee?

1 Comment 1
JonpriL
Moderator

Reconcile PayPal Bank Feeds

Hi there, @jdelmoral1981!

 

I'm here to guide you how to reconcile your main bank in QuickBooks.

 

You only need to reconcile what amounts coming in your main bank. No need to include what is in the PayPal fees. However, I still suggest contacting your accountant so you'll be guided on how to properly track and reconcile those PayPal amounts transferred to your bank.

 

You might also consider connecting your PayPal as an app, not as a bank. This way, you'll only need to reconcile your bank and not get confused how to handle your PayPal amounts.

 

If in case you'll consider this option, you'll need to disconnect your PayPal connection as a bank first before connecting it again as an app. This way, you won't be getting any duplicate transactions coming into your QuickBooks.

 

I've found a handy article for you to learn more about this: Differences Between Sync with PayPal App , PayPal Bank Feeds and the all-new Connect to PayPal App.

 

Feel free to leave a comment below if you have any other questions.

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