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I am importing transactions from PayPal and need to "add" them by selecting the appropriate income or expense category. Does anyone know which category I should choose for transactions from PayPal that have a description of "account hold for open authorization" and "reversal of general account hold"? These transactions are always for equal amounts and effectively "cancel each other out", but I don't have any idea how to record a category for them. They aren't truly income or expenses. Please advise! I have searched for these terms and cant find any answers.
Side note: I am getting a message of Please correct the highlighted areas of your submission and try again, followed by "post flooding detected" when I try to re-submit. There are no highlighted areas. Is this just a super glitchy page?
Thanks in advance!
Hello, CPR Kim.
Welcome to the Community. Allow me to share some insights about the error you've got. It might be because your cache data is overloaded. Sometimes a browser cache can be corrupted and can cause a variety of issues.
Let's open a private browser and post from there. This is to identify if the issue is within the cache. If you don't encounter the same thing. Go back to the original browser and clear the cache. However, if the same issue persists use a different browser in posting.
You can also check this article for reference: Troubleshooting browser problems.
I recommend reaching out to your accountant as they would know what is the best category to use.
I've also added these great resources you can use on how to manage your bank accounts and transactions in QuickBooks Online:
I'm always around if you have more questions about categorizing transactions in QuickBooks Online. Just leave a reply and I'll get back to you.
Thanks for clarifying what caused the error.
My question stated in the subject remains. There is no way to categorized Authorization holds and reversals, that I can tell. They aren't income, or expenses and cancel each other out. What am I supposed to choose as the category for them, when "adding" these imported transactions? Should I "exclude" them? Thanks for suggesting article, but they do not address this specific issue.
Thanks again!
Hello, CPR Kim.
Yes, you can exclude those authorization hold and reversal amounts, but to be sure, it's best to contact your accountant to help you with other options on how to categorize those transactions.
If you don't have one, we can help you find one. Just enter your City or ZIP to locate an accountant near your area: Find an accountant.
Once everything is set, you can start reconciling your account to help keep your QuickBooks balance accurate and up-to-date.
Keep me notified through this post if you have more questions. I'll be around to help. Have a good one!
Has anyone gotten an answer about this?
We have a busy ecommerce site and holds might not be reversed for a month. Just excluding doesn't really help because they are listed on the paypal statement.
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