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MKT22191
Level 3

Good morning QB Community!

 

I am working on PayPal bank reconciliation.  One of the "payment hold" in July was not released until mid-August.  As a result, the "ending available balance" on the July PayPal bank statement includes an extra "payment hold," which is not part of the actual sales income/expense transaction.    

 

In this situation, do I reconcile against the balance excluding payment holds/releases? 

Or is there a journal entry that I can create? 

 

Thank you! 

Solved
Best answer September 19, 2020

Best Answers
SarahannC
Moderator

It's nice to hear from you, MKT22191!

 

Yes, you're right for excluding the payment.

 

We'll have to reconcile the account without entering the amount on hold until it's posted. It can affect the balance of reconciliation in QuickBooks if we include it before releasing the payment. Once payment is downloaded and cleared, you can include the hold transaction then.

 

For additional guide when reconciling account in QBO, you can use these articles:

 

 

If you have further clarifications as you work on your PayPal bank reconciliation, please know that I'm always here to help you out. Take care and have a nice day!

View solution in original post

5 Comments
SarahannC
Moderator

It's nice to hear from you, MKT22191!

 

Yes, you're right for excluding the payment.

 

We'll have to reconcile the account without entering the amount on hold until it's posted. It can affect the balance of reconciliation in QuickBooks if we include it before releasing the payment. Once payment is downloaded and cleared, you can include the hold transaction then.

 

For additional guide when reconciling account in QBO, you can use these articles:

 

 

If you have further clarifications as you work on your PayPal bank reconciliation, please know that I'm always here to help you out. Take care and have a nice day!

View solution in original post

MKT22191
Level 3

Thank you @SarahannC for quick reply!

SarahannC
Moderator

Hello MKT22191 ,

Glad that I'm able to help you. Please know that you're always welcome to post here anytime. I'll be around to help you figure out your concerns.

Enjoy your day, and stay safe always!

nicolet913
Level 1

Hello!

 

I am running into an issue where PayPal is placing payments for expenses on hold and then releasing as well. The problem is that some of the releases aren't happening until the next month, so the "holds" and "release" amounts don't zero each other out. I am unable to reconcile because the PayPal statements include these as debits and credits. How should I handle this?

Joesem M
QuickBooks Team

I appreciate you for joining this thread, @nicolet913.

 

Since QuickBooks depends on the financial data shared by your bank, I'd highly suggest contacting the Paypal Support Team. They can further investigate the payments for expenses on hold and the release as well, so you can reconcile your QuickBooks account.

 

To get their latest phone number, You can go to apps.intuit.com, or via the Apps tab in your QuickBooks Online.

 

Here's how:

  1. Login to your QuickBooks Online account
  2. Select Apps from the left menu.
  3. Select Find Apps or My Apps, then enter Paypal into the search bar.
  4. Under App information, you can view their recent phone number.

 

You may refer to this article on how to handle your PayPal transactions the same way as other bank transactions: Use the Connect to PayPal app.

 

I'm including these articles you can check out about handling and fixing reconcile workflow in QuickBooks Desktop:

 

 

Please let me know if you have other concerns related to QuickBooks. I'm always happy to help. Take good care.

 

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