Hi friends! I have a few questions mainly regarding my PayPal import.
1. I have a website with WIX and payments are made through PayPal. Let’s say I receive $90 sale through my website. After PayPal fees I will receive $87. How do I record these two payments effectively? The $87 would be transfer from PayPal to my bank account but what about the $90? Is there a way to track PayPal fees?
2. I purchase postage through PayPal using my debit card. I’m seeing two payments one is negative and the other is positive, and they seem to be canceling each other out. (PayPal usually has a hold then the next day the transaction clears but it still shows up twice.
Also because I pay the same amount for postage it my account wants to match it with other transactions of the same price even though they’re from completely different months.
You're trying to enter PayPal fees, correct? If so, the process to do this is the same as the link provided above. Record the transaction first with the full amount. When you receive the payment, make sure to select Undeposited Funds in the DEPOSIT TO field.
After that, deduct the processing fee upon depositing the payment that you received in QuickBooks Desktop (QBDT).
Click the Banking menu located at the top to get to Make Deposits.
Choose the correct payment.
On the next line, select the account where the fee should be posted.
Enter the processing fee as a negative amount so it will be deducted on the Amount section.
Once done, hit Save and Close.
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