Hi! I need help please! I use Quickbooks Accountant 2020 Desktop
We took a Paypal working capital loan of $24,000.
PayPal charges a flat $4,125 interest, paid by taking 30% of each sales transaction.
We do hundreds of sales daily, $10-30 each. Paypal takes out 30% of each transaction and deposits the balance to our bank account. The 30% they keep as loan repayment. It's impossible to enter in these repayments individually/manually as (1) we have hundreds every day and (2) the 30% never comes to us.
Any ideas how I categorize the $24,000 and the $4,125 without messing up my bank register?
The repayments are removed from our deposits before Paypal sends them, they never enter our bank account.
Again, we have hundreds daily and Paypal doesn't have a sync option for me to import working capital activity. I need to do reconcile this with large swipes of the brush.
Ideas? Thank you very much in advance!!!!
