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Wholesale payments come in via PayPal. Invoices are created and in Receive Payments - I set the preference to deposit money into PayPal because that is where the money actually is. In my accounts list I have my bank account and a paypal account. When I transfer money out of PayPal I tell it to transfer the money my bank account which, of course, increases the balance. I select the "from account" to be the wholesale account. So how do I reduce the PayPal account balance in my QB?
Perhaps I should not have told Receive Payments to put the money in PayPal as it only records it in my QB PayPal account, but the money is not yet in my account, just in PayPal (not transferred yet).
Confused as to how to record the PayPal payment in QB when I don't have the money transferred yet from PayPal. And how to deposit money transferred from PayPal to my checking account and reduce the QB PayPal account.
Solved! Go to Solution.
You use Receive Payment, because you need to show an invoice is Paid.
You don't need to use Invoice when the date of the sale is also the date of the payment; that is Sales Receipt as One Step. Invoice and Payment are Two Steps, to allow for Date differences: invoice = the Sales date and Payment = the Paid date.
And yes, using a Bank account to manage PP is perfect. As you noted, that is where the money went, first. You also need to Reconcile that account in QB to the PP balances from the statement or transactions reporting from PP.
And moving your money is never Income, again. The Sale made it income. Your "from Account for the Checking download is the PP bank. Or, make your own transfer entry, first, as @Kristine Mae Noted. Either method is fine: between these two Bank Type accounts. Not income or expense, again.
Hey there, ProfitStrategist.
You can transfer funds from paypal to the bank account.
Here's how:
In case you have other concerns, you can always visit the Community.
You use Receive Payment, because you need to show an invoice is Paid.
You don't need to use Invoice when the date of the sale is also the date of the payment; that is Sales Receipt as One Step. Invoice and Payment are Two Steps, to allow for Date differences: invoice = the Sales date and Payment = the Paid date.
And yes, using a Bank account to manage PP is perfect. As you noted, that is where the money went, first. You also need to Reconcile that account in QB to the PP balances from the statement or transactions reporting from PP.
And moving your money is never Income, again. The Sale made it income. Your "from Account for the Checking download is the PP bank. Or, make your own transfer entry, first, as @Kristine Mae Noted. Either method is fine: between these two Bank Type accounts. Not income or expense, again.
Thank you ver much. This is exactly what I needed - and thanks for being so clear.
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