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monahakb
Level 1

Braintree/Paypal Transactions

We use Paypal/Braintree to process our credit card sales.  I make a sales receipt from the daily settlement report using an item Daily Sales going a Sales Account (income).  I then make a deposit from the Undeposited Funds into a clearing account. When I get a deposit I record in the General Journal like this:

Deposit Amount - Debit to Bank

Gross Sales - Credit Clearing Account

Fees -             Debit - Fee Account (expense)

Refund -        Debit Refund (income) account

Returned fee for refund - Credit Fee account - (expense)

My problem is that the clearing account has the total amount of the sale.  I am only clearing out the net sale and not the gross sale.  How do I clear out the expenses of the fees and refunds from the clearing account?