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dimitri-korenev-
Level 1
posted
‎November 07, 2021 01:05 AM
last updated ‎November 07, 2021 1:05 AM

I have PayPal account connected. I see the incoming payments on Banking section. But PayPal deducts fees from cash-ins. How can I get PayPal fees from PayPal connection?

 
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1 Comment 1
TirzahC
QuickBooks Team
QuickBooks Team
‎November 07, 2021 02:08 AM

I have PayPal account connected. I see the incoming payments on Banking section. But PayPal deducts fees from cash-ins. How can I get PayPal fees from PayPal connection?

Let me provide additional information about handling Paypal fees in QuickBooks Online, dimitri-korenev-. 

 

Since PayPal automatically deducts fees from the transactions, these won't show up on the Banking page. You can record them by entering a bank deposit as an expense and make sure to select Undeposited Funds in the DEPOSIT TO field. the with negative amount for the PayPal fee.

 

Here's how:

  1. Select the +New button and click the Bank deposit.
  2. Choose the bank where the payment will be deposited to.
  3. Check all applicable payments.
  4. Under the Add funds to this deposit section, choose the PayPal fee expense account and enter the fee in negative. 

For additional reference, I'm attaching a great resource that will help you in the future: Download, match, and categorize your bank transactions in QuickBooks Online. 

 

Feel welcome to reach out to us again with any concerns or questions you may have. The Community is always here to back you up

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