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victoria-victori
May 16, 2023
Question

How do I match and reconcile expenses paid via PayPal? Do I need to create an invoice, a sales receipt or something else?

  • May 16, 2023
  • 1 reply
  • 0 views
I've bought expense items on eBay and paid using PayPal.  The funds come straight out of my current account, but are showing in PayPal on QB.  I'm not sure how to categorise the transactions to that my balances are correct. Probably very simple when you know how, but I've watched countless videos and am losing the will to live :-). Any help much appreciated!

1 reply

L
LollyNino_C
May 16, 2023

Thank you for posting here in the Community. Victoria. I'll be glad to help you create an expense category in QuickBooks Online (QBO). 

 

You can go to your Chart of Accounts to add the expense categories. Below are the steps to complete the process:

 

Here's how: 

 

  1. On your left panel, select Accounting.
  2. Select Chart of Accounts.
  3. On the right side beside Run Report, click the green colored box with the New tab.
  4. A new prompt will pop up for a New account, and click the Expense icon.
  5. Fill in the necessary information needed for the expense account, and scroll down to see more boxes and details to be filled in.
  6. Once done, click Save.

 

Once your transactions are in QuickBooks, you can match and categorize them.  

 

For your next step, feel free to visit these links about reconciliation in QBO for reference:

 

Please notify me if you need additional assistance with your expense category in QBO. We'll be here to help you all the way. Keep safe.

V
victoria-victoriAuthor
May 30, 2023

Hi this response didn't solve my query, however, I used the chat function today and was told all I need to do is exclude the record in PayPal when matching as the payments are effectively showing twice - once in PayPal and once in my bank account.  So by excluding the transaction in PayPal and adding it in my bank account, my records are accurate and the accounts can be reconciled with the right balances.  A very simple solution to an issue that has been driving me mad.

A
Ashleigh1
May 30, 2023

Hello Victoria-victori, thanks for coming back to us and sharing this information for others to see. We are glad to hear your issue you were having is all resolved for you. 

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