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Cheryl TB
March 29, 2022
Solved

Trouble Matching a transfer between PayPal and Bank

  • March 29, 2022
  • 1 reply
  • 0 views

Both my bank account and PayPal are linked in Quickbooks.

 

When there is a transfer, the match works great.

 

However, I recently made a purchase with PayPal that required a transfer from my bank account for a portion of the funding.  Now I can't get the PayPal portion of the transfer to match with the bank portion of the transfer.

 

Suggestions on how to handle this?

Best answer by Cheryl TB

Never mind.  I got it.

 

One of the transactions wasn't labeled as a transfer.  Once that was also labeled as a transfer, they matched.

 

-Cheryl

1 reply

L
LeizylM
March 29, 2022

Hi there, Cheryl TB.

 

I can share some information about matching a transfer between Paypal and Bank account in QuickBooks Online.

 

You can create a separate transaction for funding then link it to the purchase transaction. In that way, it will deduct your balance, which is linked to your PayPal amount.

 

I've collected some articles that you can check for additional resources when handling your bank transactions in QuickBooks Online (QBO):

 

 

Keep in touch if you have further questions matching your bank transactions in QuickBooks. I'll be happy to help you again. Stay safe.

C
Cheryl TBAuthor
March 29, 2022

That makes no sense.  What do you mean "You can create a separate transaction for funding then link it to the purchase transaction. In that way, it will deduct your balance, which is linked to your PayPal amount."

 

Let me try this again...

 

On the PayPal side, I recorded an expense against the full amount going out.  There is a small amount that is transferred IN from the bank.  Example:  the total expense was $40.  $10 of that was already IN PayPal and $30 of was automatically transferred from the bank account.  I recorded an expense for the full $40.  

 

The $30 amount coming INTO PayPal and OUT of the bank account is the same.  However, they will not "match".  So right now I have $30 sitting in PayPal as a positive number and $30 sitting in the bank account as a negative number to record in Quickbooks.

 

I would have expected Quickbooks to recognize that these are the same transaction, but it is not.

 

How do I fix this?

 

-Cheryl

 

 

C
Cheryl TBAuthorAnswer
March 29, 2022

Never mind.  I got it.

 

One of the transactions wasn't labeled as a transfer.  Once that was also labeled as a transfer, they matched.

 

-Cheryl

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