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January 26, 2020
Question

How do I match my paypal with my sales from my website? PayPal deposits the amount without tax breakdown. The CSV from website has address, sales breakdowns and taxes

  • January 26, 2020
  • 1 reply
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1 reply

January 27, 2020

Hey danitas5parrots,

 

Using a CSV file is a great way to quickly bring in your bank transactions, especially for a time period not available through standard bank feeds. The fields supported by file uploads for bank feeds are DateDescription, and Amount. This is the same information we typically obtain from a direct connection, and makes it easy to review before adding them to your books. I'll be happy to help you sort this out.

 

Currently, the following formats are supported for CSV file imports:

  • The 3-column format includes columns for the Date, a Description of the transaction, and the Amount of the transaction.
  • The 4-column format includes columns for the Date, and Description of the transaction. The Amount is split into separate columns for Credit and Debit.

Here's a great article filled with useful details about this: Import bank transactions using Excel CSV files 

 

If PayPal provides a file with the amount broken down between multiple columns, be sure to select the amount after taxes and fees. To match this transaction with your sales, you simply need to record the difference in your expense account. It's just a few easy steps to set up the expense account: 

  1. Select Accounting from the left menu, then Chart of Accounts.
  2. Select New.
  3. In the Account dialog, create an Expense account for Bank Charges, and name it PayPal Fees.
  4. Select Save.

Once the account is set up, you just need to match your sales:

  1. Select Banking.
  2. On the Bank and Credit Cards page, make sure you have selected the Bank Account with the transaction.
  3. Locate and select the relevant Transaction on the For Review tab.
  4. Select Find Match.
  5. In the Match transactions window, select the checkbox of the appropriate Invoice.
  6. Select Resolve Difference to open the Add resolving transactions fields.
  7. Select Add new transaction.
  8. From the drop-down list in the Category field, select the PayPal Fees expense account you created.
  9. Enter the Amount of the bank fee.
  10. Select Save

Check out this handy article for more information: How to account for Bank Fees when matching transactions in Bank Feed 

 

Feel free to get in touch with an agent for some real-time guidance with this:

 

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