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Allante666
September 10, 2023
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  • September 10, 2023
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HI. Sometimes I transfer a certain amount out of my account into a spare paypal account if I know I have an upcoming payment to make.  When the time comes I transfer it back into my account and pay it as normal. The result of this is that when I try to categorise my account, it shows as a payment to paypal, then later on a payment from paypal. This is followed of course by a payment to whoever it was meant for. My question is, how do I categorise that payment out and payment back in? Do I mark them both as 'excluded' as technically it is only one payment going out. 

TIA

Andy

1 reply

A
AbegailS_
September 10, 2023

Hi there, Allan. I know that categorizing your transactions is crucial for maintaining accurate financial records. I'm here to provide some information to help you with your task.

 

To ensure the proper flow of your transactions, you need to categorize them as transfers and assign appropriate categories to each transaction based on their purpose, such as sales, refunds, fees, or other relevant types.

 

You can also seek help from your accountant or a financial professional who can provide personalized guidance tailored to your situation. They can help you navigate complexities and ensure your transactions are correctly categorized.

 

If you don't have one, we can help you look for an expert through our Find an Accountant tool.

 

You can refer to this article to learn more about categorizing your transactions: Categorize and match online bank transactions in QuickBooks Online. It also contains instructions about excluding personal or duplicate transactions.

 

For future reference, read this article to learn about balancing your checkbook to match your QuickBooks transactions with your PayPal, bank, and credit card statements: Reconcile an account in QuickBooks Online. 

 

I'll jump right back if you have follow-up questions. Other forum members and the QuickBooks Team are always here to help. 

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