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October 5, 2024
Question

Customer Invoices paid through Paypal, QBO automatically enters the receipt in Paypal bank. When I draw the money down from Paypal this goes into normal bank solution?

  • October 5, 2024
  • 1 reply
  • 0 views
Deposit in Paypay Bank & same deposit in normal bank - double counting?

1 reply

October 5, 2024

Thanks for posting in the Community, Susan. 

 

I want to ensure we're on the same page, so I'd like to clarify what exactly you mean when you say the money goes into the normal bank. If you were referring to the money being transferred from the PayPal bank to the normal bank, then you can record the transfer in QuickBooks to avoid double-posting.

 

Here's how to record a transfer between two accounts in QuickBooks:

 

  1. Go to the +New button.
  2. Select Transfer.
  3. Pick the bank accounts where the money is coming from and where it's going in the Transfer Funds From dropdown and Transfer Funds To dropdown.
  4. Fill out the form.
  5. Hit Save and close.

 

You can then find the recorded transfer by checking each account register in your chart of accounts.

 

For more info on transfers, read this article: Transfer funds between accounts.

 

For future use, here's a guide on running reports to check your records and ensure your transactions are accurately accounted for: Run reports.

 

If you were referring to something else, please feel free to use the comment section below. The Community is always here for you for any other questions or if ever you need further assistance. Keep safe, Susan!