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albert200265
March 24, 2021
Question

Online Sales income from paypal and stripe net of fees

  • March 24, 2021
  • 1 reply
  • 0 views

Can anyone walk me through this please.  Client uses Wix for their website sales.  No sales invoices issued.  Sales to UK and overseas so both VAT Rates.  I intend to download a sales report from Wix.  Assuming I need a dummy Wix Clearing Bank Account to receive the Stripe and Paypal money into.  Paypal is linked to QBO but Stripe is not.  Net payments received from Paypal.  Unsure how many clearing accounts I actually need?

 

Do I transfer money from Wix Clearing Account to Paypal and then Transfer to main trading account?

 

Can someone walk me through this please?

 

Thanks

1 reply

DivinaMercy_N
DivinaMercy_N
March 24, 2021

Thanks for posting here, @albert200265.

 

You can create a sales receipt then deposit the amount to your Paypal and Stripe account. Here's how:

  1. Click + New.
  2. Choose Sales receipt.
  3. Select the customer from the Customer dropdown. 
  4. Input the sales info, such as the payment method.
  5. Enter line items for the products and services you sold.
  6. When you're done, hit Save and close. 

 

Another option is to make a deposit as long as you have VAT set up. If you don't have one, then, you first need to create a sales receipt and match it as a deposit as it will only appear to be added from the banking screen.  

 

I've also added this helpful link where you can browse articles that can guide you with your QBO tasks. To get started head to our QBO Help articles page. 

 

Feel free to leave a reply below if you need further assistance in recording your sales income. I'm always here to help. 

A
albert200265Author
March 26, 2021

Thanks for your reply 

 

I have numerous transactions 

 

is it possible to import a wix sales report - dr undeposited funds / cr sales

 

from the PayPal bank do I transfer / update the net sales income and transfer to undeposited funds?

 

can I import from PayPal and wix their fees dr bank charges / cr undeposited funds 

 

WILL the transactions then MATCH from PayPal bank review screen?

 

is that a work around?? 

many thanks 

 

AlcaeusF
AlcaeusF
March 26, 2021

Hi there, @albert200265.

 

Welcome to the Community. I know that manually entering sales takes too much time so let me help you record them in QuickBooks.

 

Yes, it's possible to import your Wix sales report into the system. To use debits and credits, I recommend importing your data as journal entries.

 

Please note there's a specific format to upload the file successfully. You can use our sample file as a reference when you perform the process.

 

Here's how:

 

  1. Click the Gear icon in the upper-right corner.
  2. Select Import data under Tools.
  3. Choose Journal Entries. 
  4. Click Download an example. 

 

Once done, you can record a transfer between two accounts. The easiest way is to use the Transfer option available when you click the + New button from your dashboard. Check out this page to learn about transfers: Transfer funds between accounts.

 

Also, you have the option to match a transfer to the downloaded transactions on your bank feeds. You can follow these steps:

 

  1. On the left navigation bar, click Banking.
  2. Select the bank account that the transaction is coming from.
  3. Find and select the transaction to open it.
  4. Select the Record as transfer radio button. Then, from the Transfer account dropdown, select the account the money was transferred to.
  5. Select Record transfer.
  6. Choose the bank account to which you transferred the transaction.
  7. Go to the For Review tab, then select the Recognised filter from the dropdown.
  8. Find the transaction. From the Action column, select Match so the transaction is matched in both accounts.

 

This is a workaround you can use to handle the fees in QuickBooks. In case you're unsure which accounts to use when importing journal entries, it would be best to consult an accountant. They'll be able to provide expert advise on how to handle them and ensure your books are accurate. 

 

I've also attached an article that will help you create a bank deposit, as well as how to include processing fees in QuickBooks: Record and make bank deposits in QuickBooks Online.

 

Drop me a comment below if you have any other questions related to banking. I'll be happy to help you some more.

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