Paypal clearing account?

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What is the best way to handle a Paypal clearing account in a retail setup? Anyone doing this successfully? We create an invoice for the month, then post all the daily deposits for the month to clear that invoice. Works well for brick & mortar, but not for handling Paypal on the e-commerce side.

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    JoyChum-

    I am not familiar with the process you are using for Paypal.  If you don’t get any suggestions here, I would recommend setting up a case with support to work with a support analyst so they can get more information on exactly what you need to see posted in BusinessWorks for your company and what options you have in the program.

    Sincerely,

    Coleen

  • 0 in reply to Coleen Graber

    Thanks Coleen. Right now, I'm just posting the payment as a payment to the monthly invoice, and within that process, taking out the Paypal fee as a "discount". This books to the right GL, so it works. However - I don't have a good way to truly audit or balance what's coming in from Paypal. The standard way to handle this would be a clearing account, I'm just not sure how I could tie that in with the current process. I appreciate your time in answering! 

  • 0 in reply to JoyChum
    verified answer

    So you could use a different CASH Account - Add a PAYPAL CASH ACCOUNT in Cash Management module.  When you pay off the customer invoice - Change the Cash Account to this Paypal Account.  You could show the invoice paid in full at that point.  Once you have the fees amount for the month etc you can create a CHARGE for the fees once a month.  You then can TRANSFER money from the PAYPAL to the OPERATING account when you actually make that transfer.  It also allows you to create a Paypal Fees expense account and reconcile it as well.  Hope this helps

  • 0 in reply to DeeDee Heyne

    Thank you for the idea, I'll check it out!

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