PayPal Reconciliation

jamesm96

Hi all,

Sorry... I'm doing more taking than giving on here at the moment!

One of my team need to reconcile a PayPal account in Sage for a client of ours and she's asked me to help her out; she's not sure that the 'report' she's printing from PayPal is really the right thing and, since I've not done any bookkeeping since I was a trainee, I just wondered if anyone on here might have some useful pointers?

Thanks guys,

Mike.

deborahcarpenter

Hi Mike,
I set up a seperate bank account in sage for paypal. Then print off the pay pal 'transaction history with balances' this will show her all the transactions in and out of the paypal account and the running balance. Then you just reconcile it as you do the normal bank account.
Debbie

JodieR

I do what deborah does for most clients with paypal but I've got one who has about a thousand ebay sales a month and then makes just a few purchases through paypal, so for him I go into the reports option and run a monthly summary report to get the sales total and then drill down into the purchase detail to itemise those transactions.

groundy

Agree with both the above, thats exactly how we do it

vickidm

Hi Mike, I do as they say above too. But also pull the monthly financial report as it details all the paypal charges. That way I can enter full sales value on each transaction, and detail the paypal charges in one go as bank charges when I reconcile. Hope this helps...I have quite a few PayPal clients. ..esp those who export outside of the UK so pls shout if you need any more advice.

jamesm96

What a great bunch of responses. Thank you all very much; really appreciate all your help!

Cheers guys,

Mike.