What's the best way to handle PayPal?

[Colin Law]

I treat Paypal just like any other bank account, which is effectively
what it is. Then when money is transferred from a current account (or
wherever) to Paypal that is just a transfer between accounts.

Colin

On 24 March 2017 at 11:14, ChrisLancs <serella_c at hotmail.com> wrote:
> Im getting setup for the coming year tax year and want to use gnucash, would
> the following (albeit stripped down) setup work for paypal sales/purchases?
> Sorry for the complete lack of accounting terms im not one, just small
> business owner.
> *Assets*
>
> Bank
> paypal: (import and split)
> Equipment
> *Expenses*
>
> fees (pp split part 1)
> *Income:*
>
> sales (pp split part 2)
> As the money from sales goes to my bank, how do i handle that? Would it be
> acceptable to select bank right from paypal or is it more appropriate for
> the entry to be like this?
>
> *paypal > sales* then another entry *sales > bank*.
>
>
>
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