What's the best way to handle PayPal?

[Chris Serella]

Thanks for the clarification. I did an import and ive logged the 
transactions in sales properly, but also in sales ive been adding the 
transfer to the bank account. From your response i assume this is wrong.

I may be better just getting an accountant to sort this out. I was 
hoping i would be able to do it without one and save some money. Small 
startup business the cost if more than i make in most months.


On 25/03/17 15:21, Colin Law wrote:
> On 25 March 2017 at 11:19, Chris Serella <serella_c at hotmail.com> wrote:
>>> 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.
>>>
>> That makes sense, so I don't need to deal with the sales transactions
>> within gnucash just the balance transfers? I ask because I'm wanting to
>> know because I tend not to leave the money in the paypal, i transfer it
>> to my bank but i want the accounting to show the sales. The paypal
>> transactions show a separate entry for withdrawals, Should that
>> withdrawal go into sales or just the sales transaction?
> I don't understand what you mean about not dealing with sales
> transactions within gnucash. If you sell something you have to put the
> transaction into GC as a sale, with the money going into the paypal
> acct, which is just another bank account. Then the accounts will show
> the sale. Whether you later tranfer the money to a different (bank)
> account is irrelevant to the sale.
>
> Colin
>
>> --
>> Kind Regards,
>>
>> Chris
>>

-- 
Kind Regards,

Chris