What's the best way to handle PayPal?

[Chris Serella]

> Follow the money.
>
> Sale:
> Income:Sales:Widgets -> Asset Paypal (and probably split Expenses:PaypalFees)
>
> - some time passes - possibly minutes, possibly days -
>
> Transfer to Bank account
> Asset:Paypay  -> Asset:Bank:Current
>
Thank you, thats basically how my accounts are looking now. I have 
inventory to account for also il figure that when i get to adding those 
purchases, right now im just handling the sales transactions.
> It is possible to record this in one many-split transaction, if you have
> paypal set to automatically transfer to your main bank account (don't even
> konw if paypal lets you do that) - but KISS to start with and make it more
> complicated later if you need to.
>
> HTH,
> Maf.
>
I wish it was so easy to KISS, I made the possible error of 
incorporating the business so i have to account for everything fully.

My aim here is to be able to have the accountant review and sign off on 
them and hopefully keep the costs down until the company can actually 
afford to pay an accountant to do it. The rest im comfortable with, 
submitting the returns etc. I was going to leave the company dormant and 
just trade as a sole trader (uk here). This brought the issue of self 
assesments which i will still have to complete but wont be liable for 
any tax because as yet the company has not been able to pay me, in fact 
the money flow goes the other way!

This obviously was not the intention at the outset, being paid was of 
course the point, its just not transpired that way as yet.


And yes they do auto transfer on paid accounts, currently i have loads 
of small transactions to and from my bank account but as i get a better 
flow of money coming in il make that a daily job instead.

-- 
Kind Regards,

Chris