[GNC] Buying with PayPal - how do I split the transaction?

[Chris Skudder]

   When you BUY something using paypal, the SELLER pays their fees, not
   you.
   So recording a purchase for which you paid using paypal is no different
   than any other purchase:
   Debit: expense (or asset, if you're buying something that you'll
   recognize as an asset on your balance sheet)
   Credit: your paypal asset account if you carry a balance in it; or
   credit a credit card account if your paypal purchases pull money
   directly from a credit card.
   Chris
     __________________________________________________________________

   From: [1]gnucash-user-request at gnucash.org
   Sent: Saturday, December 10, 2022, 12:00 PM
   To: [2]gnucash-user at gnucash.org
   Subject: gnucash-user Digest, Vol 237, Issue 31

Message: 2
Date: Sat, 10 Dec 2022 14:50:05 +0000
From: "Dr. David Kirkby" [3]<drkirkby at kirkbymicrowave.co.uk>
To: [4]stepbystepfarm at comcast.net
Cc: [5]gnucash-user at gnucash.org
Subject: Re: [GNC] Buying with PayPal - how do I split the
        transaction?
Message-ID:
        [6]<CANX10hAfdO7iPN4xzyvMGHSAA250yk4voFbCxR5JX4a-gt3_ow at mail.gmail.com>
Content-Type: text/plain; charset="UTF-8"

On Sat, 10 Dec 2022 at 01:19, Michael or Penny Novack <
[7]stepbystepfarm at comcast.net> wrote:


On 12/9/2022 7:01 PM, David Cousens wrote:

However, I do NOT understand why you were treating your Paypal account
as a liability. AFAIK, Paypal does not offer credit.

PayPal do offer credit

[8]https://www.paypal.com/uk/webapps/mpp/paypal-virtual-credit

although I consider the PayPal account an asset. It's much like a bank
account - money goes in and out. It's a bit more complicated though, as
often transactions involve another currency.

Selling things with PayPal obviously adds another bit of complexity as
there are fees then, but for now I just want to sort out how to record
purchases - I will worry about sales later.

Michael D Novack

Dave

References

   1. mailto:gnucash-user-request at gnucash.org
   2. mailto:gnucash-user at gnucash.org
   3. mailto:drkirkby at kirkbymicrowave.co.uk
   4. mailto:stepbystepfarm at comcast.net
   5. mailto:gnucash-user at gnucash.org
   6. mailto:CANX10hAfdO7iPN4xzyvMGHSAA250yk4voFbCxR5JX4a-gt3_ow at mail.gmail.com
   7. mailto:stepbystepfarm at comcast.net
   8. https://www.paypal.com/uk/webapps/mpp/paypal-virtual-credit