[GNC] Buying with PayPal - how do I split the transaction?
Dr. David Kirkby
drkirkby at kirkbymicrowave.co.uk
Sat Dec 10 13:25:42 EST 2022
On Sat, 10 Dec 2022 at 17:09, Chris Skudder <cskudder at earthlink.net> wrote:
> 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
>
I'm intending to use the Vendors and Customers under the Business menu. Do
I need to make two totally separate transactions (one bill, one invoice) to
fund the PayPal account from the bank account, and the other for PayPal to
pay the vendor? In which case, does PayPal need to be entered as a vendor
so I can pay PayPal?
Sorry, I'm really confused, and it seems multiple people have different
ways of doing this - most not using the Customer/Vendor facility.
Dave
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