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

[Dr. David Kirkby]

On Mon, 12 Dec 2022 at 23:07, R Losey <rlosey at gmail.com> wrote:

> Ah; if you're going to hold money in the PayPal account, I think it would
> be an asset account, from which you transfer money from the bank to Paypal
> whenever, and then you reduce money when you purchase something via Paypal.
>

I have in the past removed any money asap, as they can lock accounts for
“your own security”. However, despite being in the UK, I have some
customers who want to pay in Euros or USD, despite I make it clear I charge
more. When USD arrives in my account, it makes little sense to pay currency
conversion fees to convert to GBP, then later buy something in USD, paying
more currency conversion fees. So if I don’t need the money, there are
financial advantages to holding USD and Euros, rather than converting to
GBP.

My accountant told me to treat PayPal as an asset, which was my original
reason for doing so.

Dave
-- 
Dr. David Kirkby,
Kirkby Microwave Ltd,
drkirkby at kirkbymicrowave.co.uk
https://www.kirkbymicrowave.co.uk/
Telephone 01621-680100./ +44 1621 680100

Registered in England & Wales, company number 08914892.
Registered office:
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