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

[R Losey]

Yes, I eventually realized that you hold money in Paypal, so it would need
to be an asset account like any other checking account.


On Mon, Dec 12, 2022 at 11:35 PM Dr. David Kirkby <
drkirkby at kirkbymicrowave.co.uk> wrote:

> 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:
> Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United
> Kingdom
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8