[GNC] Reconciling PayPal

[R Losey]

Wow... I would have thought, if one kept a balance at Paypal, it would be
relatively easy to see the balances... of course, one would need to see the
transactions as well.

On Wed, Dec 14, 2022 at 4:58 AM Dr. David Kirkby <
drkirkby at kirkbymicrowave.co.uk> wrote:

> On Wed, 14 Dec 2022 at 03:45, R Losey <rlosey at gmail.com> wrote:
>
>> I assume you can reconcile an asset account like any other bank
>> account.... you can tell it the date you want to reconcile, but it lists
>> all of the transactions...
>>
>
> My understanding is that the purpose of the reconciliation is to enable
> one to compare that the balances of two sets of accounts are in agreement.
> The most obvious example being that the amount of money that your bank says
> you have agrees with one's own records. In order to do that one needs to
> know what the bank says your balance is on a particular date. In the case
> of reconciling the PayPal account, one would need to know what PayPal says
> the balance is.
>
> If I log into my business bank account, personal bank account or credit
> card using the mobile app on the phone, I can see what the financial
> institutions say my balance is on any date I want. But what PayPal says my
> balance is on any particular date is not easy to find. One has to download
> a CSV or similar list, and in the case of the CSV file, the balance is the
> 34th (from memory) column - well away from other numerical data.
>
> Only once I know what PayPal thinks the balance is can I compare it to my
> own records in GnuCash, and see if there are any discrepancies.
>
> One's PayPal balance can change, without one making any transactions. I
> sold something to an Indian academic, and got credited with £1000 or
> thereabouts. I withdrew the money to my bank account. He then claimed some
> parts were missing, so put in a claim, wanting extra parts. That made the
> balance negative, despite there had been no transaction.
>
> Dave
>


-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8