So I mentioned on my Facebook page at www.facebook.com/collinsbookkeeping how Paypal should be categorized as a bank account and not any other type of account. If you are like most small business owners you have somebody pay you via paypal and then you take that money and put it into your checking account. Also, most small business owners who use paypal take money from their checking account to make payments via paypal. The easiest way to keep track of this money is to use the transfer funds. Here’s how you do it,
- Click Banking
- Click Transfer funds
- If it is going from the checking account to paypal then the transfer from account should be checking account the transfer to account should be paypal
- If you are going from paypal to checking then the transfer from account is paypal and the transfer to account is checking in account
- Enter the amount
- Click Save
There you have it, simple as can be. Next week I will discuss how to record those paypal fees.
If your bookkeeping needs to be caught up, if you procrastinate doing your bookkeeping and actually dread it, and it leaves you frustrating and feeling like it’s a burden then stop suffering. Call Collins Bookkeeping Services at 814-688-0405. We want you to enjoy your life and your business while we enjoy your bookkeeping.