How to financials: Difference between revisions
From Pumping Station One
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== Categorizing PayPal == | == Categorizing PayPal == | ||
Paypal Income is handled a little differently from the other accounts. | Paypal Income is handled a little differently from the other accounts. We do not import individual transactions. Instead, we create journal entries from reports | ||
=== Get Report from paypal === | === Get Report from paypal === | ||
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* Select the completed month you want to export, and press "View Report" | * Select the completed month you want to export, and press "View Report" | ||
* Once the report is generated, Press "Download" next to the pdf combo box. | * Once the report is generated, Press "Download" next to the pdf combo box. | ||
* Rename the Downloaded file from ''MonthlyFinancialSummery.pdf'' to ''paypal-YYYY-MM.pdf'' | * Rename the Downloaded file from ''MonthlyFinancialSummery.pdf'' to ''paypal-YYYY-MM.pdf'' where YYYY is the 4 digit year, and MM is the 2-digit month | ||
=== Create Journal Entry in Quickbooks === | === Create Journal Entry in Quickbooks === | ||
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* The paypal statement lists Debit's as negative. | * The paypal statement lists Debit's as negative. Take the absolute value. | ||
* Ignore '''Transfers & withdrawals''' and '''Purchase activity''' for now, those are handled differently. | * Ignore '''Transfers & withdrawals''' and '''Purchase activity''' for now, those are handled differently. | ||
* Dispute activity may show up as a debit or a credit. Pay attention and make sure it matches in quickbooks. | * Dispute activity may show up as a debit or a credit. Pay attention and make sure it matches in quickbooks. | ||
