i have been waiting till month end and printing a full statement and then declaring the fees, however this gives a false reading on the cash flow as less funds are in the paypal account then declared at the time.
So should I be putting the paypal fee on at the same time as the transaction?
I treat the paypal statement just as I would the Bank statement and key the fees on the day they appear on the statement, although with mine most of the fees appear the day of the actual transactions. I dont tend to accrue as they arent significant, although you could.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Same, I run a report every day and post charges daily, although I can see no problem with posting them monthly. I only do them daily so there are no nasty surprises when I come to reconcile the account.
I take the monthly financial summary for sales and fees.. the sales are posted as a cash receipt and the fees are a cash payment - using a bank account named Paypal. You then balance this to the closing balance on monthly summary, each month, by posting all the other bits that went through the account - expenses, transfers to and from the current account, etc... so your cashflow shouldn't really be affected unless you want to know what it is every day?!
We treat PayPal as a bank for accounting. Daft question! is PayPal a bank of just a payment system? They dont pay interest or give loans however there are quite a few real banks that don't pay interest.
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