Quickbooks - Help Please (Paypal)

[geoffb]

I am trying to get my head around Quick books Essentials

I have just linked my Paypal account to Quickbooks and imported the transactions, but they are all weird so need changing

They are all under review

So for example
I have a sale from Julian it's £9 £0.56p is the fee so total received is £8.44

In QuickBooks the sale is recorded as:

sales of product income 20% S £9
The fee is recorded separately as an expense cardnet bank charge!

I have changed the fee from cardnet bank charge to Paypal fees but it's asking me for a VAT rate
is it 20% S or NO VAT


also I have done a £1 refund on a different transaction (which quick books has recorded as business milage) how is this recorded as it's not an expense.
This system is weird

 

[MyAccountantOnline]

I am trying to get my head around Quick books Essentials

I have just linked my Paypal account to Quickbooks and imported the transactions, but they are all weird so need changing

They are all under review

So for example
I have a sale from Julian it's £9 £0.56p is the fee so total received is £8.44

In QuickBooks the sale is recorded as:

sales of product income 20% S £9
The fee is recorded separately as an expense cardnet bank charge!

I have changed the fee from cardnet bank charge to Paypal fees but it's asking me for a VAT rate
is it 20% S or NO VAT


also I have done a £1 refund on a different transaction (which quick books has recorded as business milage) how is this recorded as it's not an expense.
This system is weird

I don't use QuickBooks anymore so can't answer your specific QuickBooks questions but it's quite correct to spilt the net sale showing the sale and fee seperately.

If you were to only record as a sale the amount you received after deduction of the fee you'd understate your sales and output VAT.

 

[Scalloway]

I have changed the fee from cardnet bank charge to Paypal fees but it's asking me for a VAT rate
is it 20% S or NO VAT

You don't say if your business is VAT registered. If it is not then 0% VAT. If it is VAT registered then you need to have a VAT invoice from Paypal showing the rate charged.

also I have done a £1 refund on a different transaction (which quick books has recorded as business milage) how is this recorded as it's not an expense.

You can edit the transaction to put the refund to the proper account.