Question about Intuit QuickBooks Pro 2007 Full Version (299116)

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Adjusting for PayPal fees when recording payment received

A. I bill the customer 239.95 on the ProductName account.

b. The customer pays the bill through PayPal.

c. I record that the customer has paid the full 239.95 (an increase to the ProductName account), so the customer's account will be clear, and I mark that money as having been deposited to the PayPal account.

d. PayPal sends me a check for 228.79 (11.16 in fees deducted from the 239.95 they received), and I deposit that 228.79 from the PayPal into the Checking account.

MY PROBLEM: I need to decrease the ProductName account by 11.16 so it shows the true value (to me) of the sale. I can record an 11.16 bill from PayPal and list ProductName on the Expenses tab to keep the ProductName account straight; but then, when it's time to record the bill as paid, I can only choose Checking or Savings as the source of the payment funds, when they've actually come from the PayPal account.

Please help!

David

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  • DavidBrown Nov 16, 2008

    Thanks for your help! I figured this out after trying several different methods, and this was exactly how I did it. So, definitely a four-diamond answer!

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Actually, you do not want to reduce the product name. When you make the deposit from PayPal, you want it to be for the full amount the customer paid. Then add a second line with a minus amount for the fees, and the account of paypal fees (expense). This way, you split off the fees paid to paypal as an expense, and the bank reconcile matches.
Attempting to reduce the ProductName will only result in tax liability issues, as you have to charge sales tax on the full amount the customer was originally charged.
Using a negative line on the deposit to split the paypal fees off is a much cleaner process, and causes no confussion for the accountants.

Posted on Nov 16, 2008

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I HAD A TABLET RETURNED,AND A CREDIT TO MY PAYPAL.HOW DO I GET THE CREDIT TO MY BILL ME LATER ACCOUNT?


go to your pay pal account click on help and you should be able to contact pay pal from there there are contact phone numbers there the pay pal operator will help.

Oct 31, 2014 | Blackberry Tablets & eReaders

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Contact pay pal by phone


"It's FREE for buyers to send money using PayPal.
PayPal charges a low rate to Premier and Business accounts to receive payments. Personal accounts can receive payments for free, but they may not receive credit card payments."

http://pages.ebay.com/paypal/fees.html

2.2% and then 30 cents a transaction.

Apr 08, 2014 | Computers & Internet

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I didnot realize that they were going to charge me for joining i cannot afford that kind of expense


You must be setting up Premier and Business accounts.
A PayPal account can provide a convenient way to handle many kinds of financial activities online.

You can securely send and receive money, purchase items from online merchants and even pay some of your household bills without revealing your financial data or credit card numbers to strangers.

PayPal makes these services available through your computer and through mobile devices.
Like your local bank, PayPal also lets you download a monthly statement and other reports about your online activities. EBay owns PayPal, and it is the preferred payment method for many buyers and sellers in EBay auctions.

Registration

Visit the PayPal site to review the account types (personal, premier and business) and the terms of service.

You must provide your name, address and email address to begin the registration process.
After PayPal confirms that your email address is valid, that email will become your login identification.
You will choose your own password during the registration process.

You must also select two challenge questions and answers that you will use to request a lost password if yours is lost or forgotten.


Verification
After you register, PayPal must verify your identity and your financial information before you can use your account to make payments.

Verify your account by giving PayPal your bank account information, a credit card number or your debit card information.

To verify that you have an account at the financial institution, you must agree to allow PayPal to make a small deposit to the account that you provided account.

After your financial institution acknowledges receipt of the PayPal deposit, you will be ready to use your PayPal account.
Linking Accounts

PayPal gives you the option of linking your credit card or bank account to your PayPal account, after verification.

When someone sends funds to your PayPal account, you can leave the money there for future use, use it to shop or make payments.

You will also have the option of transferring the funds out from your PayPal account into your bank account that is on record in your profile.

If you prefer to keep your funds separate, you can make deposits to your PayPal account from your regular bank account.

When you use PayPal for online transactions, you can choose each time whether to use only the funds in your PayPal account or to use funds from your bank or credit card account.

PayPal also offers a reloadable MasterCard debit card that qualified account holders use to immediately transfer their funds from their PayPal account. It is accepted at ATMs, as well as online and offline merchants that accept MasterCards.
Upgrades

You may need to upgrade your personal account to Premier or Business if you need to accept credit card payments.

PayPal charges Personal account users fees for receiving money from credit card payments.
It also limits your total monthly transactions.

Premier and Business accounts have higher monthly transaction limits; however, they also have fees for receiving credit card payments. https://www.paypal.com/us/cgi-bin/helpweb?cmd=_help

Dec 07, 2013 | PayPal Accounts

1 Answer

How do I transfer points from Pinecone research to Paypal?


Step 1:
Paypal fees are quite irritating. Not only do you receive fees for receiving money, you can also get a fee for withdrawing money to your bank account. If you need to refund someone's money for any reason, you better tack on several cents to cover the receiver's fees as well. Although Paypal provides a safe and secure way to purchase goods online, the fees are annoying. This will help you reduce those Paypal fees and possibly even eliminate them.

Ask for payments in bulk. Most people already have a Paypal account, so this article will start with that existing account. If you receive payment every week from someone, request money every two weeks or once a month. Not only does Paypal get a one-time fee for every transaction, they also get a percentage of your received money. This gets rid of some of the one time fees. Request money to be directly deposited by electronic transfer to your bank account. There are certain methods to withdraw money that cost nothing. There are others that come with a fee. For example, asking for a paper check comes with a fee. Electronic transfers have no Paypal fees. Apply for a Paypal debit card to receive instant cash for no fee. Electronic transfers are great, but the money does take about three days to arrive in your account. If you want money immediately, without the fees, get a Paypal debit card. Set up a new account without upgrading to a business or premier account. If you still can't stand the receiving money fees, set up a brand new Paypal account. This time, don't upgrade to a premiere. Although it states that your withdrawal limit is $500.00 per month, you can contact customer support and have that limit removed. Use your personal account to receive money, and your premier account for sending money. If you still want to use your old account, use it to only send money to others. Your new personal account can receive money for you with no fees.
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Feb 25, 2013 | PayPal Accounts

1 Answer

How do I pay for Netflix Inc. through pay pal.


contact netflix customer service & ask them if they have accepted
paypal for payment yet

Jun 06, 2012 | PayPal Accounts

1 Answer

Pay all my credit; i want to perchase from ' electronics.ca' and i do not have a credit card. What is paypal and how doe's it work. Thank you


Paypal is a payment solution that is tied directly to your bank account. When you set up an account, you log in securely, you can make payments directly from your bank account, and the person you are paying does not receive your bank account information (thus providing you a measure of security). You can also receive payments for services, etc. You also can authorize payments from alternate sources like credit cards, etc. You will need to have a bank account, your routing #, and account number in order to set it up. Visit www.paypal.com and click the "new to paypal" link to choose your account type. Personal accounts are good for paying, while the premier and business offer payment receipt as well (there are fees when you receive payment of about 6-8%). Then you fill in the requested information, and verify the account, and you're done!

Nov 08, 2011 | PayPal Accounts

1 Answer

How much does using pay pal cost?


FREE

To open paypal account
Pay someone with paypal account
Withdraw from your paypal balance to your bank account
Add money to your paypal balance from your bank account
To send money or recieve money when money comes from paypal or bank account

PAID

1.9%-3.4% +€0.35 to get paid on purchaces
3.4% + €0.35 to send or recieve money when money comes from debit/credit card
A cross border fee of 0.5% applies to payments received from senders in another country.

For more information

https://www.paypal.com/ie/cgi-bin/marketingweb?cmd=_display-fees-outside

Thank you for using Fixya

Jul 11, 2011 | PayPal Accounts

1 Answer

When i try for an item i get this message = 'This card cannot be used for this transaction. You can complete the checkout with another debit or credit card. Please enter your new card information...


Here's the real info PayPal does not advertise, market or even wants to tell you about paying with a credit card.


With PayPal's Website Payments Standard, PayPal does say that you don't have to have a PayPal Account to make a purchase. And they provide an option for you as a Premier Account owner or Business Account owner to configure your account to allow customers to pay with a credit card and/or open/use your PayPal Account. This information is valid.


The small bit of very important information not told to you is the following. Lets say you have returning customers or have clients that pay you for services on a regular basis. After your customer or client pays you 3 to 4 times using the same credit card, PayPal will interrupt the transactions and require the customer or client to open a PayPal Account or use a totally different credit card.


People need to understand that PayPal's mission it to sign up new business or accounts. It's just that simple. And although Website Payments Standard is great concept becasue you pay only for the services you use, there are limitations. As they say, you get what you pay for.


For folks who really just want their customers or clients to pay with a credit card with no limitations, then the product to use is Website Payments Pro. However, with Pro, there is a monthly fee, security requirements and transaction fees.


Google Checkout can use as an alternative

Jun 21, 2011 | PayPal Accounts

1 Answer

How do I pay Paypal for a purchase they paid for ??


I'm not sure that's how paypal works.

Typically, what happens with paypal, is you sign up for an account (which you may have done)

After you sign up for an account you login and add in your own payment information, usually a credit card that you have, and your address and phone number etc.

Then when you purchase something and use paypal as the payment method it will charge the card of your choosing and pay the vendor. By signing in to paypal after your purchase, you are authorizing them to bill your credit card. Then the payment for the item should show up on your credit card bill.

So make sure you have edited your payment methods in paypal and you should be OK.

Mar 08, 2011 | PayPal Accounts

1 Answer

I have a suspended ebay account. I paid 18.19 that was due on Nov. 17th. I thought that was the problem. It remains suspended and I have no idea why? Ca you assist me?


Hi there!

With regard to the suspension in your account, if it's about billing it could be that your account's being charged off.
A charge off means eBay has recognized your balance as debt to eBay for accounting purposes. Keep in mind that you still owe this amount to eBay. Additionally, eBay reserve the right to pursue collections efforts, including use of a collection agency.

To avoid further collections efforts and to remove the suspension,I recommend that you need to pay for the fees. eBay will reinstate your account as soon as eBay receive payment for this amount.
Here's what to do:
-- Check your invoice
To see the overdue balance and a breakdown of the fees you've been charged, follow these steps:
1. Go to My eBay. You may be asked to sign in.
2. Click the "Account" tab.
3. Click the "All account activity" link under your current balance.
You'll see a summary of your latest invoice and a list of fees, credits and payments from the last 4 months. To see a previous invoice, select the one you want from the "Invoices" drop-down menu on the right side of the page.
-- Make a payment
eBay accept payment by PayPal, direct debit, credit card, check, or money order.
Here's how to make a one-time payment:
1. Go to My eBay. You may need to sign in.
2. Click the "Account" tab.
3. Under "Payment methods for Seller Fees," click the "one-time payment" link.
4. Follow the instructions to complete your payment.
How long will it take for your payment to go through?
-- One-time credit card and direct debit payments post immediately to your account.
-- PayPal payments take approximately 5 business days to post.
-- Checks take approximately 7-10 business days to post.
To learn more about paying your eBay seller fees, go to:
http://pages.ebay.com/help/sell/pay-fees.html
Once your payment has been posted, your account will be reinstated automatically, and you'll be able to start selling on eBay again immediately.
I hope I've explained this clearly. If you have any problems please add a note here or you can send another concern.

I hope this helps. Please rate if it does!

Nov 20, 2010 | eBay Auctions

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