Paypal clearing account?

Question

What is the best way to handle a Paypal clearing account in a retail setup? Anyone doing this successfully? We create an invoice for the month, then post all the daily deposits for the month to clear that invoice. Works well for brick & mortar, but not for handling Paypal on the e-commerce side.

DeeDee Heyne · Accepted Answer

So you could use a different CASH Account - Add a PAYPAL CASH ACCOUNT in Cash Management module. When you pay off the customer invoice - Change the Cash Account to this Paypal Account. You could show the invoice paid in full at that point. Once you have the fees amount for the month etc you can create a CHARGE for the fees once a month. You then can TRANSFER money from the PAYPAL to the OPERATING account when you actually make that transfer. It also allows you to create a Paypal Fees expense account and reconcile it as well. Hope this helps

Coleen Graber · Answer

JoyChum- 
 I am not familiar with the process you are using for Paypal. If you don&rsquo;t get any suggestions here, I would recommend setting up a case with support to work with a support analyst so they can get more information on exactly what you need to see posted in BusinessWorks for your company and what options you have in the program. 
 Sincerely, 
 Coleen

Sage BusinessWorks

Paypal clearing account?

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