Paypal journal entry templates

This article will detail the templates available for Paypal connectors.

Paypal is a robust application.  It serves as a credit card processor, sales system, bank account, loan provider, and money transfer tool.  This versatility can lead to unorganized data flowing through to accounting systems.

For this reason, Bookkeep creates daily summaries to account for all of Paypal's functionality.  The following summaries of each Paypal template will help you decide what works best for your business:

  • Paypal Deposit -  The account you deposit funds to from Paypal.  You may also account for fees associated with this deposit, such as an instant deposit fee.
  • Paypal PaymentsThe general account for all payments as well as fees for payments.  
  • Paypal Express Checkout FeesFees charged for Express Checkout only.  To be mapped to a COGS or expense account.
  • Paypal Workingcapital Payments -  This line reduces the amount of your Paypal business loan.  To be mapped to your loan account.
  • Paypal Sales Summary -  To be mapped to an income account.  This template includes refunds, discounts, and Paypal fees.

Please note that all of the templates above also require you to map your
Paypal Balance account.  This account allows you to hold a balance, and use this balance to send or receive money, purchase goods online, and make payments.

Start your free 14-day trial of Bookkeep and see how easy it is to post PayPal summaries to your accounting platform.