Forum

• # 107003
• Wed 25 Mar 2015 04:53 PM

Just wondering if a retailer (where normal sales are over the counter) they used Paypal (for some sales from their website) how you would record these transactions using Sage 50:  Setup, record and process PayPal payments & PayPal fees etc.

Thanks for any advice in advance.

• There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. There are things we don't know we don't know.
  Donald Rumsfeld
  "Information is not knowledge" William Shakespeare.
  

• 
  Quote
  

• # 107008
• Wed 25 Mar 2015 06:55 PM

I have clients who use Paypal for sales.

I have set up a bank account called Paypal and in nominal codes for Paypal sales and Paypal Charges as the client likes to know how much it receives through different channels. If the only payment option on the website is Paypal then instead of calling it Paypal sales it could just as easily be called Website Sales.

Each month I run a history report from Paypal to post the total sales as a bank receipt and the transaction charges and monthly fee as a bank payment. Be careful not post the net income after Paypal fees deducted, they should be kept seperate.

I then process any transfers to/from the Paypal bank account to the main business account and make sure the Paypal bank account reconciles to the online balance.

Unless your client wants to use Sage to generate a sales invoice for the website sales then there is no need to create customer accounts, but if they do want to create customer accounts then rather than post a bank receipt you would post a customer receipt.

Hope that helps

Victoria

• 
  Quote
  

• # 107021
• Thu 26 Mar 2015 12:02 PM

vik said:

“

I have clients who use Paypal for sales.

I have set up a bank account called Paypal and in nominal codes for Paypal sales and Paypal Charges as the client likes to know how much it receives through different channels. If the only payment option on the website is Paypal then instead of calling it Paypal sales it could just as easily be called Website Sales.

Each month I run a history report from Paypal to post the total sales as a bank receipt and the transaction charges and monthly fee as a bank payment. Be careful not post the net income after Paypal fees deducted, they should be kept seperate.

I then process any transfers to/from the Paypal bank account to the main business account and make sure the Paypal bank account reconciles to the online balance.

Unless your client wants to use Sage to generate a sales invoice for the website sales then there is no need to create customer accounts, but if they do want to create customer accounts then rather than post a bank receipt you would post a customer receipt.

Hope that helps

 

Victoria

 

Great! Thanks Victoria.

• There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. There are things we don't know we don't know.
  Donald Rumsfeld
  "Information is not knowledge" William Shakespeare.
  

• 
  Quote