If your business makes sales where customers can pay using PayPal, this support note article shows you how to setup MYOB Essentials Accounting to record these transactions. UI Text Box |
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| Want to receive payments online? MYOB PayDirect Online makes invoice payments make it easy for your customers to pay straight from their online invoice using Visa or , MasterCard, AMEX or Bpay, and automatically records the payments on your Essentials business file - so you can spend less time chasing payments and updating your books. See Online invoice payments for how to sign up todaydetails. |
PayPal transactions are much the same as other transactions which involve a merchant fee. In other words, the merchant (in this case PayPal) takes a percentage share of the transaction for providing the credit facilities. In our example, a $100 sale is received through PayPal, from which $2 is paid to PayPal, resulting in a net sale of $98. You will need to record both transactions in MYOB Essentials Accounting, in other words a customer receipt of $98 and a merchant charge of $2. UI Expand |
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title | Task 4: [Optional] Create a supplier card for the PayPal fees |
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| Task 4: [Optional] Create a supplier card for the PayPal feesWhen you record the PayPal fees using a Spend Money transaction it's a good idea to allocate the transaction to a supplier. For this reason a supplier card needs to be created. To do this: - On the Contacts menu, click Create contact. The Contact page appears.
- In the Name field, enter PayPal or similar.
- Click Save.
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title | Task 5: Record the sale |
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| Task 5: Record the saleRecord the sale for the customer as per normal. In our example below, a sale for $100 has been recorded for a customer who is paying through PayPal. Image RemovedImage Added |
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title | Task 6: Receive the payment |
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| Task 6: Receive the paymentWhen payment for the sale is received it comprises the net payment you will receive for the sale, plus the PayPal fees. In our example the total sale is $100 which comprises a net sale value of $98 plus a $2 PayPal fee. This is recorded using a customer payment for the full amount to the PayPal clearing account, and then a Receive Money for $98 to the PayPal account from the clearing account. To record the payment for the sale: - On the Sales menu, click Enter customer Take payment. The Enter customer Take payment page appears.
- In the From field, select the applicable customer. The list of invoices open against that customer appears.
- In the Into account field, select your PayPal clearing account.
- In the Total amount received field, enter the full amount the customer paid (including fees). Also enter this amount into the Payment amount column next to the invoice. See our example below.
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And here's our example of the Receive Money transaction, which you view via Banking > Receive Money: Image RemovedImage Added |
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title | Task 7: Record the PayPal fees |
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| Task 7: Record the PayPal fees- On the Banking menu, click Spend money. The Spend Money page appears.
- In the Pay from field, select your PayPal clearing account.
- [Optional] In the To field, select the PayPal contact.
- In the Allocate to coulmncolumn, allocate the transaction to the PayPal expense account.
- In the Amount column, enter the PayPal fee. See our example below.
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<h2><i class="fa fa-comments"></i> FAQs</h2><br> |
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title | Can I set up a bank feed on my PayPal account? |
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| Can I set up a bank feed on my PayPal account?Currently you can't set up a bank feed directly from a PayPal account. But there are a few ways PayPal payments can be managed. One way is to link your PayPal account to a bank or credit card account. If you have a bank feed set up for that bank or credit card account, then all transactions, including the PayPal ones, will show in that bank feed. For more information about PayPal payment methods, see the PayPal website. |
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