NaturallyTru Posted April 22, 2012 Share Posted April 22, 2012 I am using QuickBooks Simple Start. I have a customer who pays through PayPal. I have done an invoice and applied his payment. Now I need to do a transaction for PayPal Fees. I did an entry with Cash on Hand decrease and PayPal Fees increase; but when I look at my Chart of Accounts it only shows an amount in the Cash on Hand Account. If I try to look at the General Journal Entry they both are there. Help!How do I do this correctly so it shows in both accounts? Quote Link to comment Share on other sites More sharing options...
mparadise Posted April 22, 2012 Share Posted April 22, 2012 (edited) I don't know if this is the correct way to do it or not but it works for me. We use Square as our credit card processor. I set up Square as a vendor then when I apply the payment to the customer I automatically enter an invoice under Square for the fees and "pay" it as an automatic payment to get it into the system. I just have to clear both the payment and the fees when I reconsile the checking account. Our accountant hasn't told me not to do it this way and everything matches up at the end of the month so it seems all good so far. We are using Quickbooks Premier because that is what hubby needs for his consulting business but I am guessing that you should be able to do that in all versions. Edited April 22, 2012 by mparadise Quote Link to comment Share on other sites More sharing options...
NaturallyTru Posted April 22, 2012 Author Share Posted April 22, 2012 Thanks. I thought about doing it that way; but it seemed like there should be "neater" way. Quote Link to comment Share on other sites More sharing options...
Pam W Posted April 22, 2012 Share Posted April 22, 2012 I am using QuickBooks Simple Start. I have a customer who pays through PayPal. I have done an invoice and applied his payment. Now I need to do a transaction for PayPal Fees. I did an entry with Cash on Hand decrease and PayPal Fees increase; but when I look at my Chart of Accounts it only shows an amount in the Cash on Hand Account. If I try to look at the General Journal Entry they both are there. Help!How do I do this correctly so it shows in both accounts?If I understand right, your paypal fees are an 'expense' acct and amts coded to an expense acct do not show up on the general chart of accts. You can highlight/double click the paypal expense acct - a report screen will pop up - set your dates as needed and you should see the entry. ORyou can also run a profit & loss report, set the appropriate date and you should see the fees there.(I haven't used QB Simple Start but every other version of QB that I've used works basically the same way when generating reports.) Quote Link to comment Share on other sites More sharing options...
NaturallyTru Posted April 22, 2012 Author Share Posted April 22, 2012 If I understand right, your paypal fees are an 'expense' acct and amts coded to an expense acct do not show up on the general chart of accts. AHA! That explains it. Thanks. Quote Link to comment Share on other sites More sharing options...
NaturallyTru Posted April 23, 2012 Author Share Posted April 23, 2012 I officially hate QuickBooks. I have entered my credit card beginning balance as of Dec. 31. Then I entered all transactions (purchases, payments and interest charges). Quickbooks ending balance is $281 less than the actual creditcard balance. I have rechecked every entry 4 times. I have used a calculator. I cannot figure this out. Quote Link to comment Share on other sites More sharing options...
NaturallyTru Posted April 23, 2012 Author Share Posted April 23, 2012 OMG! I have sat here for 2 hours trying to find the error. I just figured it out! One payment was already included in the beginning balance and one payment has not gotten to the bank statement. So much for my checking closely...lol Quote Link to comment Share on other sites More sharing options...
Pam W Posted April 23, 2012 Share Posted April 23, 2012 Reconciling accts can be a pita - its so hard to find a discrepancy because you've looked at the numbers so many time, ya just can't spot the error. I currently handle 6 different companies, each with it's on QB file and each has 3 bank accts & a 7th company is being set up & should be online in the next couple of months. I've been using QB for so long that I can do most of my work with my eyes closed - God forbid I ever have to learn a new acctg program!! Quote Link to comment Share on other sites More sharing options...
NaturallyTru Posted April 23, 2012 Author Share Posted April 23, 2012 (edited) I'm waiting to see if the local college will offer a class this summer. Otherwise there is a place in Grand Rapids but I have to go through orientation, etc and they cost more for their classes.I bought a manual but it is not answering any question I come up with. Guess I needed Quickbooks for Dummies...lol. Edited April 23, 2012 by NaturallyTru Quote Link to comment Share on other sites More sharing options...
mparadise Posted April 24, 2012 Share Posted April 24, 2012 check with your local computer/IT companies too. I took a beginner QB class at a company that also does MS Office classes. It was very good and fairly inexpensive. Well worth the $ when I was first starting to use it and didn't understand anything. Quote Link to comment Share on other sites More sharing options...
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