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I am selling item on themeforest.net, how can i setup manager with Paypal?

#1

Hello, i am very new to manager

I am selling item on themeforest.net, when i earn the money (USD), the website will show how much i earn, the money will send to my paypal when i need, and send to my bank from paypal when i need (USD to HKD).

I have no idea how can i start the workflow, i already set the bank acc like below

paypal (usd)
paypal (hkd)
my bank (hkd)

for example 2019/01 i earn 100usd on themeforest.net, i send the money to paypal on 2019/03 and send to my bank acc on 2019/04

Please give me some idea what should i do in this example?

Thank alot, thanks.

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#2

I have several comments;

  1. You should set up themeforest.net as a bank account, presumably denominated in USD.
  2. Based on your description of what you do, there is no need for the PayPal bank account in HKD, only the one in USD. Of course, if you use PayPal for other transactions directly in HKD, then keep that account.
  3. When you move money between accounts, use inter account transfers. See https://www.manager.io/guides/9650.
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#3

Really a big help for me!!! Thanks!!!

Themeforest.net website show earn money can only transfer to paypal or other place. (i am not sure the themeforest.net money can buy they template or not…)

After transfer to paypal i can buy item at online store or transfer the money to my bank acc.

  1. Should regard themeforest.net as bank or accounts receivable? Please give me some hints.

  2. If i earn 100usd on themeforest at 2019-01, i should create a receipt like below?

  • create receipt
  • date - 2019-01
  • acc - themeforest
  • status (should be cleared or pending???)
  1. When the earn transfer to paypal at 2019-03
  • inter acc transfers
  • date 2019-03
  • paid from themeforest (status should be cleared or pending???)
  • recevied in paypal (usd) (status should be cleared or pending???)

Let me know if i am doing any wrong.

Because i dont know any accounting…all info was search on website…

Thanks you so much.

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#4

That does not matter. The transfer to PayPal is handled with an inter account transfer. A bank account in Manager is only a repository of funds. You do not need to be able to make all types of transactions to or from all sources or destinations.

I already told you: a bank account. Accounts receivable come only from sales invoices. They are not a repository of funds.

Transactions in bank accounts should be pending until they show up on the account statement. That might be instant or may take several days.

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