Importing PayPal/Zettle transactions?

1

I have transactions from PayPal/Zettle which look like the following

Total Tax Collected Total Fee Net Amount
0.65 7.65 .27 7.38
1.26 14.76 0.43 14.33

and I need the tax amount to go to the tax payment and the fee to go to an expense category/account. Even if it is once a month or something

2

Welcome to the forum @lzinga. You should try searching by title and post for key terms like “POS import” and similar services to Paypal like “Square” or “Clover.” This general topic has come up many times before, so there is a lot of information already out there, though, granted, they can be tough to find since they often specify a service provider or POS system.

I think this could be a good place to start; Square payments transferring into bank account. It concerns Square, but the basic approach is likely the same or similar.

3

I recommend reading all of this thread where solutions are discussed Need some help with square and paypal workflow
Which describes using

  • a multi line bank rule to capture the fee
  • possible later enhancement to read in the fee & total for each imported transaction
4

So if I am understanding this correctly.

  1. I can delete the transfers imported from my regular banks statement.
  2. Add the receipts from paypal adjusting the amount to include tax and the fee. Still a little confused on this step as it sounds like it would be a pain to do.
  3. Do an intra-account transfer from paypal to my regular bank?
5

I would initially try

  • Bank import of paypal with bank rule to extract fee
  • Bank import of your normal account
  • allocate bank imports which are inter account transfer to a Manager normal balance sheet account called something like “Inter account transfer” which should have a zero balance after both bank imports have been done