Need Advice On Accounting For PayPal Sales

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Fellow Warriors,

I need some advice now that I am starting to make some sales via PayPal. The rate of sales will pick up significantly in the near future.

I am doing my own accounting using Quick Books for Mac. I have been logging each PayPal transaction to keep my account reconciled with my bank account.

Soon this is going to become a laborious job if I have to continue to log each transaction.

What do some of you do to deal with the accounting aspect of PayPal transactions?

Since most other affiliate programs payout less frequently, they are not much of an issue but if I have to start accounting 10-20 sales a day that is going to be a full time job in itself.

Any advice?

Thanks,
Peter
  • Profile picture of the author Kurt
    Originally Posted by Peter Antonio View Post

    Fellow Warriors,

    I need some advice now that I am starting to make some sales via PayPal. The rate of sales will pick up significantly in the near future.

    I am doing my own accounting using Quick Books for Mac. I have been logging each PayPal transaction to keep my account reconciled with my bank account.

    Soon this is going to become a laborious job if I have to continue to log each transaction.

    What do some of you do to deal with the accounting aspect of PayPal transactions?

    Since most other affiliate programs payout less frequently, they are not much of an issue but if I have to start accounting 10-20 sales a day that is going to be a full time job in itself.

    Any advice?

    Thanks,
    Peter
    Paypal saves all your info and lets you download it as CSV, so you can open them in Excel or Open Office.

    Log into Paypal, then:

    View all of my transactions => Click "More" (look for small link) => Download history.

    This will take you to a page where you can choose time periods to download all your transactions.


    Once it's downloaded, open in Excel of OO, then learn how to sort data by columns.
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    • Profile picture of the author Peter Antonio
      Originally Posted by Kurt View Post

      Paypal saves all your info and lets you download it as CSV, so you can open them in Excel or Open Office.

      Log into Paypal, then:

      View all of my transactions => Click "More" (look for small link) => Download history.

      This will take you to a page where you can choose time periods to download all your transactions.


      Once it's downloaded, open in Excel of OO, then learn how to sort data by columns.
      Kurt,

      I understand the process that you are speaking of as I download the reports myself. Are you saying that you do not enter each transaction into your accounting software but instead use a time frame eg. once a month, to enter the totals into your software.

      If so it would not exactly show the all of the transactions that are listed on the bank statement. It would be much easier but would that be acceptable to the IRS?

      If done this way I could report the total all of the income from July. Then report the PayPal charges for the month of July. It would be much easier but again would not reflect each transaction on the bank statement.

      I appreciate your input. Could you please answer the questions that I've posed.

      Thanks Again,
      Peter
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