Does anyone know the proper way, within Quickbooks, to show that you've transferred funds from your Paypal account to your bank account? I have Paypal set up as a bank account within Quickbooks, and I simply use the "transfer" function to transfer money between accounts, however, since there's a delay from the time you take the money OUT of Paypal to the time it's deposited in your bank account, and the "transfer" function only lets you fill in ONE date, things often get screwed up. One of the accounts always shows the wrong date.
Any thoughts? Maybe this is a no-brainer, but I'm new to Quickbooks, so I'd love some help.
posted on April 20, 2005 05:27:19 PM
Can't you do a credit to P/P & a debit to your bamk account showing it as a transfer. I do this in Quicken with no problem.
You can manually change the dates in the register. I think that's the only way to do it if you use the transfer function. However, one account is still going to be wrong until the transfer is completed.
Unfortunately, since these 2 accounts are linked via the transfer, if you change the date on one (even if you do so inside the register) the other account "magically" changes to reflect the new date...So if you change the date in your PayPal register, you'll find that the date for the transfer has also changed in your bank account register. I even tried to just write a check, within QB, from my PayPal account to the bank account, but when I change one date, the same thing happens again: the other one changes too.
sanmar,
How do you go about doing a credit to PayPal & a debit to your bank account in Quicken? It may work for Quickbooks too, but maybe I'm not doing it right. When I attempt the few ways I know how make a credit or debit, Quickbooks makes me choose an account that the money comes from AND an account that the money goes to, so I'm back in the same pickle where the two accounts are linked, and therefore when you change one date, the other one changes too! Maybe I'm missing something...
I appreciate that you guys took the time to help! Any more brainstorms regarding how to do this will be appreciated.
One promising thing: When I bought Quickbooks back in January, the customer service guy on the phone said that he wasn't supposed to be telling people this, but Intuit is actually working on an eBay Edition of Quickbooks! Hopefully that will address the quirks we often have to work around...And, it should be noted that this will supposedly be available as an upgrade to existing QB software, so we won't have to buy the full edition.
posted on April 21, 2005 12:07:06 AM
I would ignore the date recorded in P/P & use ther date that shows on your bank account as this the date that the transfer actually was finalized. The date showing in P/P isa immaterial, it really does't have any bearing on the end result.
posted on April 21, 2005 08:45:55 AM
It actually does make things really confusing if the Paypal date is wrong, since I reconcile that account too, just like you would reconcile a bank account...So if a transfer is showing up in the wrong month for Paypal, it can really mess things up.
