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accountingposreconciliationpayments
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Element Green

We are taking PayPal Here credit card payments with Odoo 12 Point Of Sale. We added a payment method for this which has its own Journal and account in the Chart of Accounts. The actual payment is processed with a separate app which we manually enter the total amount into. The money is deposited in our PayPal account, with a fee deducted from the amount. Odoo generates journal entries which Credit Accounts Receivable and Debit the PayPal Account, which seems correct.

We then import our PayPal statement from a CSV file. This creates a bank statement with the payments from customers and additional fee lines (created from an external script).  I would expect to then be able to reconcile these statement entries against the POS orders to track the PayPal account balance. It seems the POS orders are already reconciled though. Should these entries not be imported into the bank statement? We could still process the fees though by creating new Debit entries to the Bank Fees account. I think the main thing is to be able to track the balance of this account and perhaps verify that the payments were actually received.

Any tips on a good way to handle this?  This is for accounting in the USA.

Thanks in advance.

Element

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Dolphin Stationers Ltd
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Hi - Were you able to figure out an answer to this? I'm struggling with the same issue. Thanks



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Element Green
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I found a workable solution for now, but I'm not very convinced it is the right way. What I'm doing is filtering out the incoming credit card payments from the PayPal statements when importing them, leaving just transaction bank fees and other uses of the PayPal account to manually reconcile. Since credit card payments from customers using PayPal Here do go directly to the PayPal account, this seems OK (no account transfer required).

It seems like the POS system already adds statements to the PayPal Account Journal for POS transactions which use this payment method and automatically reconciles them. I found that it adds a journal entry in the POS Sale Journal which contains journal items which Credit items for Product Sales and tax to Tax Received and Debits Account Receivable for the total amount. This is then automatically reconciled against another Journal Entry in the PayPal Account Journal (payment method) which has an item that Credits Account Receivable and Debits the PayPal Account.

Since credit card transactions are verified via the PayPal Here app, it seems reasonable to assume they completed. It would be nice to have an extra reconciliation step and not have to filter out the payments from the statement data though, but I haven't figured out how to do this. If the POS system didn't automatically add the journal entry and a statement to the payment method journal, then that might be better. I tried enabling the "Post At Bank Reconciliation" option in the PayPal payment method journal, but this doesn't seem to have the effect I would expect. Any tips on the proper accounting way to do this would be greatly appreciated. For now I think I have to be content with just reconciling the non POS payment transactions and double checking the account balance against what the last statement in Odoo should be.

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