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Accounting journal for PayPal transactions

By
Donatas
on 12/29/15, 2:32 PM 631 views

I would like to ask what, in your opinion, would be the best way of handling PayPal transactions in Odoo? 

I have following scenario: 

  1. Sometimes customer pays by business PayPal. 

  2. PayPal account is tied up with business bank account. 

  3. I receive the money to PayPal account. 

  4. PayPal charges are being subtracted from the amount received, so technically I cannot register it as a full payment in Odoo. 

  5. Remaining amount from PayPal are then withdrawn to business bank account, so now I have 2 transactions for the same payment - one to PayPal and another - to bank account. 

  6. Sometimes I may receive more PayPal payments at the same day, thus the amount withdrawn to bank account will be different anyway. 

So my questions are: 

  1. Do I need to create PayPal journal as Bank or Cash journal? I would say as bank as it looks more like bank kind of thing to me. 

  2. If like Bank, then should I use business bank account in "Bank Account" tab? Or just leave it empty (account number and bank fields)?

  3. What would be then the correct way of registering PayPal payments for the invoice (including PayPal charges)? Could this be an answer: https://www.odoo.com/forum/help-1/question/how-to-register-invoice-payment-with-paypal-fees-1958 ?

  4. What to do with transactions from PayPal to business bank account? I mean if now I have two separate journals - one for Bank and another for PayPal - one of them will remain untouched whilst registering the payment. But transactions did occur on both. 

I'm technical person, not an accountant. I'm reading bookkeeping books and a lot of things are becoming much more clearer to me, but unfortunately those books are not touching on things like PayPal. 

EDIT: Solution at http://myobaustralia.custhelp.com/app/answers/detail/a_id/34315/~/paypal-payments-from-customers looks like a good way of solving it, however, after populating two journals - one for PayPal payment and another for PayPal charges - how would I perform this action in Odoo - "The final task is to clear the PayPal fees from the PayPal Clearing Account to your Merchant Fees expense account."? 
Merchant Fees expense account is called 791000 Bank, credit card and other financial charges in Odoo (UK charts of accounts).

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Asked: 12/29/15, 2:32 PM
Seen: 631 times
Last updated: 12/30/15, 3:43 PM