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CRM | e-Commerce | Accounting | Inventory | PoS | Project management | MRP | etc.
I am registering invoice payments received through PayPal. After registering the payment, I add a journal entry to record the PayPal fee:
- Credit asset account "PayPal" $12.99
- Debit expense account "Bank Service Charges" $12.99
Is this the best way? I usually forget to add the extra journal entry.
Do not register the payment from the invoice because it will not allow you to do this. Instead, go to Customer Payments, create a new one, specify the net amount you got at the top and select the invoice in the list below. Then the system will ask you what to do with the remaining and you can select a "banking fee" or "transaction fee" account.
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|Asked: 2/16/13, 4:58 PM|
|Seen: 4288 times|
|Last updated: 10/20/16, 1:34 PM|