Paypal and Bank Account Direct Debit

snappyfishsnappyfish Member Posts: 46

So paypal seems a no go to use with wave via sync. So I currently upload statements.

I have my bank account as funding source for paypal. Using eBay they took 0.83p out via paypal using direct debit so straight out of my bank account.

Wave records in accounting

1) DIRECT DEBIT PAYMENT TO PAYPAL PAYMENT REF (bla bla bal) MANDATE NO 0002

and then it shows in Paypal as

1) Payment to Shutl Ltd Funding Source: Bank account
Funding Source: -£0.83 GBP - Santander ending in x-(bla bla)
Backup funding source: VISA ending in x-(bla bla)

So how is best way to account for this?

Comments

  • JordanDJordanD Administrator Posts: 269 admin

    Hey @snappyfish! It sounds like what is happening is that you are looking to show money moving from your bank account to your PayPal account. If that's the case, then you can likely show this as a transfer, where you would categorize the bank transaction as a "Transfer to PayPal account" and select the matching transaction that occurred in the PayPal account. If I've misunderstood, then apologies in advance! If you could provide further insight (and maybe even screenshots of the transactions) then I'll be happy to further see what I can do to help!

  • snappyfishsnappyfish Member Posts: 46

    @JordanFromWave said:
    Hey @snappyfish! It sounds like what is happening is that you are looking to show money moving from your bank account to your PayPal account. If that's the case, then you can likely show this as a transfer, where you would categorize the bank transaction as a "Transfer to PayPal account" and select the matching transaction that occurred in the PayPal account. If I've misunderstood, then apologies in advance! If you could provide further insight (and maybe even screenshots of the transactions) then I'll be happy to further see what I can do to help!

    So then when you import paypal transaction you delete that one?

    As currently its a direct debit leaving my bank account going to paypal, then in paypal is showed as "bank payment" which gets imported into wave also when I upload my statment.

    edited June 1, 2019
  • AlexLAlexL Administrator Posts: 544 admin

    Hi @snappyfish . If I'm understanding correctly, you're moving money from your bank account to your PayPal account to spend? If this is the case, you'll want to create a transfer between both transactions, as you should see an expense to your bank account and an income to your PayPal account. Check out the article below to get a better understanding of how to create a transfer.

    Creating a transfer in Wave

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