PayPal Accounting of USD Transactions and Withdrawls
Hi. Since repeated questions to Wave support have not satisfied my questions as to how to properly manage these transactions I'm hoping there is a genius out there who could spare some time and advise how I can fix this mess I've got.
So there are basically a few scenarios I need help with. All have commonalities in that my PayPal account is linked to my Wave account.
1) pay for services in USD through PayPal, with payments coming from either my CDN$ bank account or CDN$ Amex card
2) invoice as normal in USD but receive payment in USD through PayPal and either a) withdraw the funds immediately into my CDN$ bank account or b) leave in the PayPal account to pay for full or part of services in USD
I am having a horrible time reconciling my PayPal USD account at the end of the month, how to properly accounting for the correct CDN income or expense to report (ie what transactions to modify/add), properly understanding what goes on behind the scenes so I know when to "detachthis source record and create another transaction with this record", "Delete this source record. The parent transaction will not be deleted," or even "Split the transaction" if necessary.
An example is as follows (2 lines from PayPal):
Description Amount Category Account
Transfer In $10 Transfer To PayPal USD (ie from CDN$ Credit card)
Training Co[Payment, Completed] $10 Education & Training (expense name) PayPal USD
The issue I have is, how do I record the "actual" expense at, say, $13.30 CDN as shown in my Amex statement. It's easier to just delete these records and manually enter a new transaction in CDN$ but I want to be able to balance my PayPal USD account.
Similar to this is a revenue transaction. Easier to send screen shots than try to type this all out. Suffice to say I'm not looking for "accounting" advice, just how to figure out how to get Wave to do what I need it to do.