Why are my Paypal sales and fees recorded as one transaction each month?
<This article refers to using your Transaction Detail sheet which is linked in your Dashboard.>
Paypal, unlike your bank and credit card statements, provides us with a monthly profit and loss statement. This statement provides your total sales, disputes, transfers and purchases, as well as the detail behind those numbers.
If your Paypal account is not connected through LedgerSync, in order to cut down on the amount of transactions we enter (and therefore save you money), we record the following items from the report as one entry each, dated as of the month end:
- Dispute Activity
- Other Activity
We can't do this with transfers or purchases, since for transfers we need to know what account the transfer went to, and for purchases we need to categorize each one separately in order to generate an accurate Profit & Loss Statement for your business.
If some of the payments you accept through Paypal are personal, and therefore not business related, total up the amount of personal deposits, then Split the transaction to show 2 numbers, one for the personal amount of sales and one for the business amount. Here is an article on how to create a Split.