PayPal transactions

Bc_10

I own a small business where I build and then sell a product. If I make a sale and take payment through PayPal, what is the best way to enter the transaction into Wave?
I could enter in each PayPal transaction manually (and also enter in the appropriate sales tax).
When the time comes to then transfer funds from PayPal into my bank account (which is linked to Wave), will the money being transferred look like “new” money coming in, like additional income was earned, even though that transfer is made up of accumulated sales that went into PayPal?

Thank you!

JulianP

Hey @Bc_10 !

I have two suggestions in this case:

1. You can add PayPal transactions to Wave using a CSV file that you export from PayPal. First, download your history (you can learn about this here: https://www.paypal.com/ca/cgi-bin/webscr?cmd=p/gen/downloadable-outside). You’ll notice that the PayPal file contains more data than just transactions. You need to reduce the columns until you have Date, Description, Amount as follows:
   01/01/2019, Description 1, -250
   01/02/2019, Description 2, 550.50
   01/02/2019, Description 3, -120.75

2. If you have a bank connection importing your transactions, you can categorize your PayPal transactions as invoice payments on your Accounting > Transactions page. If your Paypal income is grouped into one deposit, you can split the transaction to allocate the funds accordingly. We have a great guide that you can check out here.