How to add PayPay Payment and fees transferred from Bank?

Barb

Can someone please provide the proper process to add PayPay Payment and fees transferred from Bank to a Wave invoice? I am still learning how to book keep. Sales are my thing, not accounting! If I do something wrong, I won't know how to dig myself out of the hole! It would be so much easier if Wave accepted PayPal, then I wouldn't have to bill separately through PayPal then transfer to my bank and manually record, match and apply it to my Wave invoice. I don't know how to apply it to an invoice without messing up.

I saw a post that said to split my transaction from Paypal. Category 1.) Invoice amount & Category 2.) Minus the PayPal fee. These will total the actual PayPal deposit.

However, MzBusiness commented that was wrong and it changes your COGS and leaves a mess. Here is the comment:

"The guidance appears to advise users to increase the sale amount by the payment processing fee and then minus it (which will still reflect the original sale amount). Following this process has actually resulted in my COGS figure to go down and I have a weird outstanding amount to pay within 30 days (for the processing fee amount)."

I am confused as to what is the correct way. Please advise.

AlexL

Hi @Barb . The post you saw with the Help Centre article has the correct steps to account for this process properly. Your statement will accurately represent your gross income from these payments if done in this manner.