Paypal and Bank Account Direct Debit
snappyfish
Member Posts: 55
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?
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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.
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
I have got the same issue.
@AlexL @JordanD - I think you might have misunderstood the problem @snappyfish was having.
When I make a payment using PayPal to a store, the item leaves my PayPal account but PayPal doesn't have the funds and is sourced directly from the bank account.
I know what you are thing, we would expect it to show in PayPal as first a debit from the bank account to PayPal, and then a another transaction form PayPal to store. This is not how the statement shows it. Its just like one through payment (imagine paying form the bank account directly). In the PayPal dashboard if you click on the transaction, in the notes it will show where it was funded from (i.e. the bank account).
To make it worse, it's recorded differently when I use my PayPal debit card to make payments; it only takes funds from my bank account in multiples of £5. So if I spend £2.99, £5 debited will show as transferred from bank to PayPal (as you were imagining above), the remaining funds stay in PayPal. I've wasted a lot of time trying to get my head round it.
Will have t manually create a transaction showing the transfer from bank to PayPal for those bank funded payments? It will be a nightmare if that is the case.
Ahhh thanks @OneOption for the very detailed further explanation. I'm afraid to say it (and I'll tag @snappyfish in on this so they can see it too), but this is not something that Wave can pick up automatically. Although time consuming, your best bet moving forward would be to make these transfers manually.