Invoices and PayPal

I have Money Small Business 2004. I invoice customers who often pay with
PayPal.

If I charge a customer $100, the payment after the PalPay fee, is
approximately $97.

How do setup the invoice so that it shows me receiving $97, instead of $100?
I still want to show the $3 going to PayPal as a business expense.

Thanks for your help.

Michael

EVO
Fri Dec 30 20:29:02 CST 2005

I have set up a bank account titled PayPal and I post all payments for PayPal
invoices to this account - in the full value of the invoice. Then I make a
withdrawal from the account in the amount of the fee and use the business
category bank fees. Sometimes I add up a bunch of PayPAl fees and make a
single entry. This way your sales are reported correctly and your cash
balance is correct. It works.

"Michael827" wrote:

> I have Money Small Business 2004. I invoice customers who often pay with
> PayPal.
>
> If I charge a customer $100, the payment after the PalPay fee, is
> approximately $97.
>
> How do setup the invoice so that it shows me receiving $97, instead of $100?
> I still want to show the $3 going to PayPal as a business expense.
>
> Thanks for your help.
>
> Michael

Michael827
Fri Dec 30 20:41:02 CST 2005

Great idea -- Thank you!
--
Michael


"EVO" wrote:

> I have set up a bank account titled PayPal and I post all payments for PayPal
> invoices to this account - in the full value of the invoice. Then I make a
> withdrawal from the account in the amount of the fee and use the business
> category bank fees. Sometimes I add up a bunch of PayPAl fees and make a
> single entry. This way your sales are reported correctly and your cash
> balance is correct. It works.
>
> "Michael827" wrote:
>
> > I have Money Small Business 2004. I invoice customers who often pay with
> > PayPal.
> >
> > If I charge a customer $100, the payment after the PalPay fee, is
> > approximately $97.
> >
> > How do setup the invoice so that it shows me receiving $97, instead of $100?
> > I still want to show the $3 going to PayPal as a business expense.
> >
> > Thanks for your help.
> >
> > Michael

Christina729
Fri Mar 10 16:39:10 CST 2006

You really should show the invoice as being paid at $100. THEN take out your
paypal fee from the account being used.

Say I charge a customer $100. The customer is not paying you $97. S/he is
paying you $100. You need to show this so your income shows that $3.

When you pay your paypal fees (even if it is automatic), go to the account
they come out of, and post a withdrawal to Paypal for whatever category you
have them under, such as Office Expense. Failing to report the $3 as income
could hurt you when you attempt to balance the books.