When you BUY something using paypal, the SELLER pays their fees, not
you.
So recording a purchase for which you paid using paypal is no different
than any other purchase:
Debit: expense (or asset, if you're buying something that you'll
recognize as an asset on your balance sheet)
Credit: your paypal asset account if you carry a balance in it; or
credit a credit card account if your paypal purchases pull money
directly from a credit card.
Chris
__________________________________________________________________
From: [1][email protected]
Sent: Saturday, December 10, 2022, 12:00 PM
To: [2][email protected]
Subject: gnucash-user Digest, Vol 237, Issue 31
Message: 2
Date: Sat, 10 Dec 2022 14:50:05 +0000
From: "Dr. David Kirkby" [3]<[email protected]>
To: [4][email protected]
Cc: [5][email protected]
Subject: Re: [GNC] Buying with PayPal - how do I split the
transaction?
Message-ID:
[6]<canx10hafdo7ipn4xzyvmghsaa250yk4vofbcxr5jx4a-gt3...@mail.gmail.com>
Content-Type: text/plain; charset="UTF-8"
On Sat, 10 Dec 2022 at 01:19, Michael or Penny Novack <
[7][email protected]> wrote:
On 12/9/2022 7:01 PM, David Cousens wrote:
However, I do NOT understand why you were treating your Paypal account
as a liability. AFAIK, Paypal does not offer credit.
PayPal do offer credit
[8]https://www.paypal.com/uk/webapps/mpp/paypal-virtual-credit
although I consider the PayPal account an asset. It's much like a bank
account - money goes in and out. It's a bit more complicated though, as
often transactions involve another currency.
Selling things with PayPal obviously adds another bit of complexity as
there are fees then, but for now I just want to sort out how to record
purchases - I will worry about sales later.
Michael D Novack
Dave
References
1. mailto:[email protected]
2. mailto:[email protected]
3. mailto:[email protected]
4. mailto:[email protected]
5. mailto:[email protected]
6. mailto:canx10hafdo7ipn4xzyvmghsaa250yk4vofbcxr5jx4a-gt3...@mail.gmail.com
7. mailto:[email protected]
8. https://www.paypal.com/uk/webapps/mpp/paypal-virtual-credit
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