David I treat my Paypal account as a Liability account, just as you would treat purchases with a credit card. Mine is linked to a bank account from which funds are automatically transferred to keep the balance in the PayPal account at 0. ( I no longer accept payments through it and only use it for purchases). I also don't use the business features anymore.
To use the business features, so you have the vendor record, I would have a separate PayPal Liability account. On purchase record the bill to credit Accounts payable and debit the appropriate expense account as normal. To record PayPal paying the vendor, debit the Accounts Payable and credit the Paypal Liability, essential make a payment from the Paypal Liability account. I don't know if the account checking on the business features payment process will prevent this or not. Then to record the transfer of funds from your bank account to Paypal credit the bank account and debit the Paypal liability account. David Cousens On Fri, 2022-12-09 at 20:00 +0000, Dr. David Kirkby wrote: > I have the following accounts, and am buying something in GBP. > > Assets -> Accounts Receivable -> GBP > Assets -> Bank account > Assets -> PayPal -> GBP > Expenses -> Utilities -> Internet > Liabilities -> Accounts Payable -> GBP > > I paid Google £15 for using some cloud storage (OneDrive) using PayPal. So > PayPal took the money from the bank account and paid Google. > > *If I were NOT using PayPal, this is the process I would go through.* > > *Under Business -> Vendor -> New Bill* > Create a bill and post that to these accounts > *Expense Account:* Expenses -> Utilities -> Internet > *Post to Account: * Liabilities -> Accounts Payable -> GBP > > *Under Business -> Vendor -> Process Payment* > Process the payment > *, using these accounts* > *Post to*: Liabilities -> Accounts Payable -> GBP > *Transfer Account:* Assets -> Bank account > > Am I doing that all correctly done, if not using PayPal ? > > Assuming that is, how can I modify the process so the account* Assets -> > PayPal -> GBP* account gets used? > > Dr David Kirkby Ph.D > Email: drkir...@kirkbymicrowave.co.uk Web: > https://www.kirkbymicrowave.co.uk/ > Kirkby Microwave Ltd (Tel 01621-680100 / +44 1621-680100) > Stokes Hall Lodge, Burnham Rd, Chelmsford, Essex, CM3 6DT. > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
