FRIENDS CAN ANYONLE WILL HELP ME TO UNDERSTAND THE CONCWEPT OF PAYPAL AND HOW ACCOUNTING IS TO BE DONE FOR PAYPAL TRANSACTION???
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Acxounting for paypal transaction??
Replies (5)
is it payable ?
PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. PayPal serves as an electronic...
THANKS. I WANT TO KNOW WHAT ENTRY WE SHOULD PASS WHEN WE RECEIVE PAYMENT THROUGH PAYPAL.???
AND WHEN WE WITHDRAW MONEY FROM PAYPAL ACCOUNT AND DEPOSIT TO OUR BANK ACCOUNT??
if u have your paypal account then You need to set your PayPal account up as a bank account in Books.
When you make payments through paypal, its just like Credit Card purchase only. So usual entry for expenses would be enough...
Debit (Expense A/c)
Credit Paypal (under Creditors)
When payment make on date:
(Debiot) Paypal
(Credit) Bank
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