Rachel and Dan will discuss some best practices and workflows when reconciling PayPal accounts.
Workshop Wednesdays are a free live discussion about topics affecting Accountants, Bookkeepers, and Business Owners. Register for the Live sessions at: https://www.schoolofbookkeeping.com/workshop-wednesday Brought to you by http://www.schoolofbookkeeping.com - Keep Learning
00:00 Introduction and Casual Conversation
01:06 Challenges of Reconciling PayPal
02:13 Importance of Accepting Multiple Payment Methods
06:53 Classifying PayPal in QuickBooks
10:47 Best Practices for Managing PayPal Balances 1
6:48 Handling Transfers and Expenses in PayPal
22:09 Complexities of Multiple Bank Connections
24:16 Complexity of Managing Multiple PayPal Accounts
26:04 Reconciling PayPal Like a Bank
26:30 Special Circumstances for PayPal Usage
29:24 Challenges with High Volume PayPal Transactions
32:49 Handling PayPal Clearing Accounts
34:13 Importance of Accurate Revenue Reporting
43:19 Upcoming Features in QuickBooks for Auto Reconciliation
46:53 Conclusion and Future Topics
