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Accounting with PayPal downloaded data.

The data you can download from PayPal doesn't easily import into common accounting programs like QuickBooks. Although PayPal claims to support a QuickBooks format, there are significant issues with thier iif files.

Here are some notes on how to clean up the basic data from PayPal and turn it into something that might be useful for filing your taxes:

  1. Download year data as .CSV from PayPal with shopping cart info turned on
  2. Insert two blank columns (day, year) between Date and Time, Convert date from Data / Text to column, delimited, "/", Rename Date column to Month, Delete Year column
  3. Sort by Item Title, delete Gross amounts for lines where Item Title is "Shopping Cart"
    This allows the line items in the shopping cart to be the total in the Gross column; it prevents a "double" total where both the shopping cart total gross amount and the line item gross amounts are added in. These summary lines for the cart should only have Shipping and Handling, Insurance, Sales Tax. Fee. and Net
  4. Remove the duplicated Shipping, Insurance and Sales Tax amounts from the detail lines in shopping cart transactions. Detail lines should only show the Gross amount of that line item. Watch out for the occasional "delayed" entries where these amound are included in the detail lines and NOT in the summary line for the cart.
  5. Insert Category column after Item Title and tag each line with the chart of accounts item that applies.
    E.g. all lines in shopping cart or other sales are set to "Sales", USPS payments are "Shipping" or what ever your COA accounts are.
  6. Sort by Category and total when Category changes.

See also:

Accounting is just killing my little business... I'm desperately trying to figure out how to do the books without spending hours on it. What I really need is a system that can do the following:

- Directly import transactions from PayPal without requiring that they be typed in again. I typically have more than 2000 little sales each year, with a typical profit of only a few dollars each. QuickBooks does NOT do this. There are programs or services that can be purchased to work WITH QuickBooks, but they require the PRO version.

- Allow me to enter parts purchases and track inventory quantity and valuations. Only the PRO version of QuickBooks tracks inventory quantity, but I'm not sure if it tracks the value of your inventory. A small but growing part of the little business is selling kits, and I understand I have to track the value of my inventory for when I file taxes. So when I change the price of the kit, does my inventory value increase, and does the software track that?

- Generate Income / Expense reports to send to my tax guy to keep the IRS and CFTB happy.

- Idealy, it should export information about my current inventory levels to a web store front so people will know if an item is backordered before they place an order.

file: /Techref/app/acct/paypal.htm, 6KB, , updated: 2010/9/27 09:34, local time: 2024/6/18 07:34,

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