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Old 02-25-2017, 06:14 PM
ShamrockXS ShamrockXS is offline
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Join Date: Aug 2002
Posts: 4
Using PayPal to pay for expenses

I have a small business and many times I will purchase supplies on eBay with money in my PayPal account. This is money that is in PayPal, has not been transferred yet to my checking account. How can I set Peachtree up so I can account for these expenses? What account would I debit and what would I credit?

Please answer in very plain language, I am not an accounting expert by any means. Would really appreciate the help.
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Old 02-27-2017, 07:18 AM
SteelerFan SteelerFan is offline
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Join Date: Jan 2009
Location: Pittsburgh
Posts: 179
Set up a new cash account called Paypal. When you fund Paypal use a General Journal Entry to increase Paypal and decrease your bank account. When you sweep money back, do the reverse. When you pay something directly from Paypal, use that account in your Payments screen.
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