Nominal Accounting now offers an advanced way to integrate your existing PayPal account with your accounting records.
Many small businesses use PayPal as part of their day to day business dealings, both purchase of supplies from Australia and overseas, payment for services and selling their own goods. Many online businesses use PayPal as their only payment method.
Nominal Accounting offers a quick and easy way to synchronise your Nominal Accounting records with your PayPal records:
- Handle payments to suppliers, by creating a purchase record with an associated payment record.
- Handle customer payment for existing open invoices, if exist, or by creating a new invoice with an associated payment record.
- Record PayPal fees as a separate expense record.
- Handle PayPal deposit and withdrawal from and/or to your bank account.
- Handle currency conversion records, using the PayPal records to convert to AUD amounts.
Enabling the PayPal integration feature is quick and easy, all you need to do is obtain your PayPal API username, password and signature. These can be found under your PayPal account profile in the API access settings.
The PayPal Accounting import process is divided to two parts:
- Enter the details and click Load to populate the table with all your PayPal transactions for the selected time period. This will also create Nominal Cards (supplier/customer) for the appropriate records.
- Select the default accounts to be used (PayPal Account, Bank Account, Sale, Purchase and Fees accounts) then click Import.
- Payment transactions with positive amount will be turned to Invoices, if an open invoice already exists for this customer, a payment record will be created.
- Payment transaction with negative amount will be turned to Purchases, if an open purchae already exists for this supplier, a payment record will be created.
- Transfer transactions will be created to Bank Transfer record to (if positive amount) or from (negative amount) the PayPal account.
- Refund transactions with positive amount will be turned to Purchases with negative amount (credit).
- Refund transaction with negative amount will be turned to Invoice with negative amount (credit).