PayPal and Categories
Hi,
I am using three accounts.
Bank Savings
Credit Card
PayPal (set up as a bank account)
I have imported all transactions from the bank into my bank savings account and my credit card.
I have assigned all the transactions for both savings and credit card accounts to categories normally.
My question is all to do with my PayPal account which access's both my credit card and my savings account.
I have assigned all PayPal payments from a savings account to the PayPal account.
I have also assigned all PayPal payments from my credit card to my PayPal account.
So this has resulted in all transactions showing in my PayPal account which is fine except for one thing.
The transactions are not assigned to any categories (expense categories) which is what I would like.
Am I missing something? As you may have guessed, I am not an accountant :)
Any help appreciated
Pete
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1 Posted by TonyRI on Aug 12, 2016 @ 12:26 PM
Hi Pete,
I'm certainly not an accountant either and I am a new MD user.
Just my thoughts as a novice user. Perhaps someone else has more insight. I know that you can create "Tags" in addition to categories, but I believe that they are usually used as "Classes", or a higher level grouping of categories.
Regards,
Tony
2 Posted by petemarko on Aug 12, 2016 @ 12:33 PM
Hi Tony,
3 Posted by TonyRI on Aug 12, 2016 @ 12:45 PM
Hi Pete,
Sorry, the more I thought about it, the more I confused myself, lol. I have since edited my comment and requested that a Knowledge Base article be provided by MD. I didn't see that you had already replied until I submitted my edited comment.
Tony
4 Posted by TonyRI on Aug 12, 2016 @ 12:46 PM
PS Good Luck! :)
5 Posted by petemarko on Aug 12, 2016 @ 12:49 PM
No problem Tony, I'm sure someone will be able to offer a solution
Kind regards
Pete Markovic
Mob 0412350513
6 Posted by dwg on Aug 12, 2016 @ 09:27 PM
Here is a possibility.
If you buy something on Paypal in your Paypal account you show the purchase categorizing it correctly here.
Let's say you use your credit card to actually do the initial payment. You show this as a transfer from your Credit Card to the Paypal account. The net position in your Paypal account is now 0 and the debt is in your credit card, it was already categorized in the paypal account so you do nothing on categorization this is simply a transfer.
When you pay the credit card you would be paying it from the savings account, again you use a transfer between the two accounts leaving a net position in the credit card of 0 and reducing the balance in your savings account by the amount of the purchase. Again this is just a transfer of funds in Moneydance.
Ultimately this is showing a purchase from Paypal and final payment from the savings account.
Des
7 Posted by petemarko on Aug 12, 2016 @ 10:39 PM
Just to clarify,
I have setup PayPal empty to start with no transactions.
So all my transactions that are currently in PayPal are payments from my
two main accounts.
Savings Account >>>>Payments to PayPal
Credit card >>>>Payments to Paypal
I assume I would now need to enter all PayPal transactions, then point
those transactions to categories so that all expenses are then shown.
Hope this makes sense, as I said at the start, I'm not sure how to
proceed.:)
Kind regards
Pete Markovic
Mob 0412350513
8 Posted by dwg on Aug 12, 2016 @ 10:44 PM
Yes you would now enter the transactions in your paypal account categorizing them as you go.
Des
System closed this discussion on Nov 11, 2016 @ 10:50 PM.