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