We have some payments that are paid out of a Paypal account and are then automatically debited to the main Current Account.
We would propose that you create a separate nominal code for the PayPal bank account. The general process would be:
- Create a nominal code for the Paypal bank account (in the bank accounts range)
- Create a nominal code for the Paypal transaction fees (in the overheads range)
- Create your Paypal Bank Account
- Record the Sales/Bank Receipt on the Paypal Account
- Record the Paypal transaction fees f. Transfer Funds from the Paypal bank account to your current bank account This process would provide greater visibility into the transaction and associated fees