Tags:
PayPal reconciliation
PayPal individual order sync
PayPal orders as summary
Summary sync option : Daily summary PayPal Invoice OR Individual PayPal Invoice per order
To make the reconciliation process for PayPal orders easier, our app provides 2 options on 3rd tab of app settings.
1. Sync PayPal orders as a daily summary
2. Sync PayPal orders as individual orders
The selection of this option depends on how you manage the payout from PayPal.
1. For the reconciliation of PayPal orders, if you transfer the funds from PayPal account to the bank account covering all the transactions of a particular date considering midnight as a cut off date then you can select the Summary option for PayPal because our app syncs the daily summary considering midnight as cut off date. The amount you transfer from PayPal account to the bank account considering midnight as a cut off date will match with the PayPal summary created by our app for that date so the reconciliation will be easy.
For example, transferring the funds from PayPal to the bank account, covering all transactions from 1st December will be helpful to reconcile the summary invoice created for 1st December.
With this setting, the summary will be created with net of the fees amount. There will be a line item of fees in summary invoice. The fees will be synced to the 'Shopify fees' account selected on 2nd tab of our app settings.
2. If your actual PayPal account is connected as a bank feed in Xero then you can select the option "Individual Entry". With PayPal bank feed connected in Xero, each transaction is received as a bank feed in PayPal account in Xero. With "Individual Entry" option selected, our app will sync the PayPal orders individually so reconciliation will be easy.
Once this option is selected then you will get an option to select the account to sync the PayPal fees. PayPal fees will be synced to the account selected under the "PayPal Fee Account".
With these settings, the charges and the fees for PayPal will match automatically and hence the reconciliation will become very easy. You will have to just click on the 'OK' button on the reconciliation page in Xero.