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Setting up paypal as bank account

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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chopin_fanatic
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Setting up paypal as bank account

Post by chopin_fanatic » 20 Apr 2017, 10:17

I'm setting up paypal as a separate bank account on Sage. Sage says that the bank code is outside the range of the chart of accounts. How do I set this up to appear in the correct place on the balance sheet?

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brucedenney
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Re: Setting up paypal as bank account

Post by brucedenney » 20 Apr 2017, 10:33

Edit the chart of accounts and extend the range for the bank accounts to include the number you used for paypal.
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chopin_fanatic
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Re: Setting up paypal as bank account

Post by chopin_fanatic » 24 Apr 2017, 08:47

I've set it up within the 1200-1209 range which places it under current assets and current liabilities on the balance sheet, along with the main bank account. Is this the correct place?

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brucedenney
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Re: Setting up paypal as bank account

Post by brucedenney » 24 Apr 2017, 09:05

Yes, that is an ideal location for it.

Note that bank accounts can be positive or negative so are normally configured to float between liabilities and assets, run the check in COA and it should tell you if there is an issue.
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chopin_fanatic
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Re: Setting up paypal as bank account

Post by chopin_fanatic » 24 Apr 2017, 09:21

That's great thanks.

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