What is the canonical best way to handle PayPal, with a PayPal Debit MasterCard?

It is currently January of 2022.

There are lots of questions on here about the best way to handle PayPal. As it stands right now, I have the base PayPal account, a PayPal Credit account, and a PayPal Smart Connect account. The base PayPal account is set to PayPal Smart Connect as its default monetary source when I use it for web transactions, but (as of 2018) usage of the Debit MasterCard cannot be funded from a credit account so its activities are funded via ACH withdrawal from my checking account.

At this time, I cannot see any way to define a rule of "when the balance on this account goes negative, by default put in these transfer transactions based on part of the Payee field".

When I set it up, Quicken "helpfully" put in a starting balance that I never actually had in it, that was enough to cover all of the outflow transactions up to the last one that imported. In addition, my checking account has a lot of transfers to PayPal that I currently have directed to an unreported and mostly-hidden "PayPal Transfers" account.

So, since I'm going to have A Time fixing this, I'm asking: What is the canonical best way to handle this account? Should I just give up and write a separate program to download PayPal's CSV transaction lists to build QIF or OFX files, and import those?

Answers

  • Kyle H
    Kyle H Member
    I'm working with this, and it seems to me that it would be very nice to be able to re-order the transactions in this specific account once they've been imported, to make sure that everything lines up. Specifically, I'd like to be able to "pin" the spend and the associated transfer together, so I can see the balance be zero or positive at the end of every transaction group.

    (Currently: my online balance is $0.00, the current balance reported by Quicken is -$74.00, and the ending balance reported by Quicken is -$101.20. This is going to be difficult to figure out, because there's $260.00 of other income that came in, and I don't know yet how best to reconcile it.)
  • Kyle H
    Kyle H Member
    Is it possible to set a rule to simply exclude a transaction entirely, particularly one which starts with the word "Authorization"? That's not going to completely solve things, but I don't think we really need to track authorizations that only impact current fund availability in the thing we use for long-term tracking. (Maybe some people do, I don't know, but I know I don't.)
  • glick.melissa
    glick.melissa Member ✭✭
    Can anyone explain why every purchase I make with Pay Pal is inputted twice. My Bank account deducts it and paypal also deducts it. At first I thought this was double entry accounting, but they are not cancelling out. They are just causing my expense report 2b completely inaccurate. Thanks Windows 10 Starter Version R38.30 Build:27.1.38.20