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PayPal Register/Download Column Headings in Quicken

dsaunderswa

I use PayPal mostly as a "pass thru" account for a small business I have. Some people use PayPal to pay for services for which I've created Quicken Invoices. In the Quicken Invoice, I indicate when I receive payment via PayPal by showing my PayPal account in the "Deposit to." I simply deposit their payment from PayPal to my checking account. Very easy system to keep track of invoices and payment . . . UNTIL I download PayPal transactions into the Quicken register for my PayPal account and try to figure out what the column headings mean. The "Payee" is obvious WHEN it matches the name of the person on my invoice, but sometimes the word "Withdrawal" is used in the "Payee" column? I wonder if "Withdrawal" is used if I have not created the invoice before I receive the payment. And, I'm confused about the words "Payment" and "Deposit." Does "Deposit" refer to money deposited into Quicken from my client? or does it refer to money I transfer (deposit) into my checking account?

Whatever clarification any of you can offer, I will appreciate

(Windows Classic Business & Personal, Windows 10 (Release 54.16))

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Quicken Kristina

Hello @dsaunderswa,

To clarify, when you see "Payment" and "Deposit", are you seeing those in the Payee column in your PayPal account in Quicken? If so, that's the way it reflects in my Quicken also, which leads me to believe it's the way PayPal sends the data to Quicken.

Based on what I see in my PayPal account, Deposit refers to money coming into the PayPal account. Payment is money going out of the account to another business or person. Withdrawl is when you have a positive balance on your PayPal account and you take some or all of those funds out of the account.

When you mark an invoice as paid in your Quicken, that will typically create a transaction in the receiving account that reflects the customer's name. Do you use the PayPal account as the receiving account, or do your invoices reflect the payment going to a different account?

I look forward to your reply!

dsaunderswa

Oh yes, this is making more sense to me. I'm attaching a pdf document that I created that's visual.

I don't think I'm using accounts like in accounting (?) like accounts receivable, etc. I create invoices that show money due and then I simply click the button that says "Receive Payment" and then the invoice is marked paid.

I appreciate your help with these questions. I'm new at all this.

Questions about PayPal Columns.pdf

Quicken Kristina

Thank you for your reply,

Screenshot 2024-03-01 at 11.32.02 AM.png

Based on your screenshot and what I've witnessed when my PayPal transactions download, it shows Withdrawl to indicate money coming out of the PayPal account. It is the way the transaction comes in directly from PayPal. If there is a paid invoice for the transaction to match to, then it should reflect the info from that paid invoice.

The Payment column represents money going out of your PayPal account. That can be either money transferred to your bank account or money sent to a business or person.

The Deposit column represents money going into your PayPal account. That can be payments sent to you by customers, money sent to you by friends/relatives, refunds from people you do business with, etc.

I hope this helps!

dsaunderswa

Kristina this is so helpful. Thank you. This has helped me change my mind-set in how to fit PayPal into my business invoice and payment system.

Quicken Kristina

Thank you for your reply,

I'm happy to help!

If you need further assistance, feel free to reach out!