As with credit card payments, PayPal transactions in PRONTO are posted to a clearing account (CSSBANK or CSSBANKPP). Using a CSSBANK account to record all deposits from online payment systems allows you to create a journal entry to transfer funds from the CSSBANK account to the main account, after reconciling the payments.
All online payments can be posted to the one CSSBANK account, or they can be split by transaction type (e.g. Visa, Amex, EFT, PayPal, BPAY). For information on configuring these accounts, see PRONTO and Online Payments.
Reconciling PayPal Transactions
PayPal operates differently from other merchant facilities in that funds from online payments are deposited into a PayPal account. This differs from a standard bank merchant facility, in which funds are deposited into your nominated bank account once payment clears.
NOTE: PayPal has various methods available for automatic deposit of funds into a nominated bank account.
PayPal funds are made available after fees have been deducted, creating differences between the PRONTO Cash Receipt amount and the actual amount deposited to your bank account.
However, PayPal also send an email to the merchant for each transaction, which contains the Receipt Number in the description. This will assist in matching PayPal transactions to PRONTO invoices and cash receipts.
Consider the following scenario:
Sales Order Number
Invoice / Cash Receipt Amount
Net Amount from PayPal
In the above scenario, the Cash Receipts for these orders in the PRONTO CSSBANK account total $450.00. The Net Amount available via PayPal is $425.00. There have been $25.00 worth of fees deducted.
These payments can be reconciled by matching the 'Receipt#' on the PayPal payment advice email to the Cash Receipt number in PRONTO.
The above is suggested as a guide only; please consult your accountant or business manager regarding your internal reconciliation procedure for online transactions and the handling of PayPal fees.