It would be a wise move to create a journal entry, @SethNewDirections Cello in order to correctly categorize those sales in PayPal while utilizing QuickBooks Online. I've got some steps to help you how.
To create a Journal entry, here's how:
- Select the + New button.
- Click Journal entry.
- On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
- On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
- Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
- Enter information in the memo section so you know why you made the journal entry.
- Hit Save and new or Save and close.
With that, it's best to consult with your accounting professional first before making any changes to your accounts. However, if you don't have an accountant, you can find one here in our Resource Center.
For more details about creating journal entries, check out Create journal entries in QuickBooks Online.
Additionally, I've got you this helpful article for the steps that'll help review your transactions after uploading them: Categorize and match online bank transactions in QuickBooks Online.
Let us know if you have further questions about using PayPal. We'll be right here to help you at any time.
