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PayPal payments

If your customers can pay you via PayPal, this article shows you how to set up MYOB to record these transactions.

PayPal transactions are much the same as other transactions which involve a merchant fee. In other words, the merchant (in this case PayPal) takes a percentage share of the transaction for providing the credit facilities. In our example, a $100 sale is received through PayPal, from which $2 is paid to PayPal, resulting in a net sale of $98. You will need to record both transactions in MYOB, in other words a customer receipt of $98 and a merchant charge of $2.

There are a few things to set up to handle these transactions, but once you're set up it's east to record your PayPal sales and account for the fees.