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What is the difference between PayPal -2 and Paypal balance account?
What is the difference between PayPal -2 and Paypal balance account?
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OK Paypal – 2 is showing the money being collected for a deposit.
How is the Paypal balance account set up?
Looking at the register the purpose seems to be a running total of the deposits made that I assume is to the main account. What is the time frame of this account? If this is to show the running totals then why is that done?
The PayPal-2 account is indicated by a double-arrow icon, which means it is connected to online banking, Playawest45. This connection automatically downloads transactions from PayPal into QBO via a bank feed. Once a transaction is fully processed/completed through PayPal, it will appear in the “For Review” tab of the banking screen, usually within 2 hours.
The PayPal balance account in QBO is set up to track all the transactions that occur in your PayPal account, much like a bank account. It maintains a running total of deposits, withdrawals, and fees to accurately reflect the current balance in PayPal. This account doesn’t have a specific time frame and continues as long as you use it to monitor PayPal activity.
The running total is important because it helps ensure your records in QuickBooks match the actual balance in your PayPal account. It also facilitates easier reconciliation of transactions, tracking of cash flow, and preparation of accurate financial reports.
You can check this article to know more when you connect your online bank to QBO the transactions automatically download and categorize: Connect bank and credit card accounts to QuickBooks Online.
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