I would just post them to the Paypal bank type account. So once you setup the Paypal account in your Chart of Accounts, you will open the register by double clicking on the the account name. Then make the entry just as you would write a check. The expense account can be something like Outside Services with a sub-account like VA or Virtual Assistant. Maybe even add a sub-account to the sub-account like International. That would then look like Outside Services:VA:International. With this setup, you can designate another sub-account for 1099-Misc contractors, as well.
You can download the transactions from Paypal too. Then just categorize them like you would for any bank account. See the Paypal lesson for info.
Do you know how to categorize and log payments to international Virtual Assistance paid through paypal? They wouldnt be a 1099 or a W2
I would just post them to the Paypal bank type account. So once you setup the Paypal account in your Chart of Accounts, you will open the register by double clicking on the the account name. Then make the entry just as you would write a check. The expense account can be something like Outside Services with a sub-account like VA or Virtual Assistant. Maybe even add a sub-account to the sub-account like International. That would then look like Outside Services:VA:International. With this setup, you can designate another sub-account for 1099-Misc contractors, as well.
You can download the transactions from Paypal too. Then just categorize them like you would for any bank account. See the Paypal lesson for info.
Thank you so much!!!
You’re welcome. Hope it helped.