On 12/9/2022 7:01 PM, David Cousens wrote:
I treat my Paypal account as a Liability account, just as you would treat purchases with a credit card. Mine is linked to a bank account from which funds are automatically transferred to keep the balance in the PayPal account at 0. ( I no longer accept payments through it and only use it for purchases). I also don't use the business features anymore.
OK, while you HAVE a "Paypal Account" it appears that in this case Paypal is being used just as an agent << not unlike when I purchase something online paying with a credit card and the vendor is using Paypal as the agent >>
So your transaction could simply be debit the expense and credit the bank account.
However, I do NOT understand why you were treating your Paypal account as a liability. AFAIK, Paypal does not offer credit. Look, people can make on-line purchases with a credit card but also often with a debit card. The former is a liability account, the latter is not. This sort of thing is not "by company". This we would think of VISA as a credit card (what they do) BUT they also issue debit cards << often given as gifts >> When you pay using a VISA credit card you are incurring liability but when paying with a VISA debit card (a gift card) you are paying with an asset.
Michael D Novack _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
