Yes, I eventually realized that you hold money in Paypal, so it would need to be an asset account like any other checking account.
On Mon, Dec 12, 2022 at 11:35 PM Dr. David Kirkby < drkir...@kirkbymicrowave.co.uk> wrote: > On Mon, 12 Dec 2022 at 23:07, R Losey <rlo...@gmail.com> wrote: > > > Ah; if you're going to hold money in the PayPal account, I think it would > > be an asset account, from which you transfer money from the bank to > Paypal > > whenever, and then you reduce money when you purchase something via > Paypal. > > > > I have in the past removed any money asap, as they can lock accounts for > “your own security”. However, despite being in the UK, I have some > customers who want to pay in Euros or USD, despite I make it clear I charge > more. When USD arrives in my account, it makes little sense to pay currency > conversion fees to convert to GBP, then later buy something in USD, paying > more currency conversion fees. So if I don’t need the money, there are > financial advantages to holding USD and Euros, rather than converting to > GBP. > > My accountant told me to treat PayPal as an asset, which was my original > reason for doing so. > > Dave > -- > Dr. David Kirkby, > Kirkby Microwave Ltd, > drkir...@kirkbymicrowave.co.uk > https://www.kirkbymicrowave.co.uk/ > Telephone 01621-680100./ +44 1621 680100 > > Registered in England & Wales, company number 08914892. > Registered office: > Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United > Kingdom > _______________________________________________ > 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. > -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ 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.
