Transfer PayPal data straight to accounting - with Accounting EVM by Portolan

The online payment system PayPal has quickly established itself in recent years and is popular among buyers and sellers.

paypal blogEspecially for online shopping, PayPal is the obvious choice in that sector. According to its own statements, the company has more than 230 million member accounts in 193 countries and in 25 currencies. Every day, PayPal makes an account statement available for all transactions made the previous day. The manual posting of PayPal transactions is very time-consuming because one statement may include multiple items, and for every transaction you have to enter a posting voucher. In addition, you have to assign every transaction to its corresponding open item.

Since the delivery process within ERP often takes more than one day, open items based on transactions listed in the PayPal statement do not yet exist in financial accounting. In these cases, one would normally manually generate a remainder OI. Since PayPal charges every transaction, which also include an input tax share, you have to manually calculate and post the net and tax amount. Gil C / Portolan has simplified this procedure. The developers created an interface which allows to automatically transfer data from PayPal into accounting. In this context, we put the emphasis on automation and user-friendly handling.

The PayPal account statement needs to be stored on the drive before the transmission takes place. From then on, the process runs fully automatic: PayPal data are checked and verified in the background and a posting voucher is generated and transferred into a particular voucher range. Here, the posting vouchers are reconciled with the outgoing invoices that have been generated based on orders from the source system. This also applies to returns, i.e. goods returned. In this case, the source system generates a credit note and PayPal makes a refund. The statement’s amount and fees are posted fully automatically. In conclusion, the interface between PayPal and EVM accounting system allows you to considerably reduce the workload – transparently and securely.

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