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Handling PayPal Money Market & Trading Accounts
- Subject: Handling PayPal Money Market & Trading Accounts
- From: Luke <..hidden..>
- Date: Thu, 17 Apr 2008 01:13:38 -0400 (EDT)
Perhaps this is more of an accounting question...
How are people handling interest payments (incoming), such as from the
PayPal money market fund?
I have a PayPal account (configured much like a checking account) in the
COA, and my plan to date is to just use an AR transaction for each
interest payment I encounter while back entering, just as I plan to use
an AP Transaction to vendor "PayPal" for credit card charging fees they
assess.
So, once I know how much PayPal has paid for that period, I can post an AR
transaction for that amount, including a payment.
However, if there is a more reasonable way, which does not involve so many
AR transactions, I'd be interested in hearing about it.
I say "so many", because PayPal is not the only such account we have which
does this--some checking accounts do it, as do stock trading accounts.
Speaking of stock trading accounts: is anyone here tracking a trading
account in LSMB, and if so, what are some of the practices you use for
recording transactions in it?
Thanks
Luke