Paypal Statements for Accounts

[Mudgey]

Hello,

I am having a tough time deciding which figures to use for my accounts!

Using 3 paypal reporting methods I get 3 different figures for payments received in GBP:

Paypal Master Excel Spreadsheet: 13,930.15
Merchant Processing Statement: 14,080.04
Financial Statement: 13,990.15

When speaking to paypal they say the figures from the statements are derived from the master spreadsheet that can be opened in excel and pretty much look like a bank statement with every single transaction and conversion in a list format, manipulating these figures doesn't equal either of the statement figures though they are always within a few quid! What does everybody else use to summarise their transactions?

[sumo69]

From reviewing a few hundred pages of transactions for my online trader, I believe you will find the issue is with returns, cancellations and commission recredited as some of those reports contain UNCONFIRMED transactions.

BTW my client had a 5 figure discrepency to explain, which I got down to less than £50 after which the cost/benefit ratio meant it was write-off time.

David

[Mudgey]

Hi David,

Thanks for your reply.

We have a breakdown of all refunds, fee's, currency conversions etc.

I have since been able to get the figures from 'Paypals Excel Master Spreadsheet' to match those of the Financial Statement but never the 'Merchant Processing Statements', my accountants can't either and are recommending I use the lower figures, my concern is that a discrepancy of £100 per month over 4 years could mean a few hundred quid in VAT & TAX to have to pay..

This is also the problem I am facing, these little discrepancy's are costing me hugely in accountancy fee's to try to get to the bottom of...