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what notable accounting consideration or unique accounting issues are there for Paypal. Are there any significant...

what notable accounting consideration or unique accounting issues are there for Paypal.

Are there any significant legal matters or regualatory matter?

Business   Accounting   
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Answer #1

PayPal- It is an American company that is into online payment system worldwide.

Accounting consideration with PayPal- PayPal is a trusted and very fast payment gateway. It takes no time to clear the payment. Amount is transferred immediately. PayPal uses quickbooks as accounting software.This softwares is used for Inventory, billing, Invoicing, payroll etc. In PayPal system as soons as the customer checks out from the shopping cart, you raise sales receipt that increses your revenue and also the account receivables. You can they make the payment against the PayPal bank account. Both the transactions should be matched. Sometime problem arises when receipts do not match the banks feed.

Paypal is considered as bank but it does not function like a bank. Customers' accounts are frozen very soon. PayPal also has currency conversion issue that sometimes create problem for accounting.

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