Monchilla makes it easy to do the books for a business that receives revenue through PayPal. Most businesses that are paid through PayPal record income into their books after they are paid so they can simply download transactions and categorize them.
To Update Your Books with PayPal Transactions
1. Connect your Bank Account to Monchilla.
2. Connect your PayPal Account to Monchilla (this is the same process as connecting a bank, but use the bank name of PayPal).
3. Create the following Customers.
4. Create the following Suppliers.
5. Click Banking>>Download and notice that most of the transactions are setup for you based on the customers and suppliers you created.
6. Click the green Copy and Reconcile button to update your books.
7. Create suppliers and customers for the remaining transactions using the Add Payee link.
You're done! Repeat this process every month and your books will always be in pristine condition.