PayPal reconciliation in Blue Onion focuses on the settlement into the PayPal account, via Blue Onion's direct integration with PayPal, rather than the ultimate bank where PayPal transfers settle. Once funds settle into PayPal, they become fungible cash balances that can be moved out of Paypal in a variety of ways:
as a value representing a specific date range's transactions
auto-swept (usually includes a reserve held at Paypal)
in lump sum transfers (e.g., $5,000, $10,000)
used for vendor payments
At this point, the settled funds become a cash balance and can no longer be directly linked to specific transactions.
How BlueOnion Handles Reconciliation:
You'll see aggregations of settlements into Paypal, by day across multiple payment types, including:
Refunds
Sales
Chargebacks
Dispute fees
Holds
The reconciliation page is designed to give you a comprehensive overview of your PayPal transactions while making it easy to spot and investigate any discrepancies. This streamlined approach helps ensure accurate financial records and simplifies the reconciliation process.
You can dig deeper into any transaction by using the "view" button. This will provide a detailed breakdown of the payout, showing you the PayPal payment amount, the settlement into PayPal, and any variances between the gross transaction value and the corresponding GL entries. For more detailed information on how to handle variances please see NetSuite Payout Details and Variances.
For fully reconciled transactions, you can select values (including refunds) and export them to your ERP system.
While we are a team of former accountants, we are not in the business of providing professional services. The information presented is for informational purposes only and is not intended to be a substitute for professional accounting, tax, or legal advice. We recommend that you consult with a qualified accountant, tax advisor, or lawyer who is familiar with the specific needs and nuances of your business.