what type of account for PayPal?
Just wondering what you all might suggestion for setting up a PayPal-based account in MoneyDance. Initially, I've been treating it as a Bank Account, but that doesn't completely make sense, since it's not interest-bearing.
Asset? Any downsides to treating it as an Asset type?
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2 Posted by freeholly on 16 Oct, 2010 11:44 AM
I treat them as bank accounts because actually some paypal accounts do bear interest as in a money market. I haven't found a down side yet altho i have found a downside to moneydance in general in terms of mult currencies.
Support Staff 3 Posted by Angie Rauscher on 16 Oct, 2010 01:17 PM
Rob,
I personally set my PayPal account up as a bank account because I have and frequently use my PayPal debit card. I do not believe there is any downside to setting it up as a bank account and I like the matching capabilities when I import QIF files from PayPal, but it's entirely up to you. There's also no downside to setting it up as an asset account if that better meets your needs. It is important to remember that you cannot change the account type once the account holds transactions, although you could batch change the account holding those transactions if you ever want to transfer the account type.
Good luck making the decision, and let me know if I can be of further assistance,
Angie Rauscher
Moneydance Support
Check out our new blog series, Moneydance on the Road.
Angie Rauscher closed this discussion on 16 Dec, 2011 02:40 AM.