cancel
Showing results for 
Search instead for 
Did you mean: 

Looking for some bookkeeping advice

Curiousone_
Contributor

Looking for some bookkeeping advice

I’m hoping someone can help me with the following inquiries for proper bookkeeping.

 

Under “reports” on PayPal business account.

  • Statements
  • Activity report
  • Financial summarizes

 

I noticed each one lists slightly different information/details and wondering which is best for going through monthly for figuring out deductions?

 

Also from my understanding, money I refund to a buyer has to be accounted for when filing as PP only shows money received but, what if it’s an expense refund?

 

Example: I purchase something for $20 I later return and get refunded same item: $20

 

Does PP count the $20 as money received and adds it towards gross income at the end of the year on 1099?