The modern era is full of internet things and that is why the timeline is the most advanced so far.
The 21st century is filled with internet things and online stuff where people are getting benefitted from the usefulness of this invention.
Undoubtedly this is a very large parallel world and nowadays the online things are becoming industries which are the origin of big online business and companies, as a result, the economy is growing.
As it is a very strong economy so there are many job opportunities as a profession or as a part-time and people are getting benefitted properly. Some people even depend on the online source of income and make it a lifetime living for them.
The payment and transfer
Many people do many kinds of jobs and some become a hit and some don’t.
Besides all of these, particular categories of businessmen and companies are really making the online business very useful and they are getting benefitted from it.
Many people choose to do videographer profession online, many people are good writers, many are bloggers and freelancers, many are online media manager and there are many other kinds of profession. The pay scale is satisfied and if you work hard then you may become rich.
The online payment process needs a medium via which the money transfer happens. Without the media there will be no existence of the online economy and things may get complicated.
In case of receiving or giving money, the employers and the employees prefer PayPal which is a very popular medium.
The brief idea about what PayPal is
PayPal is an online payment service which is used worldwide and definitely, it’s popular because of the convenience and ease of work.
You have to have a valid PayPal ID where your account will be connected to your bank and you can send or receive money from another PayPal ID easily and very fast.
The days of transferring money from banks to banks are gone and thanks to the PayPal, the way of online transferring is now changed drastically with maximum convenience. All you have to have is your own PayPal ID and the opposite PayPal ID which can be your e-mail address or contact number and you are ready to transfer money.
There is no doubt that it is the most popular medium for online money transfers and it is totally worth it.
The working principle of PayPal
PayPal is software which is encrypted and this encryption allows you to transfer the money from banks to banks via this software.
The transferred money sent directly to the bank account and the transfer can happen between computers to computers, computers to smartphones and vice versa, smartphones to smartphones.
In computers, PayPal needs to be accessed from the website and in a smartphone, it is to be accessed from the app.
PayPal helps to transfer the money electronically and currently has the most market share of online payment service with having 100 million active accounts.
What is PayPal transaction history?
The main usage of PayPal is the online money transfer and thus it helps a company in accounting.
There is a transaction section in PayPal where all the records are kept and this PayPal transaction helps a company for accounting purposes.
It has been seen that in many companies the CA asks their employers about the PayPal transactions and exports it.
The main reason behind it is for the accounting purpose to book-keep the company properly with records.
What to do with the transaction history
Well, the main reason is to export the PayPal transaction history and make a financial draft for the company.
The PayPal transaction history is crucial for company accounting and few chartered account firms ask their clients to provide the details. It is to be noted if the firm hasn’t asked you yet then it’s a wise option to ask your CA about it and also it may help you to keep you in the good book of the company.
This becomes even more crucial if your financial income exceeds 10 million in a year and in that case, it’s important to let your firm use your PayPal transaction record.
How to export the transaction details
Now it is absolutely cleared that the PayPal transaction history is necessary and it needs to be exported.
However, there are few steps of doing it and it is important to know how to export PayPal transaction details for accounting purposes. PayPal has launched a new UI which takes a bit time to get habituated and the steps are,
- Login is necessary and at first, you need to do it in your PayPal account providing the user ID and password.
- After logging in you will find a tab on top named “Reports”. Click on it.
- Then you need to click on the “Transactions” and after you need to check the “Transaction finder” and once you find it, click on it.
- After going there you will see an option of “date range” where you need to provide the starting date and closing date to download the transaction details between the timeline. There is a date range everywhere and the PayPal limit is 90 days. After the download is finished, the exporting of the transaction history is ready.
Using filters like transaction types, currency types help you to search deep and by using it your searching experience will be more refined and accurate. Click on “search” and then check the results.
The results will be on the page. Now you need to choose the option on the top right and exporting the downloaded data is required on the format you want.
Generally, the formats are – PDF, Excel, CSV, and Tab.
This is it and you are done. The downloading of the transaction details will happen automatically.
So definitely it’s important to export PayPal transaction details and how to do it. Even if it doesn’t need for accounting purposes but it will definitely be needed for the year-end audit and every company has to do it.
It also helps to get the result of which monetization technique is ideal for you and therefore it will be very eased to plan your perfect, suitable and profitable business idea.
Every company does an audit at the end of every year and make sure you don’t forget to export your PayPal transaction details.