Virtual Accounts come in many forms. Some common examples are PayPal Accounts, Reseller Accounts, Frequent Flyer Accounts. All have real monetary value but fall just short of being a financial bank account in the traditional sense.

If you happen to have a Virtual Account with a business then you may have found yourself wondering how to setup and record transactions against it in Saasu.

Reseller Account

You sell a companies products and services. You have a credit of $25 with them. If cashable you could create the sale and leave the Sale as unpaid until such time that you cash out the credit. Book the transaction to a Contingent Asset account - this area is very technical so speak to your accounting advisor.

PayPal Account

You make an initial deposit into your PayPal account and later buy products using the account. Create a Bank Account called “PayPal”. Book the deposit using the Bank Transfer transaction screen. When you buy a Product and pay for it using PayPal simply apply payment to the Purchase using this newly created PayPal account. Regularly reconcile your PayPal account as you would any other Bank Account.