Structured MT940 file
Structured MT940 file
Convert a PayPal CSV file with Pay2MT into a structered MT940 file
The first thing you should do is unpack the downloaded pay2mt.zip file in a folder on the hard drive. Then copy your Licence_Pay2MT.dat file into the same folder. Then it would look something like in the image below (in case of a Windows installation).
Make sure that at least the license file is n the same directory. Then start Pay2MT by double-clicking. Pay2mMT_v1.01.exe. You can also create a shortcut if you like.
The first thing we do is to make a few basic settings in Pay2MT, we started with the settings in the red circled area. If you use Pay2MT for just one PayPal account you only need to do this once, otherwise you have to keep adjusting the settings for each account. You can also create several folders for severals PayPal accounts, each with their own config file.
- MT940 format: One this page we create a structered MT940 file so we select here structured.
- Account number: Your PayPal account does not have a bank account number as usual with regular banks. To import PayPal transactions into your administrative software, you have to add a (non existing) PayPal bank account number to your administrative software. However your software requires a number not an e-mail address. The MT940 format also requires a real bank number. An alternative bank number needs to be made for your PayPal bank account. However not each 'made up' number is accepted by administrative software. A lot of these software use the 11-proof to accept a new number. In this help file we don't explain this system. A good number for example is 123456789. So the number only used to import PayPal transactions, it has no meaning then only the fact that it represents your PayPal account. To allocate a number, we advise you to get in contact with the administrator of your software. You need to fill in this number at the field Account number. PayPal will fill up the field with zeros up to 10 digits.
- Currency that affacts the balance: In most situations this is the currency of your own country. When allowing transactions to come into your account from other places then your own country people might pay in your currency or their own. When a customer pays for example in US Dollars which is not your own currency, a new balance in PayPal is made for that currency. When you added a PayPal account in your administrative software build around Euro's only, you have to select EUR.
Pay2MT filters only those transactions in the CSV that affects the selected currency balance and leaves all others away. If you want other currencies were a balance has been made in PayPal to be converted in MT940 format, you can select this currency. WARNING, do not import the result of this MT940 conversion in your administrative software which is set to your native currency. Pay2MT does not convert foreign currencies to your native currency. You need to add another PayPal bank account stream in your administrative software for that foreign currency.
- MT940 bank copy period: The same as with normal paper bank copies where there is a begin and end balance of a period, the MT940 format has the same. At Pay2MT you can choose between a monthly or daily copy format. For certain administrative software it is required to have the copy in daily or monthly format only. Web shops with a lot of daily transactions can choose for daily. The PayPal fee will also be calculated for that particular period (after the last transaction). PayPal fees can be treated like normal bank costs.
- Transaction date ranking: Show the transaction date order ascending or descending in the converted file. Some administration packages expect a specific order and don’t accept a different sequence. If your accounting software does not accept the converted file, try to change the sequence.
Now we are going to load the previously downloaded PayPal CSV file into Pay2MT, click the "Load CSV File" button at the top left of the screen.
If the CSV file is opened in Pay2MT press the “Layout check” button. Than you see i which column the amounts and data are.
With the scroll bar below the table all columns can be viewed. Pay2MT do not know which information is in which column. With the seven (empty) fields you can tell Pay2MT which column number belong to the required fields, date, name, currency, gross, PayPal fee, invoice no. And standing balance. In the picture above, we told Pay2MT that the "Name" column is number four. Now do the same for the other fields.
And with invoice prefix you can indicate what prefix you want to insert for the invoice number in the MT940 file.
Then do the same for the fields "Address counterpart", "Transaction reference" and "Type of transaction". Then under advanced settings you can adjust the SEPA transaction code for the 61 tag if you wish. Standard for a credit transfer is NDDT 092 and a debit transfer NDDT 005 entered as tag. These codes we have taken from the MT940 / MT942 format specification overview of the Deutsche Bank. See the table below.
If everything is set up again, press the "convert" button and Pay2MT generated your MT940 file.If columns marked incorrectly, the program will notify you with pop-up messages, and files can not be converted.!
A new file is opened with the result of the conversion, and is saved as a txt file with the same name in the same directory as the original CSV file. You can simply close this text file. This file should be loaded directly into your accounting software. If this fails, you rename it to a .940 extension.